What do recently qualified financial candidates want? Despite a struggling economy and complex geopolitical landscape, demand for financial candidates is growing. Around 80% of businesses were recruiting in the third quarter of 2023, and in 2024, hiring trends will continue to evolve.
According to some reports, around 26% of CFOs plan to create new positions in the financial sector.
This means newly qualified candidates with ACCA, CIMA, and ACA qualifications can begin searching for roles this year. Unfortunately, it also means hiring managers will face increased competition for the most valuable talent.
Around 89% of business leaders now view talent attraction as a major concern moving into 2024. As skill shortages continue while the need for qualified team members increases business leaders need a new strategy for recruitment.
Understanding what candidates want from their employers is the key to ensuring you have an edge in a tight talent market.
The Priorities of Qualified Financial Candidates in 2024
The ever-evolving financial landscape has created a shift in candidate priorities this year. Some trends persist, such as a demand for empathetic employers and flexible working. At the same time, there’s a growing demand for higher wages, new roles, and new opportunities in finance.
1. New and Interesting Roles
Newly qualified financial candidates are looking for roles that challenge them, allow them to make the most of their skills, and open the door to new opportunities. The changing economic landscape has led to a change in available positions.
New roles are emerging in asset management, data analysis, and management accounting. Moving into 2024, 60% of companies plan on expanding their financial teams, and introducing new roles will open the door to attracting various candidates.
The key to success for business leaders will be carefully evaluating their business environment, goals, and needs to ensure the right positions are available to newly qualified professionals.
2. Career Development and Growth
Demand for career progression and growth is nothing new in the financial landscape. However, moving into 2024, business leaders may need to do more to show their candidates they have a secure future with their team. The difficult economy has left candidates searching for career stability and security.
With this in mind, organisations must ensure they have a strong succession plan that shows team members the potential routes they can take in the future. Additionally, organisations must invest more heavily in development and learning initiatives.
Creating customised plans for progression for each employee, based on their desired skill sets and career goals, will help companies attract and retain more candidates. Business leaders should experiment with everything from mentoring programmes to bespoke online learning options.
3. Higher Salaries
Rising demand for financial candidates, combined with skill shortages, has led to an increase in employees seeking higher salaries and better benefits in their roles. In 2023, 89% of employers increased accounting and finance salaries to attract new talent. In 2024, around 86% believe they’ll need to increase salaries even further.
In particular, salaries are growing quickly within junior and mid-level jobs. These are also often the most competitive levels to recruit at. According to one study, candidates receive up to 40% increases in basic salaries in these roles.
At the same time, candidates will expect employers to focus less on post-qualification experience when choosing salaries. Skill shortages mean business leaders must offer competitive salaries to newer graduates with less in-office experience.
4. Flexibility and Work-Life Balance
Despite many companies in 2023 implementing “return to office” mandates, demand for flexibility is still high in many financial roles. Around 44% of candidates still say they prioritise flexible working hours and good work-life balance when searching for new roles.
Companies unable to offer full remote working options will need to consider other ways to adapt to the needs of their employees. This could mean offering hybrid working styles or embracing the concept of the four-day workweek.
Additionally, business leaders will need to show their commitment to ensuring a good work-life balance for all of their staff members. According to one report from the SHRM, auditors and accountants between the ages of 25 and 54 are increasingly leaving roles to avoid burnout.
5. Stronger Employee Value Propositions
A skill short market means business leaders in the financial sector must work harder to differentiate themselves from the competition. There’s a growing focus on employer branding as candidates search for employers that demonstrate empathy and compassion.
Financial companies recruiting in 2024 must create a robust employee value proposition that balances competitive salaries with a strong approach to upskilling and reskilling. There will also be an increasing demand for benefit packages that centre around employee wellbeing.
Candidates are prioritising their mental health and are looking for business leaders who take extra precautions to avoid burnout and reduce stress levels in the workplace.
6. Diversity and Inclusion Efforts
Demand for diversity and inclusion will grow in 2024, particularly as Generation Z enters the workforce. Younger, newly qualified financial professionals refuse to work with businesses unwilling to prioritise DEI efforts.
Modern candidates know that companies that invest in diversity and inclusion are more innovative, supportive, and empathetic. They now rely on business leaders to show support for employees from all backgrounds and cultures. They also want evidence of collaboration and team morale in business environments.
If you want to boost your chances of attracting new talent in 2024, create an employer brand that highlights a commitment to sourcing and supporting talent from all backgrounds.
Bonus: An Improved Recruitment Strategy
Finally, one extra factor worth prioritising in 2024 is an increased focus on candidate experience. As AI becomes more common in the recruitment process, candidates are looking for business leaders who take a human approach. Working with a financial recruitment agency to create a phenomenal candidate experience centred around constant communication and transparency will be crucial.
The more time and effort you put into creating a streamlined and convenient recruitment process for your candidates, the more your employer brand will grow and thrive.
A good recruitment strategy will boost your chances of candidates choosing your business over the competition in a skills-short landscape.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
