Finance, accounting and taxes – labor market trends

The current geopolitical situation, inflation, rising interest rates - all these factors will affect the labour market. For organizations and financial institutions, this means recruiting specialists to protect the company from potential turbulence.

Planning a forward-looking strategy while being able to adapt to change, building motivated, agile teams, as well as familiarity with systems, the ability to analyse, interpret and communicate data – these will be the desired competencies of finance and accounting professionals. As in the previous year, financial controllers, financial analysts and chief and independent accountants will have the most job offers. In 2022, finance, accounting and taxes were characterised by a high demand for high-level professionals who speak foreign languages or have technical skills. In the case of tax jobs, there was uninterrupted demand for specialists in this field, and given the constant changes in tax legislation, this trend is unlikely to change for a long time.

While a command of English at a communicative level has become somewhat standard in the requirements for accounting and finance positions, we are now seeing more and more job advertisements seeking accountants with knowledge of second language, such as German, Italian, Spanish or Dutch.

Given the high demand for finance and accounting professionals and the high expectations of the candidates themselves, we will continue to face a shortage of talent. On the one hand, the frequent changes in regulations which require finance professionals to constantly update their knowledge, and on the other hand, the increasingly popular and eagerly implemented automation of accounting and finance processes, mean that candidates are being asked to do more and more.

The high volume of recruitment means that when candidates decide to change jobs, they are involved in several recruitment processes at the same time. The most important factors in the decision to leave are the lack of opportunities for development, excessive responsibilities, higher financial expectations, and the lack of opportunities to work partially remotely.

In 2022, salaries for professionals and specialists will increase by 20%. This trend will continue this year, but not at such a spectacular pace.

As was the case last year, it will continue to be difficult to recruit new staff. Business-related forecasts for 2023 are characterised by great uncertainty. This in turn gives employees and candidates a sense of security. With so many external factors at play, they value stability and are much more cautious about changing jobs than they were a year ago.

It is increasingly common for employees participating in recruitment processes to accept a counteroffer from their current employer. Companies are most likely to do so if they are looking to retain primarily people in process improvement positions, where knowledge of the company is crucial and it takes a long time to train a new employee.

Employers are aware of the changes in candidates' financial expectations and are also increasing their salary offers. This is particularly true for specialist roles. For lower-level positions, employers often choose to lower the requirements for a candidate's experience while leaving the existing pay range.

Authors: Marcin Pawelec, Permanent Placement Team Leader & Ewelina Klik, Senior Permanent Placement Business Consultant