6 Key Accountancy & Finance Hiring Trends in 2023

 18th Jan 2023

The demand for accountancy and finance professionals remains high in 2023. 2022 brought with it a major shift in the talent market. Job vacancies increased, applications fell significantly and employers had to work harder to attract great people.  

We have combined our thoughts on what hiring trends accountancy and finance professionals should expect this year: 

Trend 1 – An uncertain economy but businesses will continue to hire 

Yes, we’ve heard a lot of negativity surrounding the recession, but, just because the economy is slowing down, that doesn’t mean there are fewer jobs to fill. Patterns are emerging that indicate the hiring rollercoaster isn’t over, unemployment rates are the lowest they’ve been in years, and we certainly aren’t seeing a slowdown in new jobs being created.  

Trend 2 – Experienced accountants get restless 

A top priority for accountants remains securing more challenging and interesting work alongside a sense of autonomy. This phenomenon is prevalent in the case of Gen X employees. They are critical thinkers and challenger-seekers, and problem-solving is in their inherent nature. 

Hence, creating interesting and challenging work will be a priority, employers who welcome suggestions and set goals will attract and retain the best talent. 

Trend 3 – The accelerated use of automation and outsourcing in accounting 

If you can automate it, you will in 2023. Automation will be used as human extenders to ensure improved accuracy and efficiency on projects that may be less fully staffed than they had been in pre-pandemic companies.  

Additionally, some companies are increasingly looking to outsource all or part of their accounting function because they cannot either garner the talent they need or retain their current staff. Fuelling the growth in accounting outsourcing in 2023 is the availability of cloud accounting software that automates key accounting processes. 

Trend 4 – Gen Z entering the workforce 

Once the largest generation of workers, baby boomers are now leaving the workforce in droves, while Gen Z enters. This means a shift is happening in the workplace —a shift in communication styles, values and drivers.  

Gen Z, is most likely to value training according to a recent LinkedIn report – 36% call it out as a top factor when considering a new job. For companies that get it right, there are huge benefits, accountancy practices and finance teams need to adapt their value propositions and employer brand to capture younger generations’ interest.  

Trend 5 – Candidates are looking for more competitive compensation 

Candidates are entering the new year expecting salaries that can sustain them as best as possible amidst inflation concerns. Research has shown 47% of professionals are seeking a new role with a better package. Looking at employers' plans, 49% plan to grant their employees a pay rise in 2023, on top of the expected indexation. 

Trend 6 – Big data combined with analytics & forecasting 

The demand for accountants who can properly manage and analyse data has expanded along with data complexity. To help them make sense of the wealth of information at their fingertips, businesses and accounting firms are seeking people with strong data analytics abilities and experience. Accountants need to employ advanced analytics and forecasting methods in addition to big data. In the subject of accounting, there is a clear need for data specialists. 

Reach out to the team here at W&A for the best advice and support in finding your next move or in building your finance team.

Written by Nathalie Smyth.