By Dan Duffield, Recruitment Consultant at NXTGEN

I've had a front-row seat to the evolving recruitment landscape in 2024. The accountancy profession, whether in industry or practice, is facing a unique set of challenges and opportunities amidst economic uncertainty and rapid technological change.

At NXTGEN, we work closely with companies across various industries to fill their accounting and finance positions. Here are some key trends we're seeing:

Demand for Tech-Savvy Accountants

As companies increasingly adopt new financial technologies and data analytics, the demand for accountants with strong IT skills continues to soar. Automation is transforming many traditional accounting functions, so employers are seeking out professionals who can leverage these tools to drive efficiency and uncover business insights. When we're presenting candidates, those who can demonstrate proficiency with the latest accounting software and BI platforms immediately jump to the top of the list.

Emphasis on Business Partnering Skills

While technical accounting skills are still the foundation, companies are increasingly looking for accountants who can be strategic business partners. This means the most in-demand skills for accountants now include the communication skills to translate complex financial concepts to non-finance stakeholders, the business acumen to provide data-driven insights for decision-making, and the adaptability to thrive in cross-functional teams. In our recruitment processes, we're putting more emphasis on these soft skills alongside the technical requirements.

Flexibility is Non-Negotiable

After several years of remote and hybrid working, flexibility is now a baseline expectation for many accounting professionals. Companies who insist on a full-time return to the office are finding their candidate pools shrinking. To attract top talent, employers need to embrace flexible work arrangements and invest in the digital infrastructure to support remote collaboration. We're seeing this play out in real time, with our more progressive clients securing the best candidates.

Talent Shortages Driving Competitive Pay

Despite economic headwinds, the war for accounting talent remains fierce, particularly for specialists in high-demand areas like financial planning and analysis, tax, and internal audit. To attract and retain top performers, companies are having to boost their compensation and benefits packages. We're also seeing more counteroffers as companies fight to keep their best people from being poached. For candidates, it's a favourable market if you have the right skills and experience.

Looking Ahead

As we navigate the rest of 2024, I expect these trends to accelerate. The rapid pace of technological change will keep transforming the accountancy profession, and the companies who can adapt quickest will gain a competitive edge. Economic uncertainty will likely continue, putting pressure on companies to optimise costs and drive efficiency through their finance functions. This will fuel demand for accountants who can be strategic partners in navigating volatility.

For accounting professionals, keeping your technical skills sharp and developing your business partnering capabilities will be crucial to staying marketable. And for companies looking to hire, partnering with a specialist recruiter like NXTGEN can give you an inside track on the best talent in a competitive market. Despite the challenges, I'm excited about the opportunities ahead as we help companies and candidates thrive in the new world of work.

Author

Daniel Duffield

Recruitment Consultant - Connect with me on LinkedIn