Finance and accounting managers are encountering significant competition for talent, particularly in accounts payable, financial reporting and payroll. This trend underscores the growing demand for accountants at a time when fewer students are seeking degrees in accounting and entering the profession. With a dwindling talent pipeline, and few finance and accounting workers considering a job change this year, finding candidates for these business-critical roles is especially challenging.
Despite the wave of layoffs that hit financial services in 2023, the overall demand for accountants and bookkeepers has remained robust. Job volumes in corporate accounting, general accounting, bookkeeping and accounting operations showed no significant decline. According to the U.S. Bureau of Labor Statistics (BLS), accountants and auditors during 2023 experienced an unemployment rate of just 1.3%. Other finance and accounting positions, including bookkeeper and financial analyst, also reported low unemployment rates. The result is a scarcity of active job seekers for open roles.
According to analysis of a proprietary dataset of more than one million U.S. job postings, including 100,000 Robert Half placements, hiring within the business services industry accounted for over 40% of all finance and accounting jobs, totaling more than 200,000 positions in 2023. This sector experienced above-average growth in the latter half of the year, leading to a significant impact on the number of open finance and accounting roles. Similarly, government sectors also observed a notable rise in open finance and accounting positions.
High-caliber finance and accounting professionals are attracted to firms willing to adapt to their employees’ desired work styles. Interestingly, only one-third of finance and accounting positions offered flexible work arrangements in 2023, including 25% that provided hybrid model. The rest may be missing an opportunity. As more employers require more in-person time, companies that can offer adaptable work schedules, including flexible scheduling or hybrid or fully remote options, are particularly poised to distinguish themselves in the talent market.
The Demand for Skilled Talent report by Robert Half is an authoritative source providing essential insights into employment trends. This report has offered a deep dive into the U.S. hiring landscape for over a decade, spotlighting challenges and strategies to attract and retain talent. It explores what employees seek in their careers, identifies common recruitment errors and suggests solutions. The report spans finance and accounting, technology, marketing and creative, legal, administrative and customer support, and human resources, proving crucial for business leaders and managers.
