Due to a talent shortage of qualified accountants and financial professionals, recruiting for these positions has proved challenging and demand for them has been quite high, according to the 2018 Robert Half Salary Guide for Accounting and Finance Professionals.
Ky Kingsley, Vice President, North America, with Robert Half Finance & Accounting, says that public accounting firms have gotten creative in their approach to recruiting accounting candidates. Despite having ‘brand recognition,’ Kingsley says that many large public accounting firms have had to come up with ways to offer technical accountants in public accounting settings some flexibility and more work life balance to retain their top talent.
“We expect these trends to continue,” says Kingsley. “There are no economic indicators that technical skills in the job market will change any time soon.”
With that in mind, the following six hiring trends have emerged to combat this shortage:
1. Employers Sweeten Their Compensation Packages
The survey revealed that competition to hire top performers is intense and heating up. To stand out from their competitors, employers are upping their game by offering higher salaries in tandem with more robust benefits and perks.
“We’re seeing job seekers take an increasingly holistic view when assessing whether to accept a job offer,” Paul McDonald, senior executive director for Robert Half said in a statement.
“Salary is still king, but professionals are paying more attention to other factors that can affect their quality of life,” he said.
Two points of particular emphasis for job seekers are work-life balance such as flexible schedules and working remotely and providing a career path. “Highly skilled professionals want assurance that the company will invest in their careers and help them keep their skills current,” McDonald said.
2. Firms Speed Up the Hiring Process