Category: Accounting & Finance

Economic changes from inflation to rapid tech adoption are reshaping finance and accounting hiring trends. Businesses are adapting by prioritizing specific skills and roles to navigate today’s challenges, which range from cost control and regulatory compliance to evolving digital tools and global talent access.

Rising Inflation and Cost Control

As inflation impacts businesses, demand is increasing for professionals skilled in budgeting, forecasting and cost management. Financial analysts, controllers and budgeting specialists are in high demand as companies seek to optimize spending and maintain profitability.

Compliance and Risk Management

Economic uncertainty has heightened the need for roles focused on risk management and regulatory compliance. With evolving regulations, companies are looking for financial controllers, auditors and compliance officers who can help manage risks, navigate regulatory landscapes and protect the organization’s interests.

Digital Transformation in Finance

The digital shift is accelerating — requiring finance professionals adept in tech-driven roles, like data analysis and automation.

Roles blending finance expertise with technical skills, such as financial data analysts and technology-driven accountants, are growing in demand as businesses look to increase efficiency and gain deeper insights from data.

Remote Work and Global Talent

The rise in remote work is allowing companies to access a larger, more diverse talent pool. This shift opens opportunities for specialized skills previously harder to find locally, adding a new level of competition for roles that are effective in a remote setting, such as bookkeeping, financial analysis, and project-based finance work.

Focus on ESG Reporting

Environmental, social, and governance (ESG) reporting is another critical area impacting hiring trends. Finance professionals with expertise in ESG and corporate social responsibility reporting are becoming essential for businesses aiming to maintain transparency and meet sustainability goals.

Partnering for Strategic Hiring

To stay ahead of these evolving trends, consider partnering with a staffing agency that specializes in finance and accounting recruitment. Our team offers a strategic edge in sourcing the right talent, using industry insights and optimized recruitment strategies to deliver efficient hiring solutions. We ensure your recruitment efforts align with the latest economic and industry shifts.

A recent survey of more than 1,000 employers revealed that hiring and retaining employees is a significant concern. The right talent fuels any organization’s success, and the cost of a bad hire can be steep. Companies are realizing they need to be proactive and strategic to attract and retain top performers, especially in finance and accounting, where competition for qualified candidates is fierce.

Robust hiring strategies ensure organizations build a strong team of knowledgeable and skilled professionals. Here are three ways you can enrich your team with high-caliber professionals.

1. Promote Regular Salary Reviews as Part of Company Culture

Regular salary reviews ensure your compensation packages remain competitive and aligned with the market rates. This helps you retain your current staff and makes you more attractive to new hires who see you stay up-to-date by regularly raising pay rates.

Research industry standards, consult salary surveys and benchmark against competitors in your region. Make it part of your company culture to adjust salaries to match or exceed market rates at least once a year.

2. Highlight Growth and Career Paths During the Interview Process

While competitive compensation is crucial, top finance and accounting talent is often drawn to organizations offering robust professional growth and career advancement opportunities. During the hiring process, it is essential to highlight the potential career paths available within your organization.

Engage candidates in open discussions about their aspirations and long-term goals. Outline clear roadmaps for progression within the company to demonstrate your commitment to their professional development. By vividly portraying the potential trajectories, you can position your organization as an attractive destination for ambitious professionals seeking challenging and rewarding careers.

3. Give Your Team the Technology it Needs to Thrive

Don’t bog down your top performers with outdated software or clunky processes. Seek out software that streamlines workflows, eliminates tedious manual tasks and provides real-time insights.

By giving your finance and accounting aces access to cutting-edge tech, you’ll empower them to work smarter, not harder. They’ll appreciate your commitment to arming them with the best resources available. When they can maximize their efficiency and deliver exceptional results, they’ll be more motivated to stick around.

Productive Teams Equal a Competitive Edge

You don’t want to waste time attracting and hiring strong candidates while your company misses opportunities or your current staff is overloaded. Partnering with a specialized recruitment firm such as Century Group can significantly enhance your hiring process — granting you access to a wealth of unadvertised and passive talent pools.

With our expertise and vast network in the finance and accounting sectors, we can connect you with the skilled professionals your company needs to thrive. Don’t let hiring challenges hold your business back. Contact us today, and let’s build a productive, competitive team to give your business an edge.

The hurdle of an accounting and finance talent shortage continues to rise as we progress through 2023 — and firms and corporations, alike, are fighting to stay in the race. With the demand for skilled professionals outstripping the supply, it’s high time that companies turn their focus to both attracting new talent and keeping existing employees engaged.

Understanding the Talent Shortage

Accounting and finance professionals have long been in demand. But in recent years, the gap between the required skilled workforce and available candidates has widened significantly. According to the U.S. Bureau of Labor Statistics, more than 300,000 accountants and auditors have left their profession in the past two years: the cause being a mixture of career changes and retirement. The problem of filling these open roles is being exacerbated by a shortage of new talent entering the field. We’re seeing a near 9% decrease in accounting majors since 2012, according to the Association of International Certified Professional Accountants. And despite the instability of today’s economy, the scarcity of skilled professionals has been simmering beneath the surface for some time now.

According to the U.S. Bureau of Labor Statistics, more than 300,000 accountants and auditors have left their profession in the past two years: the cause being a mixture of career changes and retirement.

Impact on Businesses and the Industry

The effects of the accounting and finance talent shortage can’t be underestimated. Companies constantly grapple with the pressure to stay compliant with ever-changing regulations, perform detailed financial analyses, complete risk assessments and maintain strong financial reporting.

An understaffed team may lead to lower productivity, increased workloads for employees, longer hours — and ultimately an increased risk of burnout. This can result in diminished employee morale and engagement, which may further intensify the talent gap by contributing to higher employee turnover.

Getting Creative to Attract New Talent

It’s time for employers to think outside the box and adopt innovative strategies to attract new finance professionals. Here are some methods that have proven successful:

1. Broaden the talent pool by looking beyond the traditional finance and accounting candidates. Seek out applicants who possess strong soft skills — critical thinking, communication and a strong willingness to learn. Develop and pursue a more diverse hiring strategy that considers candidates from various educational backgrounds.
2. Take on temporary professionals. Employers continue to turn to consultants’ specialized skill sets to complete key projects and temporary assignments. In our 2023 Salary Guide, we detail that demand for temporary workers in the U.S. increased in Q3 and Q4 of 2022 from the previous year, helping to highlight the need for labor across all sectors.
3. Invest in flexible work arrangements. This can include remote work, job sharing or flextime to cater to changing employee preferences and enhance your organization’s appeal to candidates seeking a better work-life balance.
4. Build connections with staffing and recruiting firms. Investing in additional partnerships, including universities and colleges, can help your company secure a steady pipeline of young talent who are both seasoned or can be trained to suit your business requirements.
5. Showcase your organization’s commitment to professional development and continuous learning. Offering financial support for certifications, designations and further education can be a major draw for ambitious, career-focused candidates.

Attracting new talent is only half the battle — retaining your skilled staff is equally essential to alleviate the challenges resulting from the talent gap.

Seek out applicants who possess strong soft skills — critical thinking, communication and a strong willingness to learn.

Retaining Your Current Employees

As indicated in our 2023 Salary Guide, “obtaining market-rate salaries” is now the number one priority of accounting and finance professionals. This change bumps the 2022 priority of “growth potential and career challenge” to the number two spot, and “flexible work schedule” to a close third. Top priorities in mind, here are some tips on retaining your finance employees:

1. Consider compensation, which, in 2023, is king. Even with the uncertainty of the employment landscape, salaries for accounting and finance professionals are trending upwards. Plus, with the climbing cost of living expenses, this isn’t only a priority for incoming workers but current employees. Forty-eight percent of U.S. companies are planning for higher year-over-year salaries in 2023 to meet this demand, according to Salary.com. That’s why it’s important that, in addition to base salaries, you consider providing financial incentives for exceptional performance, such as bonuses, stock options or profit-sharing plans.
2. Provide opportunities for growth and development. Enable your employees to grow within your organization by offering on-the-job training, skill development programs and regular performance evaluations. This not only helps them build their careers but also ensures that you’ll have a reliable pool of talent ready to fill more advanced roles.
3. Embrace flexibility. Over the past few years, the working world has witnessed a remarkable shift as employees enthusiastically adopt flexible work schedules. Today, the irresistible allure of a hybrid work model is one of the primary factors keeping professionals loyal to their current companies. As we forge ahead in 2023, organizations must master the art of crafting sustainable flexible work arrangements to ensure their long-term success.
4. Make employee satisfaction a top priority. Regularly gauge your staff’s happiness levels and be proactive in addressing any concerns. Consider implementing team-building activities, organizing company events and developing a mentorship program.
5. Foster a culture of recognition and appreciation, where employees receive positive, timely feedback on their work. By recognizing their efforts and contributions, you strengthen their loyalty and commitment to your organization.

In a world where numbers tell the stories of commerce, the scarcity of accounting and finance professionals is an unfolding problem that demands attention. Companies must wield imaginative strategies to attract skilled individuals while keeping the loyalty of current professionals. How will you empower your business to tackle the talent drought head-on?