The third annual Richard Lloyd Sydney Accounting Salary and Market Report delved into how the rise of automation, artificial intelligence (AI) and other technological advancement has impacted the market.
According to the results, despite acknowledging that accounting software is becoming increasingly more automated, 72.86 per cent stated they are not worried about the impact it will have on their jobs.
Meanwhile, 13.98 per cent said they haven’t thought about whether automation is a concern. The other 13.16 per cent stated it was.
“What’s interesting is that 21.44 per cent of all support respondents, followed by 13.02 per cent of all mid-level/junior management respondents, are most concerned about automation. This could be because of the perception that support positions are more dispensable, and therefore more likely to be automated first,” the report noted.
“Those in mid-level/junior management positions might see automation as more of a threat as they are typically younger and have more of their careers ahead of them, and thus will need to work with automation and AI as the profession evolves.
“Only 4.50 per cent of respondents in senior roles are concerned about automation, possibly because they’re nearing the end of their careers or view themselves as the most indispensable and, therefore, the last to be replaced by machines.”
The report added Millennials are more worried about automation than other generations (18.10 per cent).
“Perhaps [this is] because they’re typically more aware of the rate and threat of the advancement of technology. It could also be that Generation X and Baby Boomers have lived through several major changes during their careers and see automation as less of a threat,” the report said.
“It’s interesting to note that people who felt less valued and less satisfied were more likely to be worried about automation, as well as those whose work capacity was lower.”
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day