Sydney-based accountants indifferent to impact of new tech on their jobs

The annual Richard Lloyd Sydney Accounting Salary and Market Report has revealed that despite the increase in accounting software becoming more automated, and predictions that more than 5 million jobs are set to be replaced by artificial intelligence (AI) in the next 10 to 15 years, 72.86 per cent of Sydney accountants are not worried.

What’s interesting though is that younger employees and employees in more transactional roles are most concerned about automation.

According to Richard Lloyd, 21.44 per cent of all support respondents, followed by 13.02 per cent of all mid-level/junior management respondents, are worried about the affects of AI on accounting.

“This could be because of the perception that support positions are more dispensable, and therefore more likely to be automated first,” the report read.

“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 4.5 per cent of respondents in senior roles are concerned about automation. Richard Lloyd explained that this is 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.

Furthermore, the report suggested that Millennials are more worried about automation than other generations (18.10 per cent). Richard Lloyd put this down to a higher awareness of the threat of the advancement of technology. 

The report also suggested 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.