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The GFC has left the accountancy and finance sector facing one of the largest skills shortages in the Australian labour market, according to recruitment expert Hays.
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Industry facing major skills shortage
19 June 2014
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The Hays Salary Guide 2014 shows that for junior to mid-management roles, employers have had most difficulty finding candidates in accounting and finance, equalled only by operations roles.
Speaking to AccountantsDaily, Lynne Roeder, regional director of Hays Accountancy and Finance, attributed this, in the most part, to a flow-on effect from the GFC.
While demand for junior to mid-management level accountants is now returning, it is the supply side of the market that is struggling, Ms Roeder said.
“With the GFC hitting, the big four and other big companies that would have traditionally trained those people didn’t hire them so there are very few coming out into the market as newly qualified accountants these days,” she said.
“It’s affecting Australia but it’s also a real global issue”.
Despite this lack of candidates, employers are still being very particular about the people they recruit, according to Ms Roeder, compounding the skills mismatch.
“The days of people recruiting people just because they can do the job are over,” she said.
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“Candidates have to be a 10 out of 10 match on everything or they won’t recruit them. Employers are being very particular and making sure they’re bringing in those they deem to be the most perfect candidate they can find/”
The salary guide found that 58 per cent of employers say Australia’s skills shortage has the potential to hamper the effective operation of their business – 41 per cent in a minor way and 17 per cent significantly.
In response, 64 per cent said they are willing to employ or sponsor a qualified overseas candidate in skills-short areas.
The salary guide also showed that 37 per cent of employers said career path and development was the most critical factor, although only nine per cent said their organisation is publicly perceived as offering such opportunities.
Furthermore, 42 per cent said it is an individual’s ‘fit’ with the company’s vision, culture and values that has the greatest impact on their employment brand, but only 23 per cent said they are perceived as getting this right.
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