Finance and Accounting Talent In Tremendous Demand
Variety of Trends Driving Scarcity of and Demand for Finance and Accounting Talent
CFOs, HR professionals, and others who hire finance and accounting talent have been reporting a dwindling supply in the talent pool. At the same time, business needs are driving increased hiring needs. Almost nowhere is this talent crunch more dire than in California.
Staffing Industry Analysts (SIA) is a global advisor on staffing and workforce solutions, conducts proprietary research covering all categories of work. The group recently released a staffing growth assessment report on finance and accounting talent and staffing trends. This report details the conditions driving the growth in finance and accounting staffing and conditions exacerbating the lack of available talent. With an estimated growth of 4% in the United States, growth in this market isn’t predicted to slow any time soon.
SIA 2018 Finance and Accounting Staffing Report Key Findings
- Scarcity of finance and accounting talent is being driven by low unemployment levels, particularly for mid- to senior-level roles.
- The aging of the workforce is also contributing to talent shortages. The share of finance and accounting talent that is age 55 or older has increased from 2011 to 2017. As these workers retire or choose more part-time, flexible work arrangements, the talent pool if experienced, highly qualified candidates shrinks.
- Increases in business spending are driving demand for back-office support and financial planning and analysis.
- This demand increase and talent shortage is also increasing demand for finance & accounting staffing services as it drives up recruiting difficulties.
- SIA anticipates that new technology will have a mixed impact on finance and accounting staffing and employment. While newly automated processes make reduce the demand for clerical and some operational roles, this simultaneously increases demand for new skills. Roles such as financial data scientist are increasingly in demand. Some of these specialized roles also command higher pay rates.
- Cloud-based staffing services have been growing and serving more finance and accounting sector staffing needs. However, they’ve also been responding to client demands by integrating customer service options into their platforms to offer a more high-touch service model than cloud-based services in many other industries.
Finance and Accounting Staffing Experts: Nelson & Associates
As experts in recruiting and staffing, the Nelson & Associates team understands the market conditions driving these trends in finance and accounting staffing. Our team keeps up with the latest industry and employment news, using this information to foresee the talent needs of our partners and build a database of highly qualified finance and accounting talent.
Read more about the SIA’s report on the SIA website, or contact your local Nelson & Associates representative to learn more about the report. We’d love to discuss how our specialized accounting and finance staffing services can help you find the best highly qualified professionals.