Sentient - Recruiting for Rapid Expansion
The financial services industry is not immune to hiring challenges. Employers in finance and accounting firms worldwide face stiff competition when attracting talent, especially when the demand for professionals in the industry far outnumbers the supply.

"If I could find 200 good people tomorrow, I would hire every single one of them,” says Kuno Bell, managing partner of Cleveland-based CPA firm Pease & Associates.

That is slightly an overstatement for the business, which currently employs roughly 100 people. However, Bell underlines that his company has openings to match and a desire for expansion.

Many finance and accounting recruiting firms find themselves in the same situation when it comes to capacity. This happens as companies attempt to meet a high demand sparked by a scenario of altering tax laws and other business risks and uncertainties.

New data from Deloitte revealed that, compared to 68.9% of recruiting managers at private businesses, 82.4% of finance and accounting recruiting firms at publicly traded companies claimed that talent retention is a significant concern.

Furthermore, 82.3% of public business finance and accounting staff managers believe they will have to work harder to retain and recruit employees in the coming years. In contrast, the same was reported by 73.7% of recruiting managers at private businesses.

To cut a long story short, Finance and accounting companies are in dire need of competent professionals. However, it can be difficult for many firms to find the staff to handle everything.

"When you hire someone, there is a latency because they reach their maximum capacity within the first 6 months. Thus, there is no quick remedy,” says Jennifer DiFranco, senior director of talent at Apple Growth Partners. Approximately 110 employees and roles are open at the firm. She adds, "There are undoubtedly capacity concerns, and it's a balancing between working priorities with the talent we have and ensuring that we are quick to respond to client needs."

Data from the Bureau of Labor Statistics show that the unemployment rate in the banking and insurance industries was under 3.7% in November this year (compared to 3.8% in April 2020). It's normal for economists in business and the mainstream industry to forecast a recession and rising unemployment. With Crunchbase reports of 42,000 tech sector job losses in Silicon Valley this year, a clear warning sign has already begun to emerge.
Finance and Accounting Recruiting Firms: Key Hiring Challenges
Millennial Segment Staffing
Although millennials make up a significant portion of the workforce, finding them in the accounting sector might be challenging. The flood of new talent is advantageous for businesses trying to recruit new employees.

But unfortunately, the younger section of the millennial spectrum makes up one of the smaller worker divisions in the accounting industry. Data from the Bureau of Labor Statistics show that only 5.5% of auditors and accountants nationwide are aged 24 or younger. This figure represents roughly 12% of the total workforce compared to the other sectors.

Most of the workforce is about to retire in the finance sector, contributing to the challenge of hiring millennials. In other words, if businesses want to survive, they must prioritize efforts to attract and retain a workforce under 40. Planning for finance and accounting staffing succession is also crucial.
Digital Explosion
An unprecedented accounting skills gap has emerged due to the quickly evolving technology ecosystem. Since we have technology and software that can crunch the figures, current financial positions demand more than just quantitative prowess. Many accounting outsourcing firms search for financial experts who can interpret financial data innovatively and apply it to a wider range of business situations.

This calls for a broad range of expertise in data science, business management, automation, operations, and other fields—skills that the majority of current financial professionals haven't had the time or resources to develop.
Poor Public Image
The formal portrayal of the accounting and financial services industry may be a tired cliche. However, many businesses still adhere to a traditional, no-nonsense corporate culture. This impression is a problem in a talent market that is so fiercely competitive.

The top candidates want flexibility more than ever, and everyone's definition of flexibility differs. Whether it is the option to work remotely or avail leaves, better work-life balance is likely the most pressing reason for the need for flexibility. In an annual poll by FlexJobs, 76% of workers were found looking for flexible employment options to ensure work-life balance.
The Pressure Factor
Even though the ‘busy season’ isn't quite as spectacular for all jobs in the finance sector, the stress it causes affects most jobs in some capacity. In the weeks leading up to tax season, accountants work an average of 60 - 80 hours a week, surviving on the bare essentials. Although the tax crunch is unavoidable, candidates considering a job in accounting or a related sector may find the industry's unpredictable and stressful busy season to be a huge deterrent.

Employers and accounting outsourcing firms need to take note of its effect on recruiting. In the AICPA poll of the top organizational challenges, the industry's seasonality and "workload compression" were two of the major concerns CEOs cited.

Sentient - A Leading Accounting Solutions Provider is on a hiring spree as demand booms!
Industry-wide layoffs have created a huge talent pool. Assessing candidates' qualifications using the same criteria that a business would use in a traditional context is necessary. This presents an opportunity to bring on the best talent.

Talent is plentiful, so directing this talent in the right direction is crucial. We at Sentient careers are hiring professionals with large-scale operations experience to join the growing Sentient Solutions for Accounting team. Though many big firms are laying off employees amidst the recession period, we are looking forward to expand our team and would like to reach out to individuals in need of opportunities. We are planning to close 50+ positions in this year and will grow more with each passing year.

We offer a range of career opportunities for skilled and motivated individuals in the fields of accounting, finance, and technology. If you have the talent, we give you the opportunity! Check out the available positions at https://sentientsolutions.io/about-us/careers/, or reach out to [email protected]
in case you think you will be the right fit for our organization.