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The Australian finance and accounting market remains strong despite a slight increase in the unemployment rate, research from Robert Half suggests.
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Employment opportunities in accounting remain strong for FY24
12 September 2024
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Research from the recruitment agency has revealed employment opportunities in the finance and accounting job market have remained robust over the 2024 financial year.
Despite the currently slow increasing unemployment rate of 4.2 per cent, the finance and accounting industry has not contributed to this.
According to data from Robert Half, 92 per cent of businesses intend to maintain or increase permanent finance and accounting positions in 2024 and 77 per cent plan to do the same with contract positions.
It was highlighted demand is “most fierce” for skills in data analytics, financial analysis, financial reporting, and industry/business know-how.
Robert Half director Nicole Gorton said Australian companies intend to stabilise their finance and accounting teams in the remaining months of 2024.
“The majority of businesses are prioritising replacement hires in their recruitment strategy, with a portion complementing this strategy by selectively adding additional highly skilled finance employees to their team to support growth initiative or to accommodate for an unavoidable lack of resources,” Gorton said.
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Despite businesses looking to hire in these specific areas, research found the permanency of these roles remains sceptical.
Hiring intentions for permanent roles in the second half of 2024 are “on par” with hiring plans at the start of the year, according to Robert Half.
However, while 91 per cent of companies at the start of the year and 92 per cent in the second half of the year plan to hire, the portion of hiring to replace positions, rather than expand, has increased.
Gorton said businesses are hiring based on what is necessary for the smooth operation of the business.
“With companies cautious about hiring permanent employees, many are opting to bring in finance and accounting talent on a contract basis to scale up and down based on business necessity and economic influences,” Gorton said.
Based on a survey of 166 finance and accounting hiring managers, Robert Half said there are multiple functional areas in finance and accounting in which companies have indicated they plan to hire for.
These include accounting, leadership and management, payroll, financial planning and analysis, risk and compliance, and controlling.
Robert Half said if looking for employment within this space, candidates need to be proactively searching, tailoring resumes to specific roles, networking, and remaining flexible.
Gorton said potential employees who embody these traits will have a greater chance of being hired.
“Even in an easing employment market, finance and accounting jobseekers should continue to search with confidence especially in the functional areas companies have their eye on hiring,” she said.
“People who continue to invest in enhancing their skills will remain employable, but the caveat may be candidates have less bargaining power than they would’ve had a couple of years ago.”
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