What to Watch: Finance & Accounting Trends and Salaries in 2024
This past year has seen a lot of changes across multiple industries, especially in finance and accounting. As we begin 2024, stay current on finance and accounting trends and access salary data for top roles.
Employers Need More Convincing
In a field known for ‘churn and burn,’ last year was one for the record books with higher job turnover than in any other three-year period.1 Those now settled into new jobs are not in a hurry to leave. A turbulent economy plus healthy compensation packages over the past few years have decreased the pool of candidates and increased the competition for talent.
As employers continue to face a tight job market, they will need to take a closer look at their compensation packages and be prepared for counter offers. Beyond salary levels, evaluate what creative work/life balance and benefits may entice candidates from paid paternity leave to on-site daycare or more flexible vacation packages.
“During the 12-month period through January 2023, financial professionals netted the biggest increases in base salaries in a decade.”2
CFO Dive
Stay Open Minded
Despite a complex economy that requires more guidance from financial and accounting professionals, there’s a serious talent shortage that’s going to worsen in the next few years. While 75% of CPA’s reached retirement age in 2020, the good news is that finance and accounting are now ranking as top career choices among Gen Z candidates.3
Recruiting for these positions goes beyond attractive compensation packages to revisiting upskilling of in-house teams as well as more focus on under qualified candidates who have potential but require training and certifications. Employers will need to reward employees who earn CPAs, CFAs, and CFPs or risk losing them to competitors. Many companies also expect to increase outsourcing to fill the
gaps.4 Incorporating contingent labor as part of the workforce can provide employers with flexibility to scale and the ability to assess performance and fit before offering a permanent role.
After Burnout – Flexibility and Health
Finance employees, who are tired of 70–80-hour work weeks, are now making their health and well-being a priority. And they are in a market where they can afford to wait for opportunities that provide them with not only better pay but improved work/life balance. That means companies who are shifting back to the office full-time need to carefully consider how this will impact retention. While many high profile finance leaders like J.P. Morgan & Chase CEO Jamie Dimon are demanding workers be in the office every day, most employees don’t want to go back in full-time. Employers may find candidates more receptive to a hybrid schedule that allows for two days in the office, but pushing to three days in may result in a higher attrition rate down the road.
Candidates Desire Tech Training
With pressure mounting on financial organizations to update legacy systems and manage increased regulations and data security issues, ramping up technology skills needs to be a priority. Accounts Payable and Payroll positions are also requiring more tech-savvy talent. But more companies are challenged to find candidates with finance and accounting expertise who also have knowledge in artificial
intelligence and machine learning.5 Employers who are proactive in offering candidates critical tech skills are adding another effective tool to their recruiting strategy.
This article features finance and accounting trends in 2024 from Addison Group’s 2024 Workforce Planning Guide.
For industry-specific trends and salaries for various roles across 20 metro area locations, download your free guide today!
1 ADDISON GROUP, FINANCE & ACCOUNTING TEAM
2 CFO DIVE, SALARIES FOR FINANCIAL PROFESSIONALS RISE 5% YET LAG INFLATION, 2023
3 SIA, FINANCE RANKS AS TOP CAREER CHOICE FOR GEN Z WORKERS, 2023
4 ACCOUNTING TODAY, THE ROLE OF CONTINGENT LABOR IN ACCOUNTING FIRMS SET TO EXPAND IN 2023, 2022
5 AVIDXCHANGE, FINANCIAL SERVICES INDUSTRY FACES A HIRING CRISIS, 2022
