Transactional Accountancy and Finance Market Update
As we navigate the landscape of the transactional accountancy and finance market, several pivotal trends are emerging that are significantly influencing both candidate preferences and employer strategies.
One of the most notable shifts is the increasing desire among candidates to transition away from labour-intensive roles. There is a marked rise in demand for positions that integrate (AI) and automation, as professionals seek opportunities that not only streamline manual processes but also enhance overall efficiency. We have seen an increase in candidates actively pursuing new roles within organisations that embrace automation technologies, recognising the substantial benefits of working in environments that prioritise innovation and technological advancement.
In addition to the impact of technology, employee benefits continue to play a critical role in candidates’ decision-making processes. However, we are observing a significant shift in focus towards career progression and flexibility. Candidates are not only seeking competitive compensation packages but are increasingly prioritising roles that offer clear pathways for advancement and a healthier work-life balance. This trend underscores the importance of employers not only providing attractive financial incentives but also fostering a culture of growth and flexibility.
The practice market remains robust, with considerable movement in the transactional space, particularly for positions such as Accounts Assistants and Payroll professionals. As businesses adapt to these evolving trends, it is imperative for employers to align their offerings with the changing expectations of candidates. This alignment is crucial for attracting and retaining top talent in an increasingly competitive market.
As we continue to monitor these trends in the transactional accountancy and finance sector, we encourage employers to remain agile and responsive to the evolving needs of the workforce. Stay tuned for more insights and updates as we delve deeper into the future of this vibrant market.
Qualified Level
Finance Business Partner and Commercial Finance roles are booming at the newly qualified and more senior level. Employers want accountants who can do more than just handle numbers – they want people who can add real business value. As a candidate, demonstrating your ability to think strategically and commercially, even for those lower level positions, is key to success in these interviews.
Even in traditional accounting roles, personality matters. Employers are choosing candidates who can:
- Challenge colleagues in a positive way
- Explain financial information clearly
- Think about the bigger business picture
There remains a shortage of interim and contract accountants, especially at senior levels with vacancies in the interim space remaining steady. Many permanent employees don’t want to risk leaving secure jobs, which means high quality and experienced contractors are in high demand.
This is particularly true for big projects like system changes or business transformations.
If you’re a career contractor with high value contracts in your career history, rates are good and there’s even some choice out there too. If you’re hiring, you need to move fast and offer competitive packages to the top contracting talent.
The practice market in Scotland remains busy as ever with demand far outstripped supply. This is true of businesses of all sizes – smaller family owned firms are competing with, and in some cases winning talent from, their larger and more established competitors. This is leaving vacancies at the larger firms which can be hard to fill – with tax professionals in especially high demand. Reach out to the team at Iconic if you are interested in a role in audit, tax or business advisory – we can definitely help!
In the last newsletter we focused on the impeding National Insurance increase – this has now been implemented and the impacts are being felt. Some businesses are able to absorb the costs however others are seeing this increase affect the bottom line. Anecdotally we have heard from some clients that they are not looking to as quickly replace leavers due to increased costs, with most conducting analysis into the ability to absorb the increased workload within their existing team.