As the world rapidly changes, more and more businesses are turning to small and medium-sized business enterprises (SMBEs) for their financial and accounting needs. The reason for this is twofold: SMBEs offer a more personal touch, and they are often more nimble than their larger counterparts. This has led to an increased demand for qualified professionals in the SMBE finance and accounting sectors.
But what hiring trends can you expect to see in these industries in the coming year? Here is a look at the top eleven hiring trends in SMBE finance and accounting for 2022:
1. Employers seeking IT skills
In an increasingly digitized world, it is no surprise that employers are looking for candidates with strong IT skills. However, this is especially true in the SMBE finance and accounting sector, where businesses are often relying on software and cloud-based solutions to manage their finances. As such, employers are looking for candidates who are not only proficient in using these tools, but who can also help troubleshoot and resolve any issues that may arise.
While a strong knowledge of accounting principles is still important, those who can combine this with IT skills will be in high demand. In fact, many accounting software companies are now offering certification programs to help professionals stay up-to-date on the latest trends and technologies.
2. Cloud accounting experience
As more businesses move to cloud-based solutions for their accounting needs, those with experience in this area will be in high demand. While traditional accounting methods are still important, employers are increasingly looking for candidates who are familiar with cloud accounting platforms such as QuickBooks, Xero, and FreshBooks.
Suppose you’re an accountant. In that case, you should consider getting certified in cloud accounting so that you can have a distinct advantage over those who are not certified. Cloud accounting is essential for businesses because it helps them automate tasks, improve decision-making, and increase efficiency.
Those with experience using these platforms will be able to hit the ground running and help businesses save time and money. In addition, those who are certified in cloud accounting will have a distinct advantage over those who are not.
3. The rise of data analytics
With the increasing reliance on software and cloud-based solutions, there is also an increased need for candidates who are skilled in data analytics. Employers want candidates who can not only understand and interpret data but who can also use it to make decisions about the business.
This is especially true in the SMBE finance and accounting sector, where businesses often have limited resources and need to be able to make quick decisions. As such, those with data analytics skills will be in high demand.
4. Attracting millennial employees
As the workforce continues to age, employers are increasingly looking for ways to attract and retain millennial employees. In the SMBE finance and accounting sector, this is especially true as many millennials are interested in working for smaller businesses that they perceive to be more nimble and innovative.
To attract and retain millennial employees, SMBEs need to offer competitive salaries and benefits, as well as a work-life balance. In addition, they need to provide opportunities for professional development and growth.
For instance, many SMBEs are now offering flexible work arrangements, such as the ability to work from home or on a part-time basis. This is an attractive perk for millennials who value their work-life balance.
5. A focus on diversity
There is an increasing focus on diversity in the workplace, and this is especially true in the SMBE finance and accounting sector. Employers are looking for candidates who can add to the diversity of their workforce and help create a more inclusive environment.
This is important not only for value-oriented reasons but also for practical ones. A diverse workforce has been shown to improve decision-making, creativity, and overall productivity. As such, those who can help create a more diverse and inclusive workplace will be in high demand.
During the hiring process, employers should look for candidates who have experience working with a diverse group of people. They should also consider candidates who are themselves from a minority group.
6. The ‘gig’ economy
The gig economy is on the rise, and this is having an impact on the SMBE finance and accounting sector. Employers are increasingly looking for candidates who are comfortable working on a freelance or contract basis.
This is because the gig economy offers businesses a number of advantages, such as the ability to save on costs and the flexibility to hire workers for specific projects. As such, those who are comfortable working in the gig economy will be in high demand.
7. The rise of artificial intelligence
Artificial intelligence is increasingly being used in the workplace, and this is having an impact on the SMBE finance and accounting sector. Employers are looking for candidates who are comfortable working with AI-powered solutions, such as chatbots and predictive analytics.
This is because AI can help businesses automate tasks, improve decision-making, and increase efficiency. As such, those who are comfortable working with AI-powered solutions will be in high demand.
8. The evolving CFO role
The roles and responsibilities of the CFO are constantly evolving. In smaller organizations, the CFO may be more involved in the operational aspects of the business. In larger organizations, the CFO may be more focused on strategy and shareholder value. Regardless of the size of the organization, the CFO must be able to adapt to change and be comfortable with ambiguity.
Since the role of the CFO is constantly evolving, the skills required to be successful in the role are also constantly evolving. As technology changes and the business landscape changes, the CFO must be able to change with it.
Some of the most important skills for a successful CFO include:
- Strategic thinking: think strategically about the direction of the organization and how to best position the organization for success.
- Financial analysis: understand and analyze financial statements.
- Business acumen: strong understanding of the business in which they operate.
- Leadership: strong leader who can inspire and motivate others.
- Communication: effective communicator, both written and verbal.
- Technology: comfortable with technology and be able to use it to their advantage.
9. The continued rise of women in finance and accounting
One of the hiring trends we’re seeing in SMBE finance and accounting is the continued rise of women. Companies are recognizing the importance of diversity in their workforce, and they’re making an effort to hire more women. This is good news for everyone involved, as it brings new perspectives and skill sets to the table.
10. The move toward remote work
Another hiring trend that’s likely to continue into 2023 is the move toward remote work. With so many people now working remotely, hiring managers are looking for candidates who are comfortable with this type of arrangement.
This trend is especially prevalent in the finance and accounting sector. Many financial institutions are now allowing their employees to work remotely on a permanent basis, and as a result, they’re hiring candidates who are familiar with this type of arrangement.
Since remote work is nowcommon, it’s important for job seekers to highlight their experience with this type of work arrangement on their resumes and during interviews.
11. Work-life balance for finance professionals
Finance professionals are often under a lot of pressure to perform. They’re expected to work long hours and be available at all times. However, this is starting to change. We’re seeing more companies focus on work-life balance for their employees. This means that finance professionals are able to have a healthy work-life balance and still be successful in their careers.
During the hiring process, be sure to ask about the company’s work-life balance policies. You want to make sure that you’ll be able to have a healthy balance between your work and personal life.
Conclusion
These are just a few of the hiring trends we’re seeing in SMBE finance and accounting. As the sector continues to evolve, we expect to see more changes in the way companies hire. So, if you’re looking for a job in this sector, be sure to stay up-to-date on the latest hiring trends.
And finally, if you’re a hiring manager in the SMBE finance and accounting sector, keep these trends in mind when you’re hiring for your next role. By staying up to date on the latest hiring trends, you can ensure that you’re hiring the best possible candidates for your team.
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