Finance & Accounting (F&A) are bathed in blacks and whites – defined by unwavering rules, checks and balances, and regulatory compliance. Nevertheless, F&A professionals often work in gray hues, appreciating and applying the nuances of the discipline to real business challenges and opportunities. While basic accounting and bookkeeping functions become increasingly automated, advanced technologies are not yet replacing the need for expert practitioners nor threatening to remove the human element altogether; instead, technology is shaping and, in some cases, redefining the roles and responsibilities of some F&A positions.
An examination of three of the hottest jobs in F&A for 2016 underscores that point: senior accountant, cost accountant and finance/FP&A manager. With cost and operational efficiency top of mind, the bar is set high for F&A teams charged with helping business leaders make data-based decisions with extreme precision. More companies are seeking savvy strategists with consultative skills, who can leverage analytics to predict and solve overarching business issues while mitigating risk. Yet, finding strong candidates with that combination of skills and experience in the field is challenging hiring managers across most industries.
Economic growth, big data fueling F&A job demand
By most accounts, finance leaders appear to be cautiously optimistic about current market conditions. On the bright side, the U.S. has seen steady overall economic growth, low unemployment and moderate gains in consumer confidence. Furthermore, strong job creation in the financial and professional services sector and nearly nonexistent unemployment of degreed F&A professionals has resulted in a candidate-driven market. The majority of F&A decision-makers agree the tightening labor market is leading to increased job vacancy periods. In fact, nearly eight in 10 reported it is taking more time to find the right talent to fill F&A positions than it was 12 months ago.1
As F&A roles continue to become more advisory in nature, the need for experienced talent remains high – particularly for those with the right skills needed to help in the transformation from a transactional function to a value-added business partner focused more on trend analysis and improvements in reporting that can further the creation of insights that inform smarter business decisions.
Increasingly, firms and corporate teams are seeking tech-savvy finance professionals with the ability to look beyond the straightforward numbers to provide a broader, value-added story for clients. The CPA credential is still highly valued and sought after by midmarket organizations. The qualities that often come with CPA candidates – well-rounded experience, technical proficiency, commitment, ethically responsible – are valued assets in any business, particularly for leadership roles. Strong database analysis skills, like SQL experience, are commonly seen on the candidate wish list for finance managers.
Beyond borders: Finding F&A talent
The accounting field faces a demographic liability – the impending retirement of baby boomers and the need to replace these workers with next generation talent. According to the AICPA, 75 percent of today’s CPAs will retire within the next 15 years.2
F&A professionals, especially in the millennial generation, are well aware of the strong demand for their skills. Turnover rates are high, with the median tenure for workers ages 25 to 34 just three years, less than one-third of the average tenure for workers approaching retirement.3
There is greater labor pressure in certain markets and industries, which leaves some employers thinking outside the box to find the best talent. Some employers are looking in other markets or even abroad for critical skills.
One technology-driven advantage that has broadened the pool of potential F&A practitioners is the proliferation of cloud computing, which makes it possible for them to effectively work remotely in a secure environment. This flexibility opens the doors of opportunity for companies to search for F&A talent on a regional, national or even global basis. No longer do organizations in Des Moines have to limit their searches to greater Des Moines. This is a key advantage for companies who are not only seeking a broadly-defined skillset for F&A expertise, but also desiring candidates with industry-specific knowledge.
Importance of culture: Building strategies to retain top talent
Clearly, attracting F&A talent is a challenge. So, too, is retaining them. Nearly half of F&A decision-makers surveyed report that their companies experienced an increase in turnover in 2015, and the vast majority (67 percent) is more concerned about expected turnover in 2016.1
Hiring the right people from the start is one of the most effective ways to reduce turnover, but ensuring they remain engaged and satisfied on the job is equally critical. Beyond competitive compensation, culture is key. At Randstad, we help educate employers about the importance of an active engagement strategy for both full-time staff and project consultants.
While every individual has unique preferences, most employees simply want to be recognized and rewarded for their contributions and feel they play a part in the company’s successes. Career growth is typically a huge motivator for F&A professionals. Managers should seek out opportunities that allow staff to gain new skills and create a workplace culture that allows workers to take initiative rather than simply follow orders. Moreover, companies must be proactive in communicating what career options lie ahead, and avoid making the assumption that employees see a clear path to success within your organization.
Randstad has closely tracked the demand for jobs in six key areas, including F&A. This year’s 2016 Hot Jobs report – released in January – reveals some interesting insights regarding the aforementioned F&A top jobs and the ongoing evolution of the field overall.
By reviewing the 2016 Hot Jobs report and understanding which jobs might be particularly challenging to fill, managers can plan accordingly and take the necessary steps to ensure their companies are best positioned to attract and retain top talent.
1 Randstad US 2016 Finance & Accounting Workplace Trends Guide
2 Journal of Accountancy, November 2015 (AICPA survey)
3 Bureau of Labor Statistics Employee Labor Summary, September 18, 2014
Kathryn Bolt is Group President, Randstad Professionals and Tatum, for Randstad US, one of the largest staffing organizations in the country.Â