Flexibility a key for talent attraction and retention in accounting and finance

The 2024 hiring landscape for the Accounting & Finance industry was marked by regulatory changes and the continued spread of digital transformation, remote work and offshoring. 

“The industry is adopting artificial intelligence (AI) and automation tools at an accelerated pace, as we can see from the use of advanced analytics, which has become more widespread in financial decision-making. More companies are calling for tech-savvy and data fluent talent as they look to improve processes and strategies around bookkeeping, reporting, compliance and planning,” shares Greg Cazalis, Principal Consultant at Robert Walters Singapore.

Demand for compliance experts has also spiked as companies grapple with new regulations introduced to improve transparency and accountability in financial reporting.

Remote work also featured significantly in the industry’s approach to talent attraction and retention in the past year. Besides providing more flexibility and work-life balance to employees, this work model gives companies access to a broader talent pool beyond borders – evident in the offshoring of more transactional positions into low cost locations. In turn, demand has risen for contract positions in accounts payable (AP), accounts receivable (AR), or even full sets of accounts.

These trends are expected to persist moving into 2025, though Greg warns that the focus on remote work may change amidst a larger push towards a return to office.

Read on to find out more about Greg’s expectations of the labour market and hiring trends for Accounting & Finance professionals in Singapore in 2025, specifically for contract positions.

Hybrid skillsets and contract positions on the rise

New technologies and cost pressures will push the industry to prioritise hybrid skillsets in 2025.

“Employers appreciate candidates who bring a blend of accounting and tech expertise, particularly those with competencies in data analytics, financial modelling and automation,” Greg notes. “Some companies will also require their employees to double-hat as they attempt to stay lean. For example, a junior finance analyst may have to absorb some accounting tasks, or accountants will need to learn new skills to advance in their careers.”

Given the shaky economic and geopolitical climate of the present, companies are also expected to exercise more caution in hiring and backfilling positions. Instead, many are opting to hire talent on contracts, with the view of converting them to permanent employees on good performance. 

Data and accounting expertise in demand

In 2025, employers will seek out talent that can support them with data-driven decision making. Businesses will place a premium on financial analysts who can use advanced analytics tools to interpret complex financial data, optimise strategies and improve forecast accuracy. They will also rely heavily on capable finance business partners who can leverage data to increase profits.

While some businesses have moved transactional functions into lower cost locations, evergreen accounting roles remain in popular demand in contract hiring. “Companies who maintain these roles in Singapore are likely to grow their teams to meet swelling workloads, especially since there was a slight slowdown in hiring for such positions in 2024,” adds Greg.

Employers are keeping a keen eye out for talent with advanced skillsets in financial modeling, scenario analysis and forecasting. The most in-demand tech skills include proficiency in Python, R, SQL and data visualisation platforms like Tableau and Power BI. Given Singapore’s position as a regional hub for multinational corporations, there remains a consistent demand for candidates with a strong understanding of regulations such as IFRS, FATCA, US GAAP and SOX. 

Candidates who can communicate well and demonstrate solid critical thinking and problem solving skills will also stand out. As Greg notes, organisations need talent who can help them analyse and identify issues in increasingly complex financial landscapes. Those who can craft and present a clear, compelling strategy backed by data will also have an advantage.

Candidates balance flexibility and stability in job market

While salary remains a key consideration, talent also value hybrid or remote work arrangements, or having flexibility in their schedules for more family time and better work-life balance. This is especially as more businesses mandate a return to the office.

Nevertheless, Greg also points out that candidates are more cautious about moving jobs due to recent layoffs and market slowdowns. Those in between jobs are more open to taking on contract positions to return to the workforce.

“For candidates navigating their careers at this time, my advice is to keep up with technologies that are becoming increasingly critical in the accounting and finance space. Skillsets in data analysis, business intelligence and process improvement are especially prized in multinational corporations,” states Greg. “Be open to learning and taking on new job scopes that might be outside your comfort zone. Lastly, those looking to move forward to permanent opportunities would do well to avoid job hopping on contract.”

Offer flexibility to attract and retain talent

Greg observes that the industry is facing high levels of fatigue as workloads soar, and companies are now more willing to increase their headcount through contract positions.

Salary will also be an important factor for contract hires, but flexible and hybrid work arrangements are also top of mind for many. It’s often even a non-negotiable for talent with young children.

Pointing to the Flexible Work Arrangements guidelines introduced by the Singapore government, he adds that employers will need to evaluate requests for flexi-work carefully. “Providing flexibility can help boost their talent attraction and retention efforts, which is especially crucial now that they need more hands on deck to contend with the increase in workloads across multiple time zones. They will need to balance this with any preferences they may have for collaborating and increasing productivity by bringing employees back into the office.”

Standard pay increments expected

In 2025, salaries are expected to hold steady, with increments ranging between 10 – 15% for job movers. Greg adds, “Roles that leverage data or that are responsible for driving profit may command higher increments. On the other hand, transactional roles may see smaller increases.”

Talent staying within the same position or firms can expect annual increments of up to 5%.

Find out more

Request access to our 2025 Salary Survey to benchmark salaries and to find out more about key hiring trends for Accounting & Finance contract professionals in Singapore.