THE NEW BALANCE: A CRITICAL EXAMINATION OF THE WORK-LIFE BALANCE PREFERENCES OF GEN Z ACCOUNTANTS IN SINGAPORE AND THEIR UNDERLYING PERCEPTIONS OF ACCOUNTING CAREER ATTRACTIVENESS

Abstract

Background: The accounting profession in Singapore is facing a labour shortage. More talents are leaving public accounting firms than public accounting firms are recruiting in new talents to replace them. A central issue surrounding why accountants are finding the profession less attractive stems from poor work-life balance. With the “Gen Z” age group entering the workforce en masse, negative perceptions of the accounting profession and the image of “overworked and underpaid” accountants would be dissuading to prospective talents in taking up full-time roles in accounting, further exacerbating the labour crunch in the profession. Aims: To critically examine the work-life balance preferences of Gen Z accountants in Singapore and their underlying perceptions of accounting career attractiveness. Methods: A descriptive, mixed-method, and cross-sectional study was conducted following an explanatory sequential design. The first phase of the study involved a discrete choice survey that was completed by 120 Gen Z accountants that were reached via convenience sampling. The discrete choice questionnaire elicited the work-life balance preferences of the respondents through a five-attribute, multi-level choice design. The second phase of the survey involved a series of semi-structured interviews with Gen Z accountants that were reached via voluntary participation. Data collected via the semi-structured interviews were used to complement and validate the findings of the discrete choice experiment. Results: Findings revealed that Gen Z accountants preferred working arrangements with higher compensation as opposed to work-life balance. It was also found that Gen Z accountants are sensitive to salary and prioritise work-life balance more when faced with perceived inequities in their compensation structure, and navigate through this by selecting (i.e. prioritising) roles with flexible working arrangements, particularly flexible scheduling. Findings also reveal a statistically significant relationship between Gen Z’s work-life balance perceptions and their underlying perceptions of accounting career attractiveness. Conclusion: Accounting firms can re-examine their compensation structures and work-life balance policies to adapt to the preferences of Gen Z accountants for better wages and working hours in order to improve the attractiveness of the industry.