Accountancy & Finance professionals play a crucial role in delivering professional services and advice to all sectors of the Irish economy. While jobs in the industry are continuing to rebalance following a post-Covid hiring surge, employer demand remains consistently high, with skills shortages in areas such as audit, data analytics, and sustainability exacerbating an already competitive talent market.
In this article, you will find data insights to inform and shape your recruitment strategies for Accountancy & Finance professionals, including information on the most in-demand professionals and the latest application activity.
Hiring Activity
Available job opportunities continue to normalise following a post-Covid surge in hiring demand. Currently, the number of people in employment remains exceptionally high, and unemployment is predicted to remain low, under 5%, over the next twelve months. Overall, the Job Vacancy Rate for Accountancy professionals remains elevated at 1.5%, while the job vacancy rate for Finance professionals is slightly higher at 1.7%. While the rates have softened from previous peaks, it suggests that the competition to recruit these sought-after candidates is unlikely to end soon.
When the vacancy rate is above one, the labour market is considered to be tight as there are more vacancies than the total number of unemployed in the economy.
An increase in candidate activity over the past twelve months, coupled with enhancements to job matching technology on IrishJobs, has increased the average number of applications per vacancy for Accountancy & Finance roles across 2023. That trend continued into 2024 with record application volumes recorded in January.
Recruiters are also accelerating their hiring activity by accessing the 1.2m candidates available in the IrishJobs CV database, TalentBank, with the qualifications, ACA, ACCA, and CIMA all ranking highly in recruiter searches.
Talent Attraction & Recruitment Considerations
The success of any organisation is largely dependent on the quality of talent it attracts and recruits. Therefore, it is essential to carefully consider the strategies and tactics employed when trying to attract and recruit top talent. By doing so, you can ensure that your organisation has the best possible team to achieve its goals.
Here are five key considerations for recruiters:
Employer brand: A company’s employer brand signifies what a prospective candidate can expect, achieve, gain, and learn from working with you. Improving your company’s employer brands is a powerful tool that can significantly boost your talent attraction and retention strategies. However, to deliver genuinely impactful benefits, an employer brand must not simply restate the organisation’s values; it should reflect employees’ experience, including performance management, opportunities for progression, rewards, and more. In terms of talent attraction, the ultimate goal of a strong employer brand is to give candidates a positive impression of your company as a place to work.
Talent Offerings: With unemployment expected to remain below 5% in 2024 and skills shortages persisting in many sectors, recruiters need to re-evaluate their talent offerings to gain the skilled talent their company needs. This can involve enhancing benefits packages, offering flexible work arrangements, providing opportunities for professional development and growth, and more. In a competitive talent market, organisations must showcase their unique value proposition to stand out and attract top talent.
Candidate Experience: By delivering an exceptional experience throughout the hiring process, recruiters not only positively engage with skilled professionals but also cultivate long-lasting relationships that can contribute to the overall success of your company. Clear communication and respect for the candidate’s time and effort are key factors in enhancing their experience with your company.
Streamline Processes: When recruiting, it’s crucial to hire the right talent, but a lengthy and overly complicated hiring process can backfire on recruiters. Therefore, it’s essential to simplify and streamline the process for candidates. Having too many procedures when it comes to applying or going through multiple interview stages can consume a lot of time, and it may discourage the candidate from pursuing the job, leading them to seek opportunities elsewhere.
Prompt Job Offers: Extending job offers promptly can help employers secure top talent. A swift and transparent job offer process demonstrates respect for the candidate’s time and highlights the organisation’s commitment to efficiency and professionalism. Delays in extending job offers can reduce candidates’ confidence in a company and prompt them to explore alternative opportunities.
In today’s competitive job market, recruiters need to take proactive steps to attract and retain top professionals. Experienced recruiters stand out because they know how to adapt, innovate, and refine their recruitment strategies. This helps them to find skilled, professional employees who will help drive continued growth and development for your company.