Looking for a new Accounting or Finance opportunity? 2023 might be the year for you. A continuing shortage of accountants and finance professionals amidst a tight labor market is driving more companies to offer competitive compensation packages with a variety of perks and incentives.
Here’s a look at the top three hiring trends for 2023 and how to leverage the current landscape for your future in Accounting and Finance.
Jobs in Accounting and Finance are Increasing while the Talent Pool is Shrinking
Open accounting and audit roles are the highest they’ve been since 2008, according to Revelio Labs, a provider of workforce data, and Finance-related occupations are expected to grow by 7% by 2031 — resulting in 715,100 new jobs in the next decade — as predicted by the U.S. Bureau of Labor Statistics.
This influx of unfilled roles is being met with a steady decline in skilled Accounting and Finance professionals, impacting companies across all industries and sizes. Fewer college students are pursuing degrees in accounting, with the number of U.S. students who completed accounting degrees falling by 2.8% for bachelor’s and 8.4% for master’s in the 2019 to 2020 academic year compared with the prior year, according to the latest available data from the American Institute of Certified Public Accountants (AICPA). At the same time, retiring baby boomers are further shrinking the labor force, and AICPA reports that 75% of accountants were near or at retirement by 2019.
What this means for you: It’s taking companies longer to fill positions, and automation and AI are not going to close the gap. Securing talent is a top concern for 2023, resulting in companies offering higher wages and attractive benefit packages. Know your worth, research compensation (our 2023 Salary Guide is a great resource), and seek opportunities that best fit your career goals and priorities.
Digital Transformation is Accelerating in Accounting and Finance
Covid was the tipping point for many companies’ adoption of technology that supports remote and hybrid work arrangements. AI and automation tools are further shaping digital transformation in Accounting and Finance.
Many firms are implementing software to automate disparate and repetitive tasks, which also addresses declining capacity and workload stress. Advanced tech helps organizations remain current in an increasingly competitive market because they provide deep insights and save time. Likewise, savvy organizations will continue to infuse more technology and automation into their own business management systems.
What this means for you: Continuously upskill your digital competencies. Keeping current with the latest Accounting and Finance analytical tools including, business management software, systems and applications, and current methodologies will make you a more valuable asset for current and prospective employers who are investing in digital transformation.
Company Culture: Find YOUR Right Fit
The past three years have placed more emphasis on corporate culture. During the pandemic, company culture improved when leadership became more engaged and transparent through better communication of purpose, values, and goals. Servant leadership became a common theme with companies actively improving local, regional, and global communities.
This re-focus on culture, core values, and community has renewed employee engagement and instilled a sense of pride in the positive impact beyond office walls. The 2021 Deloitte Global Millennial Survey found that younger employees (both millennials and Gen Zs) lean on their values when making career choices and are prepared to work for organizations that align with their personal ethics. This determination to take action and drive the change they want to see in the world is encouraging corporations to adopt community-based programs that are genuine with lasting impact.
What this means for you: It’s a known fact that people do their best work when they feel valued and believe in their corporate mission. As many organizations are redesigning the employee experience in 2023, taking your career to the next level begins by ensuring your personal values align with corporate values and that the culture is authentic.