Q4 2025 Employment Report for Accounting and HR Professionals

The U.S. labor market added only 17,000 jobs in September, according to Wall Street Journal — dropping from an already unimpressive 22,000 in August. The unemployment rate notched up to 4.3% in August, as well, marking a near four-year high. However, the data reveals a market in transition rather than crisis.

August’s modest job growth fell sharply below the typical monthly gains of 150,000 or more seen in healthier economic periods. “The labor market has hit stall speed” said Nicole Cervi, an economist at Wells Fargo.

Yet signs of underlying stability persist. In August, healthcare added 31,000 jobs, and wage growth continued at a solid 3.7% annually. The overall trend shows companies adopting a “wait and see” approach to expansion rather than wholesale contraction. Federal government employment has declined by 97,000 positions since January, and manufacturing jobs have dropped by 78,000 over the year.

2025 Q4 Employment Report
Reuters/U.S Bureau of Labor Statistics

This uneven impact across sectors reflects broader economic shifts, with service industries experiencing pressure while essential services maintain stability. Companies still need accounting, finance and HR expertise for regulatory compliance, despite overall staffing reductions in professional services.

For Employers

The hiring slowdown reflects companies taking a more selective approach rather than broad expansion. Professional services lost 17,000 positions in August, while the average workweek held steady at 34.2 hours — indicating businesses are managing through strategic hiring rather than cutting hours.

This creates two clear opportunities: First, focus recruitment on roles required for year-end compliance and regulatory deadlines, positions that cannot be deferred regardless of market conditions. Second: tap the expanded talent pool for contract and interim roles. Companies reducing headcount create opportunities to access talent that might not have been available in a tighter market.

Contract arrangements provide dual benefits. Organizations gain access to specialized expertise for specific initiatives, and they can evaluate potential permanent hires through actual work performance.

 

For Job Seekers

This hiring environment creates both challenges and clear pathways forward. With long-term unemployment up 385,000 over the year and the average duration of joblessness at 24.5 weeks, the longest since April 2022, job searches are taking longer. However, healthcare hiring and ongoing wage growth indicate selective rather than wholesale contraction.

Contract-to-hire positions have become a primary entry strategy. Employers are testing relationships before permanent commitments, making these roles a gateway to full-time opportunities. Many companies prefer evaluating candidates through actual work performance rather than traditional interview processes.

Professionals who can move to take advantage of available opportunities have more options. While national job growth has stalled, regional variations persist. Markets with strong healthcare systems, growing technology sectors, or robust local economies continue adding positions.

Job seekers can improve their digital proficiency. Employers seek candidates who can automate processes and implement new financial technologies. Skills in data analysis and process improvement distinguish candidates in competitive markets.

Professional certifications carry increased weight when hiring managers evaluate similar candidates. Current CPA licenses, specialized certifications in areas like forensic accounting or financial analysis, and technology-specific credentials demonstrate commitment to staying current with industry demands.

For more guidance on navigating today’s employment landscape, contact our team to discuss how we can level up your hiring or job search needs this quarter.

Q3 2025 Employment Report

The U.S. economy added 147,000 jobs in June, with the unemployment rate at 4.1%, down slightly from 4.2% in May. Average hourly earnings rose by just 0.2% year-over-year, and the average workweek shortened to 34.2 hours, indicating that employers are managing costs carefully. While job growth continued, the details reveal important shifts.

unemployment rate Q3 2025

The government and healthcare sectors combined added 112,000 jobs, representing 76% of all job growth, while professional services and manufacturing each shed 7,000 positions.

This uneven growth pattern signals a changing landscape where some industries are thriving while others face headwinds. Here’s what both employers and job seekers in accounting, finance and HR should expect in the months ahead.

For Employers

“The hiring dynamic in the country has quietly gotten a little bit softer now,” says Rick Rieder, BlackRock’s chief investment officer. For accounting and finance employers, this signals a need for strategic thinking.

The 7,000 positions shed in professional and business services sector means employers who are still hiring have access to a deeper talent pool, including experienced professionals who may have been displaced from other organizations.

While overall hiring has slowed, companies with a genuine need for accounting and finance talent now have access to experienced professionals who may not have been available before. The challenge is identifying which candidates are the right fit versus those simply seeking any opportunity.

For employers still investing in their finance teams, this environment presents an opportunity to find seasoned professionals who bring valuable experience from other organizations. Organizations want to be deliberate about hiring, focusing on roles that will drive real value rather than filling positions for the sake of growth.

For Job Seekers

The other side of the job market coin? Candidates need to be more strategic than ever. “The job market continues to remain resilient, and that has been seen since the pandemic,” said Daniel Zhao, lead economist at Glassdoor. “But that doesn’t mean that it will continue to remain resilient. There are signs of softening underneath the surface.”

So, what does this mean for candidates looking to advance their careers? Strategy, strategy, strategy.

With professional services losing 7,000 positions and the average workweek dropping to 34.2 hours, competition is intensifying. The accounting and finance professionals who will dominate this market are those who understand one key principle: strategic positioning beats reactive job searching every time.

Networking and expert guidance are essential. Working with specialized recruiting firms isn’t just about finding your next role; it’s about positioning yourself strategically in a market where employers have choices.

This market rewards preparation, specialization and professional partnerships. The right opportunity is out there, but you need the right strategy to find it.

Ready to capitalize on this market shift? Whether you’re an employer seeking top-tier talent or a professional positioning for your next career move, our team knows exactly how to navigate today’s evolving landscape. Contact us today.

Q2 2025 Employment Report

The U.S. added a robust 228,000 jobs to business’ payrolls in March, according to the U.S. Bureau of Labor Statistics — surpassing economists’ expectations with a strong showing in the healthcare, social assistance and transportation sectors.

Unemployment, however, ticked up to 4.2% as more workers entered the labor force last month. This number doesn’t include the full extent of the federal job cuts or impact of the tariff announcements that shook markets in early April.

Q2 2025 employment report

While companies and experts may view March’s strong jobs report as too early of an indicator of the labor market’s overall stability, it’s important for both job seekers and hiring managers to understand that the national unemployment rate for degreed professionals hovers between 2 and 3%. In fact, the BLS reports in-demand roles like financial analysts is as low as 1.9% and human resources managers at 0.6%.

We share what both groups can expect in Q2 below:

For Employers

April’s LinkedIn Workforce Report highlighted some of the economic anxiety companies are already feeling, as hiring showed early signs of a slowdown across all industries. Business services — which includes accounting and finance professionals — was one of the few sectors that experienced an increase of more than 3,000 jobs in March.

For hiring managers, this means a couple things. The available talent for these roles is very limited in comparison to other sectors and remain in high demand. Leveraging recruiting firms to identify passive and non-advertised professionals for accounting, finance and HR positions can help businesses attract the people they need to succeed.

Secondly, uncertain environments increase the importance of flexibility and the capacity to respond rapidly to new developments.

Enterprising companies turn to consultants for handling project or temporary engagements — allowing them to scale their departments’ workloads and expenses in a controlled fashion. 

For Job Seekers

This theme of unease is plaguing job seekers, as well, with one in five employees fearing they will be laid off in 2025, according to a recent survey by  ResumeTemplates.

Professionals looking to make a career move should rely on the expertise and networks of staffing and recruiting firms to get ahead of the influx of resumes hiring managers are receiving on a daily basis. Not only do recruiters have access to confidential job openings, but provide interview coaching, negotiations support and additional hacks that can get you to the front of hiring managers’ first round of interviews.

For more hiring insights and resources, check out our blog!

Q1 2025 Employment Report

The 2024 job market closed on a high note in December — exceeding economists’ forecasts with 256,000 added jobs. “The number handily beat expectations after two years of cooling in the labor market,” says The New York Times. “…and the unemployment rate edged down to 4.1 percent, which is very healthy by historical standards.”

 

q1 2025 employment report

The U.S. Bureau Labor of Statistics’ quarterly Employment Situation report noted an upward trend in health care, government, social assistance, professional and business services, information and retail trade sectors, with total U.S. payrolls reporting at a record-high of more than 159.5 million jobs. Coupled with many business’ indicated optimism with the new presidential administration, an increase in hiring in 2025 is expected.

How does this impact job seekers and employers this quarter? Here’s everything you need to know.

FOR EMPLOYERS

For the past several years, the balance in the job market can be compared to a teeter totter: one year it’s a candidate-driven market and the next the companies have the upper-hand. In 2025, “the bosses are back in command,” according to The Wall Street Journal.

A strong, yet lukewarm employment landscape is emboldening employers to cut back on attractive perks and benefits that would win over top professionals in a competitive market. For example, big companies are now pulling back on hybrid work schedules and college tuition assistance.

“The ratio of vacant jobs to jobless workers has fallen from a record of 2 in 2022 to 1.1 in November,” says The Wall Street Journal. “But 76% of the job growth in the past year has been in healthcare and education, leisure and hospitality, and government. In fields such as finance, information, and professional and business services, job growth has been far weaker. “

Still, as hiring picks up in these areas this year, the demand for skilled finance and accounting professionals will ramp up in response. Employers should consider looking to some of 2025’s key trends to remain ahead in the rapidly evolving technological landscape.

FOR JOB SEEKERS

The other side of the job market coin, candidates are less confident of their standings in 2025. According to ZipRecruiter’s Job Seeker Survey, confidence among job seekers had fallen sharply throughout the first three quarters of 2024.

“Voluntary quits were also down 11.1% year-to-year, as 38.5% of workers said they left a job in the past year, compared with 43.3% who said the same a year ago, according to the 2024 Talent Retention Report by employment platform iHire.”

So, what does this mean for candidates looking to grow their career in this current environment? Upskill, upskill, upskill.

Artificial Information (AI) technology is providing ample opportunity to learn desirable skill sets, particularly in the areas of accounting, finance and HR. Platforms like YouTube even offer free training in key AI-based programs for individuals to take advantage of.

Partnering with staffing and recruiting firms is also a way for job seekers to gain an edge on their peers and gain access to job postings and opportunities that aren’t available on job sites.

Learn more about how our team can assist with your job-seeking or hiring needs today.

Q4 2024 Accounting and Finance Employment Report

September offered an optimistic glimmer for the U.S. economy as we head into Q4 — outputting the highest payroll increase since March with 254,000 added jobs. Even more, the national unemployment rate continued its gradual decline from 4.2% in August to 4.1%.

For some economists, the strengthening job numbers was the final piece needed to illustrate a healthy and moving economy. Coupled with the Federal Reserve’s half-point rate cut in September, all signs point to a soft landing and stability after months of uncertainty.

“Inflation has been quelled, and the economy’s fine — that’s a soft landing,” said Neil Dutta, head of economics at Renaissance Macro Research in a recent New York Times article. “The jobs report was ‘a sign that the economy is not falling off a cliff, a sign that it is stabilizing, and maybe perking up.'”

accounting and finance employment report

ITR Economics‘ Trends Report for September 2024 also foresees good economic news on the horizon, with employment growth accelerating in the first quarter of 2025 and through at least 2026.

What does this mean for job seekers and employers in the final months of 2024? We break it down in our Q4 forecast for accounting and finance professionals:

FOR EMPLOYERS

The quest to keep up with the evolving capabilities of AI (artificial intelligence) has companies on their toes — and will continue to as we learn more about how these technologies can shape roles and current duties. In fact, 41% of executives are anticipating “a complete overhaul of business processes” with AI at the core of these changes, according to a report by Microsoft and LinkedIn. For finance and accounting sectors, some enhanced use cases for artificial intelligence include increased productivity, automated tasks and gained insights from big data.

With this transformation in mind, hiring managers are on the hunt for candidates that have experience with AI platforms — even opting for professionals with skills in this area over those with more work experience.

The influx of quiet quitting from a few months ago has seemed to slow, with many workers more reluctant to seek new opportunities for a variety of reasons. To sway passive or comfortable professionals, employers should consider winning them over with higher salaries, workplace flexibility and career development.

Schedule a meeting with one of our recruiters to learn how we can address your hiring needs in Q4 or strategize for 2025.

FOR JOB SEEKERS

Upskill, upskill, upskill. The buzzword of the year is more than a trend for hiring managers — it’s a reality that they are actively seeking in their new hires. That’s right; AI is continuing to make its influence known across all industries, and it’s in candidates’ best interest to gain, at the very least, an introduction.

Microsoft and LinkedIn’s 2024 Work Trend Index Annual Report indicates that 76% of workers recognize that AI skills are needed to stand out in today’s labor market, with 79% believing it can expand their job prospects.

If your employer isn’t providing options to learn these type of skills, there are various options on LinkedIn and YouTube to assist with free or low-cost training to help get your feet wet.

Outside of this hiring trend, professionals can expect the job market to regain steam in the beginning of 2025. Before then, however, the holiday season is sure to bring a spike in temporary and interim work needs. Use this as an opportunity to get your foot in the door at a desirable company, gain experience of a new software or task and more.

Join our talent network to get access to exclusive career opportunities and connect with a recruiter today.

Q3 2024 Accounting and Finance Employment Report

The first half of 2024 has been well, slower, for the U.S. economy, to say the least. Real GDP growth decelerated to 1.4% in Q1 this year from 3.4% in Q4 2024 — a result of inflation and elevated interest rates that have impacted consumer spending and domestic demand the first six months of the year, according to The Conference Board.

In June, employers’ payrolls increased by 206,000 jobs, and is a continuation of the 12-month trend of the U.S. adding an average 200,000 jobs each month. The national unemployment rate changed little at 4.1%, per the U.S. Bureau of Labor Statistics.

Q3 2024 employment report

What can we expect for the latter half of 2024? More of the same, but there is hope for economic growth to pick-up toward the end of the year as inflation continues its cool down from 2022’s peak of 9.1%.

“In all, the very cool inflation data provided clear evidence that inflation is slowing meaningfully, exactly the kind of progress that Fed officials have been hoping to see as they contemplate when to begin cutting interest rates,” explains the New York Times.

In fact, Grant Thorton’s new survey of more than 225 senior financial leaders showed that 56% of participants are feeling confident about growth projections. Even more, 58% of respondents said that attracting and retaining key talent is a priority for the next 12 months. And, with the demand for skilled accounting and finance professionals in a shrinking sector — Q3 and Q4 have a lot of optimism in store.

Here’s our forecast of what both employers and job seekers can expect in Q3 2024.

For Employers

In an uncertain market, it’s understandable for companies to be more cautious in their hiring decisions. But that tactic may be costing you top talent.

Slower interview processes and limiting hiring strategies to only permanent roles can be inhibiting businesses from landing candidates with the most in-demand skills, experience and credentials. Effective steps like streamlining recruitment approaches from five interviews to two, or taking on consultants while identifying that direct hire unicorn can help you get the right people in the seat without affecting productivity.

Another key factor to consider: what matters most to today’s worker. According to new research by Economist Impact, many employers are missing opportunities to align their benefits to employees’ expectations.

“Just three in 10 employees at mid- and large-sized American companies strongly agree that they are satisfied with their retirement plan,” the research showed. “Nearly six in 10 (57 percent) are not confident they will be able to retire at the federal retirement age.”

Evaluate your company’s compensation, benefits and other perks to see how they measure up. Not sure where to start? Check out some of these effective strategies that can help with both talent recruitment and retention.

For Job Seekers

The job market has been largely candidate-driven for the past few years, with the highest number of U.S. workers quitting their jobs in a single month peaking in April 2022. This clear power dynamic resulted in companies boosting salaries, offering flexible schedules and other attractive tactics to win over skilled talent.

Job seekers’ confidence has waned, however, and the quitting rate now sits below pre-pandemic levels at 2.2%. This trend comes alongside white-collar slowdown and decline in compensation for new hires, according to The Wall Street Journal.

Still, accounting and finance professionals do have an advantage — touting a much lower unemployment rate than the national average. Candidates seeking new opportunities in these functions can stand out from their peers by upskilling in areas that are most sought-after by employers, including, artificial intelligence, problem solving and earning advanced credentials.

Browse our most recent jobs in your area or connect with one of our seasoned recruiters today.

2024 Q2 Accounting and Finance Employment Report

The outlook for the U.S. labor market in 2024 signals a shift back to stability and regularity. Bolstered by the robust consumer spending and labor market of 2023, the recession concerns have diminished.

Economists anticipate a more stable economic climate, especially with inflation on a downward trajectory. While unemployment could see a marginal rise and job growth may temper, the demand for finance and accounting professionals is expected to remain exceptionally high.

unemployment March 2024

The projected annual GDP growth of 2.6%, supported by a decline in inflation, sets a promising economic backdrop. According to the March Employment Situation Summary from the Bureau of Labor and Statistics (BLS), average hourly earnings have increased by 4.1% over the past year, with a notable 0.2% rise in March. Meanwhile, the unemployment rate has consistently hovered between 3.7% and 3.9% since August 2023, staying level at 3.8% in March.

Given this backdrop, here’s what employers and accounting professionals can expect in the upcoming quarter of 2024.

FOR EMPLOYERS

The current hiring landscape in finance and accounting is complex. The shortage of accounting professionals became visible on Wall Street recently when Lyft Inc., Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. had to correct typos in their quarterly earnings statements. Mistakes happen, but the increasing demands on accounting staff are cited as a significant cause of the recent increase in errors.

Talent Shortage Increases Burnout Risk

This staffing shortage, driven by the retirement of seasoned practitioners and the industry’s challenges in attracting the next generation, has increased workloads and extended hours for existing staff. The heightened risk of errors and burnout is a practical reality.

Efficiency and Automation

The pathway to efficiency includes leveraging automation tools and assigning more tasks to noncertified professionals where appropriate — freeing accountants to focus on the highest value work.

The thoughtful use of technology and noncertified professionals to improve workflow efficiency can limit the manual and repetitive tasks that hamper productivity. It can also increase accuracy and alleviate other issues caused by the staffing shortage.

Emphasize Social Impact

In addition to competitive salaries and job stability, Gen Z accountants seeking entry-level positions respond to social impact keywords. Employers who connected the accounting position to sustainability efforts, supporting local communities or other social impact keywords received 80% more applications.

When you work with Century Group as your strategic staffing partner, you gain access to our extensive network of accounting and finance professionals, including many passive candidates who would never respond to a job posting but are open to the right opportunity. Our diligent efforts and deep industry relationships have cultivated a network of candidates who can help drive your business forward.

FOR JOB SEEKERS

Navigating the job market in accounting and finance requires a clear understanding of where you are in your career and the strategies and leadership skills needed for advancement. At the heart of this journey is recognizing your expertise is a substantial asset that can open doors, especially with the right specialization and certification.

Career Growth and Opportunities

Accounting offers many options, from public and corporate accounting to roles within government sectors. Each path provides unique opportunities to specialize and progress toward high-level finance roles.

The demand for skilled finance and accounting professionals is high, and salaries are rising, which can translate into stiff competition for the most desirable roles. Focusing on niche areas within accounting can set you apart. Professional certifications can enhance your credibility and position you for advancement.

Market Dynamics

As some accounting tasks are automated, staying adaptable and upskilling are critical.

More employers want candidates with data analysis and interpretation skills alongside core accounting knowledge.

This shift reflects vast amounts of available data, emerging technology, and the value of analytical capabilities in decision-making processes.

Adapting to Change

Continuing to upskill ensures you remain indispensable as the field and technology evolve. Depending on where you are in your career now, you may want to develop leadership skills and an understanding of business processes. Analyzing financial data to forecast trends and impact profitability positions you to help steer the organization’s financial strategy.

At Century Group, we specialize in advancing the careers of accounting and finance professionals. Whether you’re seeking to accelerate your career trajectory or find a position with opportunities for professional development or advancement, our expert team is here to help you find the right role.

Strategically Positioning for Future Opportunities

The 2024 Q2 Accounting and Finance Employment Report paints a picture of a labor market rebounding and stabilizing in the wake of the pandemic. The finance and accounting sectors hold a strong and vital position as the U.S. labor market transitions toward a more normalized state. By staying attuned to market dynamics and embracing strategic workforce development, employers and professionals can navigate this landscape and capitalize on the opportunities it presents.

2024 Q1 Accounting and Finance Employment Report

The post-pandemic U.S. job market continues to stabilize and grow — 2023 concluded with a steady rate of new hires and relatively low unemployment rates. While the Fed works to keep inflation in check and maintain steady economic growth, the overall labor market seems to be moving toward more normal conditions in many industries. For finance and accounting, however, the sector promises to be a hot labor market.

Looking at the 2024 Q1 employment report, the GDP’s 4.9% increase in the fourth quarter of 2023 was the biggest since 2021. Meanwhile, the unemployment rate held steady at 3.7% in December, according to the U.S. Bureau of Labor Statistics.

q1 employment report

The University of Michigan’s Survey of Consumers showed a 14% leap in consumer sentiment in December, climbing to a midpoint between pre-pandemic levels and 2022 lows. After a year of recession worries, higher wages and lower-than-expected inflation contributed to a surge in confidence across all age groups and demographics.

In accounting and finance, an estimated 75% of CPAs reached retirement eligibility by 2020, and more than 300,000 accountants quit their jobs between 2019 and 2021. This creates opportunities for job seekers and requires creativity from employers.

Here is a look at what accounting and finance professionals and companies can expect in 2024.

For Employers

With so many experienced accounting and finance professionals retiring, employers are finding creative approaches to attract talent, improve retention and develop the potential of existing employees to meet their finance and accounting needs.

Remote and Hybrid Schedules

Some employers stand out from the crowd, attracting and retaining skilled professionals by offering flexible work arrangements. Paired with competitive salaries, hybrid or remote work options are a significant draw.

Upskilling To Meet Demand

Some hard-to-fill or high-demand positions are opportunities to upskill existing staff or hire for potential and trainability. In the wake of the 2023 bank failures, the financial services sector needs qualified risk and compliance professionals. Stock market fluctuations necessitate adept fund managers who can help clients rebalance their portfolios.

In alignment with trends toward skills-first hiring, managers are opting to relax experience requirements. Instead, they are recruiting entry-level professionals who demonstrate a strong capacity for learning on the job. This shift addresses immediate staffing needs and invests in the long-term development of a skilled workforce.

When you work with Century Group as your strategic staffing partner, we help you access a broad and diverse talent pool of accounting and finance professionals. This includes active job seekers and passive candidates open to the right opportunities. We tailor our recruitment strategies to fit your staffing needs.

For Job Seekers

The first quarter of 2024 presents opportunities for job seekers in the accounting and finance sectors. With the current talent shortage, there are several strategies and trends that prospective candidates should be aware of to maximize their chances in this competitive yet opportunity-rich market.

The Rise of Contract Roles

More firms are working with contract professionals, which opens an avenue for job seekers. Contract roles provide immediate employment opportunities that can lead to permanent positions. If you’re open to contract work, these positions can provide valuable experience, networking opportunities and a foot in the door at sought-after companies.

Targeting High-Demand Areas

Roles in financial planning and analysis (FP&A), financial reporting, risk and compliance, fund management and general accounting are in high demand, with unemployment rates comfortably below the national average. Job seekers looking to enter the field or change roles should consider upskilling or reskilling in these high-demand areas.

Preparing for the Market

To stand out to employers, highlight relevant skills and quantify your accomplishments on your resume and during interviews. Online and in-person networking can play a significant role in uncovering opportunities. For example, engaging with professional groups, attending industry events and staying updated with industry trends will help you make a mark in the finance and accounting sectors now and as your career develops.

In addition to accreditation and relevant skills, employers look for soft skills like leadership, collaboration, communication and the ability to present your ideas.

Working with a dedicated recruiting agency is a great way to accelerate your career. At Century Group, we only work with finance and accounting professionals, so we have deep expertise you can use to find a role and a company culture that genuinely matches your professional and personal needs.

Potential Growth and Advancement Ahead

Our 2024 Q1 employment report shows employers and job seekers in the finance and accounting sectors face unique challenges and opportunities. Both parties can navigate this dynamic landscape successfully by staying adaptable, focusing on skills development and leveraging specialized resources like Century Group. The year ahead promises growth and advancement for those prepared to seize the opportunities in this evolving market.

2023 Q4 Accounting and Finance Employment Report

Despite economic frustrations like inflation and hiring reticence from some sectors, the job market remained steady in Q3 and is forecasted to continue through the rest of 2023.

The U.S. Bureau of Labor Statistics reported that 336,000 jobs were added in September — nearly doubling what economists predicted, according to The New York Times. In fact, last month’s numbers showed the most job growth this year since January. The national unemployment rate remained unchanged at 3.8%.

Q4 2023 accounting and finance employment report

LinkedIn’s Senior Economist, Kory Kantenga, notes that one of consumers’ most pressing concern — inflation — is on a bumpy, downward path, helping to raise the overall economic outlook as we move into the New Year.

Still, it’s a balancing act for employers and job seekers in Q4, as both have different motivators influencing their hiring and employment decisions. We share both outlooks in our Q4 accounting and finance employment forecast.

For Employers

Staffing as a whole has declined in 2023, specifically in the areas of human relations, accounting and finance. But, according to Kantenga, he believes the most pain in this area should be behind us and an uptick in temporary workers being added to payrolls is expected.

What does that mean for companies? The battle for top talent remains in full effect. One impactful tool: salary transparency. Providing this information in a job advertisement is more likely to entice top performers to engage with the role, as pay remains a key motivator for job seekers in today’s climate. Employees want to feel empowered by their career decisions, so starting the working relationship on open, even footing sets the tone for the future company dynamics.

The battle for top talent remains in full effect. One impactful tool: salary transparency.

Another successful tactic is rethinking the type of candidates company’s are considering when evaluating potential employees. Many hiring managers are turning to a skills-based hiring approach to combat a limited talent pool and establish a more equitable workforce, but in a recent ZipRecruiter survey, there are still three important areas that are lacking: time management, critical thinking and professionalism. Review this interview guide to help get the right person in the seat.

For Job Seekers

Even with some economic uncertainty from both employers and job seekers, most recruiters consider the labor market to still be candidate-driven. In a recent survey of tech agency recruiters, 31.2% of recruiters expressed optimism for the job market in Q4, with 64.7% believing candidates still have the upper hand.

Job seekers should continue to evaluate career opportunities based on what matters most. Successful companies are including salary ranges in their job postings, as well as showcasing hybrid work arrangements to cater to employees’ desire for financial security and flexibility. Leverage interviews to discern if a company — not merely the role — is an ideal fit. Or, simplify the job search process in its entirety with the assistance of a recruiter to maximize your results for a faster, more successful job match.

2023 Q3 Accounting and Finance Employment Report

As we embark on the last half of 2023, the labor market in Q1 and Q2 exhibited surprising resilience — despite rate hikes and other measures by the U.S. Federal Reserve to help fight inflation. In fact, the Wall Street Journal says, “lay-offs are still at a historically low level,” and there continue to be more job openings than available candidates.

And, according to the U.S. Bureau of Labor Statistics, companies added 209,000 jobs to their payrolls in June, with the unemployment rate increasing slightly to 3.6% with gains in government, health care, social assistance and construction industries.

2023 Q3 employment report for accounting and finance professionals
Signs of a slow-down are making themselves known, however, with more white-collared professionals seeking the assistance of recruiting firms to aid in their next career move as employers become less urgent about growing their teams. We breakdown what both accounting and finance professionals and companies can expect for Q3 in our forecast.

For Employers

While employers are becoming increasingly selective in their hiring efforts, businesses need to adjust their leisurely pace when it comes to engaging with accounting and finance professionals. Why? Well, frankly, because there’s been a significant workplace exodus of skilled workers in these functions — with a drop of 17% in the past two years.

From the boomer generation starting to leave the workforce to job seekers transitioning to more alluring career paths in finance and technology, the talent gap has led to employers offering salary increases to win over talent or utilizing temporary consultants to manage workloads. Both are tactics in line with current hiring trends as we head into the second half of the year.

Our latest Salary Guide’s No.1 theme for 2023: money matters. And, according to Salary Budget Planning Survey by WTW, this could continue into next year.

“While we are seeing lower salary increases forecasted for next year, they’re still well above the ones we’ve seen for the past 10 years. This shows that companies are striving to stay competitive in an everchanging work climate,” says Hatti Johansson, a research director at WTW. “Those companies that have a clear compensation strategy as well as a pulse on the factors affecting it will be more successful attracting and retaining employees while keeping pace with an evolving environment in which yesterday’s certainties no longer apply.”

Our 2023 compensation report has current salary data for more than 40 accounting and finance roles to help employers ensure they are offering their prospective and current employees competitive salaries that are at or above market rate in their region.

Other key motivators of today’s workforce are engaging company cultures, as well as organizations that emphasize employee development and encourage feedback outside of annual reviews. One great way to make this part of your business’ operation? Regularly scheduled stay interviews to help establish an open line of communication.

For Job Seekers

The candidate shortage offers an exciting environment for seasoned accounting professionals. For one, experienced talent in this sector are particularly desirable in the current hiring landscape — paving the way for career opportunities that provide the growth, pay and benefits that are most important to them.

Secondly, this is an ideal time to explore additional job duties through temporary or contract work. Is there a software or industry that you’re looking to explore, but don’t have the chops for a direct hire role? Consulting provides the flexibility to tackle assignments on a temporary basis, allowing accounting and finance professionals to grow their experience and networks at various companies with competitive compensation. Many employers are more open to temporary hiring solutions as they navigate the changing market environment.

Partnering with staffing and recruiting experts can help in this quest — identifying job opportunities not currently on job boards and advocating for top-notch benefits and pay on your behalf. Contact our team today to get started!