The top hiring trends in the finance and accounting industry
The accounting and finance industry is among the most challenging for job seekers today. Accounting focuses on the daily cash flow of the company/institution while finance is a broader term that explains the future growth of the institution and the management of assets and liabilities in the organisation. Like the new technological developments that help increase the efficiency in an organisation, hiring trends are constantly evolving as well. Here are the top accounting and finance hiring trends for 2019:
Rise in Demand
The demand for accountants and auditors is high and it is expected to see a rise of almost 11 percent by 2024. This is said to be the fastest growth average across occupations. The unemployment rate in the accounting and financial sector is relatively low.
There is a noticeably high demand for accounting graduates off late, especially for those that hold a masters degree. This is due to the specificity of the degree that adds value to many recruiters. It also helps candidates stand out among other applicants with regards to the skill sets they possess.
Many companies provide their employees with the necessary training to ensure they have the skills needed to work with the systems and software. This is beneficial for a smoother and faster integration of the employee into the business. Companies that offering training programs are willing to hire people with a bachelor’s degree in accounting as well.
The finance and accounting industry is going through a major revamp with the digital revolution in place. Digitisation has led to many changes in the industry with processes being automated and artificial intelligence being used for better accuracy and faster analysis of data.
Although machines can now perform tasks previously done by humans with the help of automation, it does not reduce the need for manpower. The technological shift requires more full-time employees and staff who have the knowledge to operate the new technology. New technologies are increasingly specific and require expert personnel such as automation of accounts payable. Knowledge of the latest accounting trends is an effective way to enhance your accouting career.
Companies often have many large-scale projects or activities that are not a part of their regular operations such as mergers and acquisitions or reconciliations. These processes can be and labour intensive and time consuming to say the least.
This is when the organisation brings in additional interim staff who compliment the core workforce and bring a specialized expertise which might not be found within the workforce of the organisation. This type of work also allows a lot of flexibility for professionals. When a company undertakes a large project, they can hire a project consultant or an advisor. The consultant brings in specialised skills, knowledge and experience to assist the company in decision making. They are usually at a senior-level and have a significant level of expertise in the field of work.
Additional Skill Sets
In this increasingly competitive world, it is incredibly important to have a wide skill set. Accountants today do more than just crunch numbers or make meaningful data out of information. In addition to hard skills, recruiters in the accounting and finance industry look at communication skills, the ability to work in a team and explain a set of data or a report. Companies today want to hire accounting professionals who can not only prepare financial statements but also have the ability to develop and maintain relationships with clients.
The healthcare industry has been booming lately. While customer service and business development might be their main business focus, the industry does require a healthy number of finance and accounting executives. This is because the healthcare industry is implementing new payment models to become more efficient.
To support such initiatives for the organisation and the industry as a whole, there is a demand for accountants in the workforce. Positions like medical billing, accounts payable, financial analysis and data analysis are among a few of the vacancies these companies have. These positions have led to an increase in the demand for accountants in the healthcare industry.
Social Media in Recruiting
Companies have started taking to social media for job vacancies by advertising for the open positions at their organisation on social media. Instead of posting the usual vacancy post with a job description with what they expect from a job seeker, organisations are using video content to promote their company.. The videos can be informative and can include current employee talking about what they like about the company, the culture and their experience. The inability to leverage digital media to hire and promote a business is a common pitfall in many accounting firms.
Employee referrals are considered to be the most successful ways to recruit millennials. Companies are setting up referral programs where existing employees can recommend suitable accounting and finance professionals for a certain role. This saves a lot of time for recruiters as they do not need to sort through multiple resumes to find the right candidate based on the skill sets and requirements because they were referred.
In the recent years with the global economy being in a dicey situation, many companies have decided to outsource business processes as a result of cost saving. This is good for the accounting and finance industry because many businesses are hiring a third party to handle their accounting and finances. This is said to be a measure taken by companies to cut costs in the long run. However this great news for people working in the finance and accounting industry as well as new job seekers because it opens up many jobs within the industry, These companies will be on the lookout for people who have industry experience.
In this competitive world, companies are on the lookout for candidates with diverse skill sets. This is because of the influence of technology and the role it plays in the finance and accounting industry. This is why companies are either trying to outsource their accounting and finance operations to others or they are hiring candidates with more than just finance and accounting knowledge. This trend is said to continue for the long term with more changes to be witnessed over the years with more IT being integrated into the industry.