Despite the current economic situation in the UK, 2023 is set to be another great year for finance talent and recruitment. "So far 2023 has been a strong year for hiring within the Accountants & Finance sector, and there is good reason to believe that it will get better as the year continues,” says NXTGEN Director Jonny Harrison. “We’ve seen strong job numbers in the early part of this year, with a particular focus on commercial finance and FP&A skills being in high demand.
With many employers already dealing with skills shortages - which are impacting productivity and growth, as well as customer service and the quality of products - this could leave businesses competing harder than ever to hire the same talented candidates. According to AB, 26% of CFOs are planning to create new positions, and 89% are concerned about attracting top talent. This puts finance candidates in a good position to negotiate.
Salaries Expected to Rise in 2023
With businesses trying to find the perfect candidates, accounting and finance salaries are expected to rise. According to AB, 89% of employers increased their accounting and finance salaries in 2022, and 86% expect to raise them again. Junior and mid-level roles have had the biggest salary boost. This is because it’s a competitive recruitment level, and candidates expect a huge increase from a basic wage. Salaries of newly qualified accountants from practice increased by 18% in 2022 and this had a knock-on effect for all more senior roles.
Candidates Want a Good Work-Life Balance
Employers are having to provide more flexibility and benefits to candidates, and knowing what employees really want is key. Achieving a good work-life balance is key for a lot of finance talent, which is why hybrid working is becoming increasingly popular. A lot of accountancy and finance professionals are looking for roles with hybrid or flexible working opportunities, and they want to have a say on how often and when they go into the office. To continue attracting top talent, businesses are having to adopt flexible working policies. Candidates are also looking for more annual leave, health insurance or private medical cover, a good pension and career development.
Technical and Commercial Skills in High Demand
Businesses are focusing on a more human side of finance, and how this can boost performance and improve the reputation of an organisation. It’s important for finance to drive efficiency and effectiveness, and top finance talent should be involved in decision making. This has also led to a growing demand for technical and commercial accounting skills. Due to skills shortages, a lot of businesses are looking for candidates with transferable skills. Skills such as communication, flexibility and being able to work well in a team are highly sought after.