Thought about your 2024 hiring strategy?
As a leader in accounting and finance in New Zealand, it is important to stay informed about the latest trends and hiring practices in the industry. Here are some key takeaways from our recent research:
- According to Gartner, more than 40% of finance roles will be new or significantly reshaped due to finance technology by 2025
- A Dell Technologies study predicts that 85% of the jobs that will exist in 2030 haven’t even been invented yet
- Ernst & Young reports that eight out of 10 finance and accounting professionals aren’t ready to meet the demands of the jobs they’ll have in the next 10 years
The above research is sound to suggest that finance roles will be significantly reshaped due to finance technology and that finance professionals need to be prepared to adapt to the changing landscape.
Holistic Hiring Trends as Accounting and Finance Leaders Prepare for 2024
In recruitment we noticed a high volume of candidate applications vs jobs available across all industries this year. The accounting and finance industry in New Zealand is experiencing significant shifts in hiring trends, creating both challenges and opportunities for professionals in this field.
The industry is also facing labor shortages, particularly due to the retirement of Baby Boomers and a decline in the number of students pursuing accounting degrees. As organisations adapt to these changes and incorporate initiatives to appeal to the new generation coming into the workforce. At Tribe we see that a more holistic approach should be taken when looking to hire in future.
What is the right mix for your new hire?
See the list of trends we think will impact how you recruit and hire in the year ahead:
- Roles in Demand: The most in-demand finance professionals in 2023 include Financial Controller, Financial Planning & Analysis, Management Accountants, Finance Business Partners and Financial Analysts.
- New Opportunities: Whilst finance professionals have high expectations when considering a new job opportunity from a remuneration point of view, job content remains the most important player, but employees increasingly look at the total package, including the sustainability of the organisation, the personal fit with colleagues and their manager, and the possibility of flexible working.
- Importance of Soft Skills: Organisations looking to bring new talent on board are advised to look not only at the candidate's experience, but also at their potential, business acumen, and communication skills.
- Cloud-Based Accounting: The shift toward cloud-based accounting platforms is expected to persist, offering real-time collaboration, increased accessibility, and enhanced security for financial data.
- Adoption of Sustainable Practices: Businesses and accounting firms may integrate sustainable practices into their operations, both in terms of environmental responsibility and ethical financial practices. Sustainability and ESG reporting are likely to become more prominent in accounting practices. Organisations may adopt standardized frameworks for reporting on their environmental and social impact.
- Focus on Cybersecurity: As technology becomes more ingrained in accounting processes, there will likely be an increased focus on cybersecurity. Protecting financial data from cyber threats and ensuring the integrity of financial systems will be a top priority.
- Data Analytics for Decision-Making: The use of data analytics tools to derive insights from financial data is expected to grow. Accountants may increasingly leverage analytics to provide strategic advice, forecast trends, and support decision-making.
In conclusion, the accounting and finance industry in New Zealand is undergoing a transformation, driven by technological advancements, changing workforce dynamics, and evolving business needs. As the demand for finance professionals continues to grow, organisations are reevaluating their hiring strategies to attract and retain talent. The industry's focus on work-life balance, DE&I efforts, sustainable practices, and the importance of soft skills reflects a broader shift towards a more holistic approach to talent management. As professionals navigate these changes, developing a diverse skill set that encompasses both technical and soft skills will be crucial for success in this dynamic and competitive landscape