Talent-market changes are subtle

LinkedIn COO Daniel Shapero wrote in a post on the site in May about the prospect of another talent reshuffle as people’s confidence in the economy grows, citing a LinkedIn stat that 85% of workers in the US are considering changing jobs in 2024.

Shapero refers to a ‘Great Reshuffle 2.0’ as the next step in a post-pandemic chain of events that started with the sudden shift to remote work as Covid bit, followed by the Great Resignation and a tightening labour market.

Yet the talent market for accountancy firms rarely fits neatly into sweeping statements about labour trends. With this in mind, we asked recruitment experts around the world for their thoughts on current trends in practice recruitment and whether they see any notable waves on the horizon.

Nothing seismic

‘So far in 2024, the job market has remained consistent,’ says Lorraine Twist, director at Hays UK. ‘While we have seen lower volumes of recruitment within some larger firms, expansion has continued within mid-tier and independent practices. Since the start of the year, jobseeker confidence has increased, and many professionals are open to a potential move.’

In Singapore, Lynette Lee, consultant at Robert Walters, says the current rate of job transitions remains relatively stable. ‘New graduates joining commerce finance firms still prioritise acquiring essential skills in areas such as audit, tax and advisory as a solid foundation,’ she says.

‘Typically, professionals with a few years of experience may then consider moving into different roles within the firm, such as in advisory, learning and development, finance operations, or into the commercial sector. However, there is a growing interest among professionals in joining sustainability or AI teams within the firm, as these offer sought-after skills in today’s market.’

Kelly Wee, business director at Hays Singapore, says she’s seeing candidates demanding more in terms of work-life balance. ‘Companies cutting costs and targeting short-term goals can lead to employee welfare and long-term goals being neglected. As such, employees now tend to look out for better opportunities.

‘Practices are often known for long hours so are offering much more attractive remuneration to keep employees happy. However, with many employees prioritising mental health and work-life balance, higher remuneration may not be attractive to everyone.’

Jet Wong, senior manager at Hays Thailand, hasn’t seen any great shifts. ‘There will always be external auditors who will want to make the move after being in audit and accountancy firms for three to seven years, but there has been no significant uptake or downtake in people wanting to change roles,’ he says.

According to Vishalane Devi, senior manager at Hays Malaysia, there seems to be a growing trend for people in audit and accountancy firms to change roles in search of career advancement or because of economic conditions. ‘The Great Reshuffle 2.0 is a complex picture. Although it sounds catchy, there is no denying there is a shift in the Asian labour market. While the impact may not be the same as other regions, South-East Asia’s economic growth and digitalisation are creating new opportunities, while addressing talent gaps in some sectors.’

Steffan Jones, team manager at Hays Middle East, says the local recruitment market is very active. ‘The market is very busy in the Middle East and we’re seeing a lot of movement, with professionals open to exploring opportunities more than ever before.

‘People are moving for better opportunities with higher pay or a senior title, better work-life balance, improved benefits, such as remote working and education allowance, and career changes due to long tenures at one company and looking for a new challenge. Most professionals we speak to in the region are only entertaining opportunities in the region, with a strong interest in the UAE or Saudi Arabia.’

In Australia and New Zealand, Hays business director Stuart Martin has seen subtle shifts. ‘Insomuch as public practice firms have always experienced a level of turnaround in job roles, we’d consider the Great Reshuffle 2.0 to be more a catchy headline than reflective of a significant change in market dynamics. That said, a sustained talent shortage has intensified the challenges faced by audit and accountancy firms in acquiring and retaining top-notch talent. Strategies for tackling the talent shortage – including with technology, training and remote work – have resulted in the creation of new roles.’

Drivers of recruitment

We asked the same experts their views as to what is behind any movements in practice recruitment.

Twist in the UK says: ‘A greater sense of stability in the economy has driven jobseeker confidence. Although we have seen a gradual rise in jobseeker confidence since the beginning of the year, it’s not happening to the same extent as post-pandemic. Still, professionals are not afraid to move any more and are prepared to take the plunge if it fits into their long-term career plans and ambitions.’

In Australia and New Zealand, Martin says the skills shortage has been driven from both demand and supply side. ‘Demand for accounting industry services has grown and evolved, driven by client businesses’ increasing need for strategic advice and financial management solutions, and the growing complexities of the regulatory environment. On the supply side, there has been a decline in people undertaking an accounting degree, which is adding to the skills imbalance.’

Lee in Singapore sees changing skills requirements. ‘There is an increasing demand for specialised skills in areas such as data analytics and cybersecurity, regulatory changes, digital transformation and the evolving role of technology in the field.’

Devi in Malaysia is seeing similar trends. ‘The rise in flexibility and work-life balance has expanded career options, allowing people to broaden their roles beyond location and industry.

‘With industries evolving rapidly in the context of tech advancements, there is also more demand for specialised skills, which not only creates job opportunities but also promotes career advancement as people seek varied exposure as part of their progression.’

While post-pandemic recruitment by accountancy practices may not be experiencing the revolution evident in other sectors, employees are clearly looking for flexibility while practice managers are looking for evolving skillsets. Some things, it seems, never change.