It is a candidate’s market for finance professionals in 2024, particularly those with specialised skills and a willingness to engage in continual professional development, writes Paul McClatchie
Engage People recently released its 2024 Salary Guide, highlighting several new developments in the finance and recruitment landscape, influenced by different factors.
The guide tells us that 75 percent of employees now work “hybrid,” revealing a shift towards flexible work arrangements post-pandemic.
More than half feel more secure in their jobs, suggesting growing confidence in job stability in the finance sector.
Newly qualified accountants remain in high demand, reflecting the increasing need across many sectors for professionals who deliver strategic financial insights.
Further, more than half of the employees we surveyed said they are open to new job opportunities – either due to a desire for career progression, more competitive compensation, better leadership or other factors.
Financial transformations
In 2024, remote working now finds itself operating in a new context. The advent of COVID-19 prompted the finance sector to work from home and hop online, like almost every other industry out there.
Initially viewed as a temporary necessity, remote working has now emerged as a popular and permanent practice in many companies, impacting how salaries are structured and providing better job security for employees who need more flexibility.
Our salary guide shows that today’s blend of remote and in-office work has shaped a new form of modern employment by catering to candidates’ rising demand for work-life balance, amongst other factors.
Further, work-life balance is influencing decisions made by close to half of employees considering their career path and professional future.
Specialist skills
The second take away from our salary guide is the growing demand for specialised skills within finance.
With many organisations undergoing ongoing digital transformation, candidates increasingly need to be able to apply new levels of expertise. This is, in turn, exerting upward pressure on salaries.
Our guide reveals that finance professionals with hybrid skill sets are particularly well-positioned in today’s market.
Accountants proficient in complementary skills – such as data science, for example – are likely to benefit from faster career progression and greater opportunities.
Demand for expert skills is a reassurance for accountants, but our guide also highlights the need for Continuous Professional Development aligned with the fast-changing needs of business, and the emergence of new technologies and professional practices.
This means specialised professionals need to be willing to continue broadening their skill set throughout their career to secure more senior or specialised roles offering higher salaries.
High demand for finance professionals
The job market for finance professionals thankfully remains strong, with steady demand for talent.
In fact, 34 percent of the professionals we surveyed said they had turned down a counteroffer from their current employer when presented with an opportunity with a new organisation.
This could suggest that, while employers attempt to retain talent through financial incentives, other factors – career progression and job satisfaction, for example – are becoming more important in employees’ decision-making.
This is prompting employers to act more decisively to attract and retain top talent in finance and move away from the traditionally lengthy recruitment process.
Paul McClatchie is Founder of Engage People
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