In today’s competitive finance and accounting job market, both hiring managers and job seekers face unique challenges. From navigating salary expectations to adapting to shifting workplace trends, success requires insight and flexibility. We sat down with a Ledgent Finance & Accounting recruiter to discuss their approach to helping companies secure top talent, the realities of the current employment landscape, and practical advice for both employers and candidates looking to thrive.
Q: What’s your approach to helping finance & accounting hiring managers secure the talent they need?
A: We’re having lots of very direct and honest conversations. Today’s employment market is complicated and there is a lot of uncertainty out there – for our clients and candidates. Often there are gaps between what companies want in a new hire and what’s available at their desired salary range. Likewise, candidates can have certain expectations around salary and work schedules, but offers may not match. We strive to build relationships so that we can truly understand our clients and candidates, educate them about current conditions, and work with everyone toward the best solutions. Customers and candidates can see we know the market very well and that we have developed deep relationships within the industry, which helps guide toward sound decisions.
Q: Any advice for hiring managers looking to hire finance & accounting roles?
A: Despite what you may be seeing from the jobs numbers, be aware there is a candidate shortage in finance & accounting. The unemployment rate in the finance industry is already significantly lower (2.2%) than the national unemployment rate (4.2%). That combined with a relatively low labor force participation rate of 62.2% means there are simply fewer candidates out there. Top talent is getting multiple offers. Employers need to be competitive in what they’re offering in terms of salary, benefits, and work schedule. If the hiring process takes too long, job seekers may assume there is a problem and you could lose top candidates to competing offers. Job seekers want reassurance about stability and the potential for professional growth at your organization.
Additionally, some outstanding candidates are accepting their current employer’s counteroffer, often because they prefer stability in today’s uncertain market. We are also finding that candidates will go through a lengthy interview process for the purpose of leveraging a counteroffer for a higher salary. One example is a candidate for a senior role who went through three rounds of interviews. We secured them an offer of $135k, which was a $20k increase in salary for this individual; plus a $10k signing bonus to cover the potential loss in bonus that they would have received the next year. The candidate accepted but wanted to give their current company an opportunity to match or counter. The individual received and accepted a counteroffer that matched our client’s offer and was also promoted to manager.
Q: Any advice for job seekers?
A: The job market has undergone a “re-set” since the post-pandemic era of consistently high salary increases. Be aware that companies are adjusting their pay downward to a more sustainable level. Be flexible on work location – not all opportunities are fully remote (or even hybrid) anymore. If you’re willing to “give” a little on this, you may have more room for negotiation in other areas.
Also, be careful of AI when applying for jobs. If your resume does not include certain keywords formatted in a specific way, you could be eliminated even though you’re fully qualified for the role. A major advantage to working with Ledgent Finance & Accounting is that we can help you bypass the algorithms by personally submitting your resume to one of our many contacts in the industry when they’re hiring for a role that you’d be a great fit for.
Have questions about hiring or looking for a new career opportunity? Ledgent Finance & Accounting is ready to help. Contact us today.
