We like to pull for the underdog—the runt of the litter. We love to see someone from humble beginnings climb to the top of the ladder and prove themselves to everyone who said they couldn’t do it. It’s the stuff great movies are made from. However, when you walk into your office and begin interviewing candidates for your accounting department on Monday morning, you may have a different perspective.
Given the potential repercussions of making a mistake and the influence financial information has on decision-making, not to mention the importance of remaining compliant with government regulations, you want experience on your side. You want to know that the person you hire has the knowledge and skills to skillfully and accurately execute every aspect of the job. Finding an individual that meets this description and is willing to take a position with your organization may take a lot of work.
If you are interested in hiring top professionals for accounting and finance jobs within your organization, understanding the trends driving the industry and hiring trends can help you navigate the choppy waters and attract leading talent.
Accounting and Finance Hiring Trends
1. Limited Applicant Pool
Between August 2023 and April 2024, the unemployment rate for accounting and finance professionals remained between 3.7% and 3.9%, lower than the national average for that same period. For companies looking to hire professionals, this spells tough competition for experienced accountants. The applicants you interview may be interviewing with several other companies as well. Catching their attention will require you to find ways to make your position or organization stand out above the competition.
The fact that fewer college students are choosing a degree in accounting is compounding the shortage. While new graduates will have less experience than seasoned accountants, they do fill a vital role in many organizations, growing with the company from an entry-level position to a team lead.
2. More Contract Employees
More companies are turning to contract employees with accounting and finance professionals in high demand and low supply. The temporary arrangement can reduce the workload for your core team and help keep financial responsibilities on track. Contract employees can also be an excellent way to augment the skill set of your current team. Many finance professionals are open to temporary contracts as a way to learn new skills and gain experience with various companies. Remember that you can always convert a temporary position to a permanent one if they become an indispensable part of the team. Temporary recruiters can help identify skilled and experienced individuals to meet your staffing needs.
3. Evolution of Accounting Responsibilities
Jobs in accounting and finance still require applicants to have a keen grasp of logic and numbers. However, with technological advancements, such as generative AI, machine learning, and automation, many repetitive accounting tasks no longer require a person to perform them. As technology takes over these tasks, the valuable skills a finance professional brings to a business are evolving. Business acumen, data analysis, and budgeting skills are just a few skills that are rising to the top of many recruiters’ lists, as these tasks require a person at the helm. Recruiters will look for skilled accountants who know how and when to employ automation tools and bring added value to the business.
4. Increasing Reliance on Tests
How much does a resume tell you about an applicant? Often a one-page document, a resume is an excellent introduction to an applicant, but it only gives you part of the story. Skilled Salt Lake City recruiters are experts at reading between the lines and noticing when something seems off. Minor exaggerations or misrepresentations can fly under the radar, though. Determining just how skilled a finance professional is may require a skills test.
Asking an individual to perform tasks similar to those they would perform on the job is an accurate way to determine if they know as much as you hope they do. A recruiting firm can help you choose the right test for the position you are filling.
5. Need for Technical Skills
While just a blip on the radar of many accounting firms ten years ago, cloud-based accounting is becoming a staple for many organizations. With many accounting firms adopting the technology, they need accountants well-versed in cloud accounting. Hiring for these specific skills may narrow the applicant pool and leave employers competing for experienced candidates.
Recruiting Top Finance Professionals
Nationwide, employers are competing for a shrinking pool of finance professionals. Organizations wishing to hire and retain top talent should strive to understand what candidates want and need from their employers. Know what finance professionals earn and offer competitive pay and benefits. Flexible work arrangements are rare in the industry but are nonetheless sought after. And although it doesn’t pay the bills, rewarding career opportunities and supportive company culture can be convincing reasons for employees to stay where they are. The ball is in your court to make your company the place where finance professionals want to build a career.