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Almost half of the accounting teams surveyed said they are currently short-handed in 2023.
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Accounting teams are understaffed and under pressure
16 June 2023
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9 minute read
Accounting teams are understaffed and under pressure as the skill shortage combined with increased growth proving problematic for many across the nation, according to a recruitment firm.
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Employment firm People2people Recruitment’s annual salary and employment report revealed 46 per cent of accounting teams said they were understaffed in 2023, with six per cent claiming they were significantly short-handed.
Queensland managing director of People2people Recruitment Ben Wheeler said the demand for skilled accountants prompted the increase of understaffed teams.
“In 2022, the accounting specialisation saw an exceptional demand for new talent. High levels of candidate mobility created significant upward pressures on salaries in both the permanent and temporary markets, partly due to a distinct shortage of talent,” said Mr Wheeler.
“In 2023, although still buoyant, the labour market is experiencing a shift in the balance of power and employers have a more rational approach now with more rigid selection criteria.”
“This change is driven by a lack of resources to provide training and development to upskill new talent.”
The report also revealed 38 per cent of respondents expected a one to three per cent increase in salary, 18 per cent expected a 4 to 5 per cent boost and 9 per cent said there would be no salary growth over the year.
“The median salary increase in 2022 did not meet the rate of inflation, leaving many households with reduced real income (after adjusting for inflation),” said Mr Wheeler.
“With greater financial pressure, accounting and finance job seekers value financial remuneration over flexibility and other employee benefits in 2023.”
Approximately 46 per cent of accounting leaders said retaining talent was their primary challenge with 32 per cent finding qualified roles the most difficult to fill followed by clerical, executive and management and part-qualified.
The report also found 23 per cent of hiring managers hired temporary or contract accounting staff in 2022 to cover the immediate need and then fill the position permanently once a suitable candidate was found.
“Hiring managers need to keep in mind that the cost to replace an existing role comes with a considerable premium as the job seeker looks for an increase on their current salary to make a career move,” said Mr Wheeler.
“Speed-to-talent should remain a priority in both the permanent and temporary markets and defined, considered recruitment process is essential to securing top talent.”
“Job seekers are looking for strong mentors and managers who will invest in their career development.”
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