Competition for talent in the Accounting & Finance sector heated up over the past year as companies were more open to hiring candidates from different locations in Southeast Asia. This has also meant that remote and hybrid work arrangements have become largely accepted, and will continue to be a mainstay within the sector moving ahead.

Read on to find out more about Zen Soh, Manager of Commerce Finance’s expectations of the labour market and hiring trends for Singapore’s Accounting & Finance professionals in 2024.

More benefits to win over prized candidates

Remote and flexible work arrangements have become largely the norm within the industry. Zen points out that companies that do not provide such arrangements are at a disadvantage, and will lose out on securing the best candidates in the talent pool.

There will also be an intensified focus on reskilling and training. Already, Zen reveals, businesses are recruiting candidates earlier than ever. Many companies have partnered with local universities and high schools to help students attain certificates and degrees in accounting and finance. In doing so, companies can create a talent pipeline and securing promising candidates before they have even graduated.

Soft skills and data expertise give candidates an edge

In 2024, there will be an increased focus on data and analytics within the industry. As a result, data analytics skillsets will be in high demand.

Other emerging trends that will take centre stage in the coming year are automated accounting processes, sustainability, and environment, social and governance (ESG) reporting.

The most sought after roles in 2024 are in finance business partnering, corporate finance and commercial analyst. Employers will give precedence to individuals with excellent problem-solving, collaboration and interpersonal skills.

Provide flexibility, job stability and growth opportunities

Companies may do well to note that instead of looking solely at their salary, candidates also prioritise other intangible benefits such as remote or hybrid work arrangements. Job stability is also a key factor for many candidates.

To attract and retain talent, Zen advises employers to assess candidates holistically. “Look beyond the CV because candidates may also eventually feel stuck in a role if they already meet all of the requirements of the role from the beginning,” she cautions.

Hire candidates based on their potential and be open to training and upskilling existing staff. Besides the hard skills, candidates with the right motivation, cultural fit and willingness to learn are more likely to thrive in the job.

Salaries to increase for niche skills

Most places will offer standard increments to their employees, but firms will be willing to pay a slight premium for candidates with highly niche, in-demand skillsets such as data analytics.

Find out more

Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Accounting & Finance industry in Singapore.