State of the Finance & Accounting Job Market for February 2023

By Amy Hann Walker, Kristen Corridan, and Connie Guo.

In more than 18 years of
helping accounting and finance professionals (and leaders looking to hire them), our team has seen market trends come and go. While specific changes from a decade ago may have varying degrees of relevance today, it’s important to recognize, assess, and account for each trend wave so that your company—regardless of the industry—can grow your team with confidence. 

From our vantage point, one of the most important, timeless trends is investing in the right people today to set your company up for success tomorrow

That’s precisely why we asked three of our team members to share their thoughts and unique perspectives on the trends and considerations that hiring managers should notice here in 2023. 

Our Guest Authors and Recruiting Experts

Meet Amy Hann Walker, Kristen Corridan, and Connie Guo. If you read their full bios, it’s clear they have invested their careers in providing the best service possible to their clients.

Amy, a Partner, shared that the most valuable thing she does for any client is first to listen to their story before doing anything else. If you speak with Kristen, who serves as VP of Recruiting, it’s about putting herself in your shoes. And for Connie, our Managing Director of Consulting, it all starts with active listening and problem-solving for clients and candidates alike. 

In a nutshell:

✓ Learn their story

✓ Put yourself in their shoes

✓ Actively listen and problem solve

Their collective experience and the results they generate for our clients remind us of the famous Farmer’s Insurance commercial that states, “we know a thing or two because we’ve seen a thing or two.” With that in mind, listen to the unique insights that each member of our team brings based on their experience and consider how it might apply to your Austin or San Francisco-based company. 

Hiring Best Practices to Consider Now

Speak to your company’s approach to flexible work environments

Remote work continues to be an important topic for hiring companies regardless of industry or location. 

While there certainly are benefits to remote work, and most job seekers are voicing a need for the flexibility it provides, hiring managers must navigate the tension of speaking to their company’s approach while also acknowledging and answering the growing number of new questions being asked by candidates during this important conversation. 

Amy Hann Walker sees this conversation unfolding each and every week and adds that, “Candidates still desire flexibility and the ability to work from home several days per week. They are open to going into the office on a hybrid basis at most.”

Make communication a priority

With the finance and accounting arena seeing a shortage of talent to meet current demand, communication must remain a focal point for any hiring manager. 

Share your process with them. Let them know what to expect next. 

And as Connie Guo notes, “Make communication a tangible priority: candidates need to know where they stand in the pipeline, receive timely feedback, and experience a cohesive journey that promotes a positive candidate experience regardless of the outcome.” 

Move quickly to hire qualified candidates

Kristen Corridan here at BVOH remembers the days of recruiters standing by with multiple talented accountants or analysts in the pipeline. 

While she fully acknowledges that vetting is an important step in the process, it’s important to remember that no company in today’s market can afford unnecessary delays or redundant processes that don’t allow them to move and make offers quickly. 

The best talent is still going on and off the market in a short period of time”, Kristen mentioned, and the companies who move quickly win the day.”

Trends that Impact Hiring Managers in Today’s Market

Current tech layoffs have had a lower impact on finance and accounting roles

Yes, it’s true that layoffs in the tech industry have dominated recent news cycles. It’s also true that some of these events have added incredibly talented finance and accounting professionals to the available workforce. 

However, our friends across this specific niche are not as highly impacted as other departments (such as sales or recruiting) based on the conversations our team is having with companies and candidates across the market. 

Kristen Corridan, VP of recruiting, shared with our team, “While there have been layoffs recently (especially in tech), finance and accounting positions are not highly impacted. Only a small number of finance roles have been eliminated, which means we still have a shortage of finance and accounting talent in our Austin and San Francisco markets.”

With that in mind, it’s also important to remember that many of our clients have important goals and objectives around projects like these and 90% are looking for permanent hires to work in the office on a hybrid basis—vs fully remote. This tension will take some time to be played out as candidates are continuing to ask for greater long-term flexibility. An important caveat to note, though, is that many companies are more stringent with permanent hires, but still willing to onboard 100% remote resources for consulting hires. 

Increased efficiency and profitability are driving decisions

Amy Hann Walker knows the value of efficiency and profitability. It’s an important metric for our own team as well as the clients we serve. 

That’s why it’s no surprise that she noted, “even at companies that are cutting costs, there are still resources available for finance transformation projects. Companies are trying to increase profitability and leverage the efficiency brought from automating processes.”

How BVOH Helps Clients Navigate These Changes

Short-term consultants to deploy systems implementation projects

Both Amy and Connie had interesting points to share about this growing need for our clients. Amy believes, “Companies experiencing a season of cost cutting will continue to deploy consultants to help fill short-term needs and system implementation projects until they can commit to and invest in their permanent team.”

Additionally, Connie shared some positive news from the talent front, “Not only is the growing consultant pool refreshing and impressive but top candidates are more open to consulting versus permanent positions only due to the greater flexibility, opportunity, and compensation.”

Roadmaps for creating best-in-class teams in this current hiring landscape

Whether it’s working directly with companies or candidates, our mission is to listen, care, and exceed expectations for everyone looking to build (or join) a best-in-class team. Our team is not just here for current hiring needs. We offer strategic counsel to our clients on everything from how to accomplish their department goals and objectives, to keeping morale high through a layoff, and even how our hiring managers might consider their own next career opportunities. 

At our core, we create meaningful relationships with our hiring managers whether that’s helping them locate their next hire, providing sound business advice, counseling them in hard times, or even getting them their own next preferred role. 

What These Recent Hiring Trends Mean For You

The recruiting playbook of tomorrow for hiring managers like you should be informed by the trends and insights of yesterday and today. Our team includes recruiting experts like Amy, Kristen, and Connie, who are on the front lines with candidates and clients every day.

Acknowledge and consider the above trends as you question what it means for your business and charge headfirst into 2023. 

Do you anticipate a need for finance or accounting talent this year? Remember: the demand currently exceeds the available pool of candidates. 

Worried about layoffs? Layoffs are a significant factor that shouldn’t be ignored, but are also not impacting finance and accounting teams in the same way as other departments. 

Prioritizing hiring the right fit talent in 2023? Crafting the right job specification and effective communication will continue to be key. Candidates in this environment have expectations around compensation, flexibility, and other important factors. The more communicative and transparent you can be, the better for all involved.

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