finance & accounting.

The finance and accounting functions were hit by a wave of resignations in 2022. Will that continue throughout 2023, or are there signs that the job market might finally stabilize? Meanwhile, how are automation, AI and other technologies impacting the way finance and accounting professionals work? And are salaries for in-demand talent in these functions really rising as fast as they seem to be? Find out all this and more — and see finance and accounting salaries for dozens of today's most in-demand roles — in this chapter of Randstad's 2023 Salary Guide.

The average number of quits for 2022 for those in financial activities was roughly 150,000 per month, though it reached a year-wide high of 193,000 in April. However, quits in professional services — which includes accountants, tax preparers, bookkeepers and payroll professionals — were far higher, averaging around 750,000 quits per month. This amount of quits was exceeded only by the trade, transportation and utilities and leisure and hospitality industries.

For employers, this means that talent remains in the driver’s seat, and every effort to focus on retention and attraction — including attractive salary and benefits — will need to be brought to bear in order to find and keep top talent in the year ahead. In addition to flexible working arrangements and other work-life balance perks, career development has emerged as a new area of opportunity for employers. Personal career growth is considered important by 71 percent of the workforce, with preferences stretching beyond just training: Fifty percent of workers said they’d be interested in speaking to a professional career coach if offered the chance, with interest in topics like pay, work-life balance and pathways to advancement topping the list.

Finance and accounting is rapidly adopting technologies like AI and machine learning, from predictive modeling to even helping consumers manage their finances. AI tools, like AI-powered accounting and bookkeeping software solutions, Bank of America’s Erica and Wells Fargo’s many AI and machine learning tools, are fast becoming the norm, and financial professionals — especially those who are customer facing — will have to learn how to work alongside these technologies in order to reap their fullest benefits.

This means employers will need to double down on technology-focused upskilling and reskilling in order to get the best out of both their talent and their tech investments. What’s more, 72 percent of employees said that they were (very) likely to stay by their employers should reskilling/upskilling opportunities be offered. With training and development now a top job seeker preference, employers can fill critical roles with talent from the inside while simultaneously improving engagement and retention.

Salaries in finance and accounting typically rise slightly year over year, but this year, we saw noteworthy increases for roles like financial analysts and staff accountants. With demand for these roles being most acute in states like California, Texas, New York, Florida, Illinois, North Carolina, Ohio and Georgia, employers will need to offer competitive compensation that’s equal to or above market average to attract top talent.

In addition, benefits like flexible or remote work or those that assist with work-life balance will be key in helping employers find the finance and accounting talent they need. In fact, Monster.com found that four in 10 employers said they’ve found that offering flexible work helps them retain talent, and Randstad’s Workmonitor report found that flexible work was important to 83 percent of employees surveyed. For even more insights into finance and accounting salaries, access your copy of the 2023 Finance & Accounting Salary Guide today.

Every organization has to balance speed with quality when it comes to hiring, and finance and accounting is no different. But our talent experts in the field have witnessed the same thing over and over in recent months: In a talent market this hot, speed — or the lack thereof — kills. Organizations that wait too long for the “perfect” hire, someone who checks all the boxes — rather than just the “must haves” — are losing quality talent to the competition left and right.

In fact, Monster.com’s 2022 The Future of Work report found that 93 percent of surveyed employers are actively hiring, compared to just 82 percent who said the same in 2021. Meanwhile, employers’ confidence in their abilities to find the right candidates is slipping, from 95 percent who believed they could find the right talent in 2020 to 91 percent in 2022. This inability to find the talent they’re looking for amid stiff competition can be blamed, among other factors, on organizations’ lengthy hiring processes. If your organization suffers from the same problem, you may find yourself being repeatedly “ghosted” by quality candidates — who may have accepted offers from competitors whose hiring processes moved much more quickly.

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