Hiring Trends in Accounting and Finance
2019 was a great year for the financial services industry. With the unemployment rate continuing to shrink, we saw a ratio of 1:1 of job openings against unemployed figures for the first time since the year 2000. 2020 looks like a great year too, but it’s one with several trends that are worth paying attention to.
- Increased Competition for Talent — The 1:1 ratio is good news. However, the rise of new openings and fall in unemployment is rapid. By the end of the year, there may be too few candidates to fill existing roles. “The War for Talent” is a common expression today, and this is the year analysts expect this war to start impacting accounting and finance.
- Long-Term Trends in Employment — This situation is inevitably leading to change before it becomes a problem. It is believed that new systems such as Talent Relationship Management will lead to an improvement in quality hires. This will replace the Candidate Relationship Management system of the present which is perceived as inadequate in the changing labor market. A focus on talent is now becoming imperative. In addition, senior recruitment officers across all industries are beginning to understand the need to harness social recruiting strategies. Some traditional talent acquisition leaders have resisted using social media and social tools for this purpose, but these hesitations from management are in decline. Finally, recruiters and hiring managers are beginning to understand that agility is far more important than a candidate’s experience. Technology moves quickly; prioritizing experience and qualifications is beginning to fall behind the need for an employee base who can adapt quickly to change.
When asked to name the most pressing internal and external challenges facing their organizations in a recent Randstad Professionals survey, hiring managers placed “recruiting and retaining talent” (40%) and “talent shortages or skill gaps in certain departments” (26%) at the top of the list.
With so much competition over the same shrinking pool of talent, employers need to act fast if they want to secure the market’s most sought-after candidates. Nevertheless, lengthy time-to-fill rates continue to impede that goal. Sixty percent of respondents to the Randstad Professionals survey reported that it takes between two to three months to fill a direct hire vacancy.
Organizations in search of finance and accounting talent need to prioritize the overall candidate hiring experience in order to attract and retain in-demand candidates. Offering compelling benefits and competitive compensation will be necessary to stand out and secure skilled personnel in today’s tight talent market.
Recruiting the right people for the accounting and finance industry can be a challenging task. However, at Controller’s Group, we leverage the latest innovations in accounting and finance recruiting, so you can recruit top talent and professionals much easier and faster.