NEW YORK, Sept. 21, 2022 – Most public company hiring managers for finance and accounting roles say their organizations have faced talent retention challenges in the last 12 months (82.4%) and expect to experience recruiting difficulties in the year ahead (82.3%), according to a recent Deloitte poll. Nearly as many private company hiring managers also report finance and accounting talent retention (68.9%) and attraction (73.7%) challenges.
While hiring managers report that roughly half of finance and accounting professionals are leaving for higher paying jobs (57.9% public, 46.2% private), a significant number are also leaving for promotions (18.7% public, 14.4% private) and a smaller percentage are shifting into new industries (5.8% public, 8.3% private).
“As technologies and business models change, demands placed on accounting and finance professionals are becoming more complex as well,” said Matt Hurley, a Deloitte Risk & Financial Advisory partner, Deloitte & Touche LLP. “Not only does a more mobile workforce create new competition for talent, but hiring managers must also hire for new tech-forward skill sets while meeting candidate-driven expectations on career pathing, mentorship, job flexibility and more.”
Nearly one-quarter of public (23.4%) and one-fifth (20.5%) of private company hiring managers indicate that more technological skills — including artificial intelligence (AI), machine learning, robotic process automation (RPA), and cloud enterprise resource planning (ERP) solutions — will most likely drive their organizations’ need to hire finance and accounting talent in the coming 12 months.
Increasing workloads driving-up headcount needs (34.3% public, 38.6% private) is the greatest cause for hiring in the industry according to respondents. But, countering attrition (21.9% public, 17.5% private) and the need for more technical accounting standards implementation skills (10.4% public, 12% private) are also driving talent demand.
“Present hiring challenges are more about a lack of skills alignment than a talent shortage,” continued Hurley. “Finance and accounting will always be about debits and credits, but the profession is transforming to also become more tech-oriented and strategic, so industry professionals need to work to shift their skill sets to match if they haven’t already. Hiring tech-savvy accountants is likely to remain a focus for hiring managers, but it takes time to close the skills gap. Mentorship and continuing education on tech topics remain important tools for organizations to help develop their own financial professionals while the industry as a whole catches up.”
About the online poll
Over 1,200 hiring managers for accounting and financial positions within private and public companies were polled during a recent webcast, titled “A new working relationship: Aligning organizations with the workforce of the future,” on June 29, 2022. Answer rates differed by question.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide connect for impact at www.deloitte.com.
