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.
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.
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.
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.
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.
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.
Connect with me today
Accounting & finance, Singapore
Zen has 9 years of recruitment experience and is currently leading the commerce finance team for permanent hires.
The future of the finance function
Prior to the COVID-19 outbreak, many finance functions across a range of organisations and sectors were already undergoing transformation or evaluating their operating models. This was largely in response to a broad and well-documented set of challenges and drivers, which included managing costs, deRead More
Hiring in Accounting and Finance: Guide and Trends in 2024
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 maiRead More
Hiring in Commerce Finance: Firms willing to pay premium for analytical skills and collaborative spirit
In 2022, digital transformation brought massive change to the Commerce Finance space, with teams sizing down as automation took over transactional and mundane analytical tasks. Firms are now willing to pay a slight premium for talents who showcase excellent business stakeholder management and predicRead More
Come join our global team of creative thinkers, problem solvers and game changers. We offer accelerated career progression, a dynamic culture and expert training.