2024 F&A Hiring Market Insights with Delena Spencer

What was the labor market actually up to in 2023? And where is it headed in 2024?

To learn more, we asked for some Austin hiring market insights from Delena Spencer , the VP of Finance and Accounting Recruiting at Cox Consulting Network …

Now that it’s said and done. How was recruiting in 2023?

Despite the market uncertainty, it was a big hiring year. It ended on a strong note. exceeding expectations and adding 216,000 jobs in December alone.

Overall, we saw 2.7 million new jobs in 2023, which was down from 4.8 million in 2022, but still strong compared to pre-pandemic hiring.

What about all those layoffs we’re hearing about? What impact did they have?

Tech and other big companies were certainly doing layoffs, which actually freed up the market a little bit. We were seeing some higher-quality candidates looking for jobs. Many of our client companies got to benefit from that.

I recently saw a report that said the government sector and other companies were finally getting some better IT talent now that the big companies were letting them go. That’s consistent with what we’re seeing in finance and accounting right now too.

What does that look like for employers?

We’re seeing quality over quantity. The talent is there, but it can take a few weeks to find. Clients shouldn’t expect to fill open positions right away.

Of course, in those situations, we always offer interim support from highly qualified consultants. They can be activated quickly to bridge those gaps in your finance and accounting teams while we’re finding the perfect full-time hire.

Were you able to maintain competitive pricing with your “Direct Hire” model?

Yes. Our hourly Direct Hire model continues to be very popular. Most of our placements are still billed at our hourly minimum, equivalent to 17.5%. That’s saving clients a lot compared to traditional contingency fees of 25%.

Where do you expect things to go in 2024?

Experts expect the job market to cool in 2024. It has to at some point. People are staying in their jobs longer than covid era. There’s a lot less churn.

What advice do you have for employers in this tighter market?

Employers should keep a few things in mind to attract that top talent:

• Compensation is up: Incomes are outpacing inflation (up 4.6% YOY). You’ve got to have competitive compensation.
• Be patient: Employers shouldn’t expect to fill positions right away, but high-quality candidates are out there for employers that are willing to be patient.
• Flexibility is a must: Top talent wants hybrid or remote work. This is still a hard sell for some more traditional employers, but they will widen their aperture by at least providing hybrid work options.
• Candidates want interesting work: Especially younger people don’t want to come in just to close the books every month. Can you broaden the job to involve FPNA or other responsibilities? Sometimes, employers are afraid of overwhelming their new hires when, in fact, they are actually hungry for more. As always, communication is key!

What advice do you have for F&A job-seekers?

• Be flexible on work location: many employers want their teams back in the office, at least on a hybrid basis.
• Build a relationship with a recruiter: ensure they know what motivates you and what type of work you’re seeking.
• Don’t just network when you need a job: keep up those relationships when you’re happily employed — respond to those inmails even when you’re not interested.
• Don’t job hop: employers understood that there was more turnover/churn during the pandemic, but it’s time to spend some time in your role and give back to your company.

Find your next hire with CCN

Contact us today to start your search for qualified finance and accounting professionals. Send us a message or call 512-900-2152.

This article originally appeared on ccnserves.com.