Why Is It Getting Hard To Fill In Positions In Accounting?

As of 2023, the accounting job market in Australia continues to experience significant demand, with job vacancies remaining high. According to SEEK, while there was a slight decrease in overall job vacancies, the level remains double that of pre-pandemic figures, highlighting the sustained need for accounting professionals.

In June 2023, accounting job ads showed a strong recovery, with SEEK reporting a 34% increase compared to the same period in 2021. However, the sector faces immense pressure due to a shifting talent landscape, driven by technological advancements, economic factors, and a noticeable shortage of skilled professionals. In fact, a recent survey by Chartered Accountants ANZ revealed that nearly 46% of accounting teams are experiencing a shortfall, with 6% being significantly understaffed.

Furthermore, despite the growing demand, the accounting and finance sector is grappling with these challenges, and companies are finding it increasingly difficult to fill accounting positions. It’s a complex issue, but understanding the underlying causes is the first step towards addressing it.

However, it’s never too late to look ahead of the issue, so let’s find out why companies today find it hard to fill in accounting job positions:

Shortage of talent in accounting

Some time back, the global talent shortage was 16-year high all over. The Great Resignation was the major cause behind it.

The Global Talent Shortage Survey of ManpowerGroup in 2022 highlighted the toughest to find skills across all sectors. They revealed that globally account and financing talents rank in the 7th position, the toughest to fill, and are expected to be the second most in-demand in more than 40 nations.

The major reasons behind it are:

Technology

Initially, the basic requirement in finance was the capability to crunch numbers, and technical innovations have changed it. Automation and apps can now calculate numbers quicker than anyone else. It means companies are free to start hiring applicants with a major capacity to detect trends, patterns and meaning in data and further apply those findings in the business.

Considering data analytics abilities here, professional accounting candidates may not have the time or source to add this to their skillset.

Needs

Today, job seekers know what they want from their job. But while good remuneration and benefits still are a major factor, it was seen that candidates accept a job that offers customization, flexibility, and purpose along with better career experience, insight, and exposure.

Can it be fixed?

Yes, you can fix it. Knowing what your applicants want and meeting their requirements is the idea to fight the corporate brain drain and help you win the war for talent. Some steps to do this are given below:

Purpose

When you offer employees a sense of purpose, always be transparent and genuine about the goals. Mention it on your webpage, in marketing content, and while interviews.

Training

As per a Manpower survey, 81% of employees expect their employers to keep them updated and provide them with training. Meeting this expectation will help you retain long-term employees.

Flexibility

2020 was the year when people learned to work from home, and many professionals expect this job flexibility even now. Hence, companies should develop a good response to this.

Feedback

Do not underestimate the power of offering regular feedback to your workers. People like being heard. Employees are three times more engaged in a company that offers regular feedback and performance reviews.

Company Culture

Consider the image of your company from someone else’s perspective. What would you conclude? While the stereotype of formal workers in the accounting field has remained forever, your image does play a role in the competitive market. Alter your image and display your company as a platform where everyone can get the best and most authentic working experience.

Outsourcing accounting

Surely, you can always turn to AccSource to get qualified offshore talent without much of the hassle mentioned above. As a finance and accounting outsourcing service provider, we help you find the best recruits, curate them as per your requirement and use our expertise to save time, money, and effort.

By teaming up with us, you’re getting experienced accountants and bookkeepers across Australia, ensuring professional advice and guidance per your market.

Our outsourced accounting services address the needs of all types of the firm with different manageable solutions. With our experience fleet on the ground team at your service, you can unlock an international talent pool for better diversification.

So, sign up for a free accounting outsourcing service consulting here.

Conclusion

As seen in job ads, the rise in open positions was up by 68% for accounts officers, 54% for financial accountants, and 47% for accounts payable.

While accounting job demands are high in June, some companies hire less. However, with these tips mentioned above, companies can gradually win the war for talent in the long run.