Accounting and bookkeeping have been around for more than 7,000 years. Accounting today is considerably different — in 2023, technology and data are driving major shifts in the finance sector.
This year's finance job trends are largely informed by automation, big data and innovative techs such as blockchain and AI. Employees in the sector must have the skills to work within increasingly technical and digital environments. As the average age of customers shifts, financial companies must adapt to the needs of younger customers.
Discover more about trends in finance jobs below so you can be prepared with hiring processes that support success for your business into 2023 and beyond.
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automated accounting processes
Automation has replaced many low-level accounting processes. Cloud-based accounting systems can handle repetitive, low-level tasks such as data entry. Technology and data analytics are becoming so sophisticated that finance professionals have a reduced need for technical accounting and tax knowledge.
As accounting firms embrace automation, they must also invest in data security to protect confidential financial information and maintain customer trust.
Automation leaves human accounting teams free to focus on complex, high-value tasks. That means employers must hire financial professionals with high-level accounting abilities and comprehensive technical skills.
changing customer preferences
Customer acquisition and retention are important areas of focus for the financial services sector in 2023. In particular, banks and financial services companies should consider the wants and needs of Gen Z. By 2031; these young consumers will make up 31.5% of Canadian employees.
Finance brands need to build a more significant social media presence to bring in Gen Z and millennial consumers. Social media storytelling will be a key factor in customer acquisition and retention. Businesses should also consider adapting their business models to include the metaverse.
Consumers continue to show a growing desire for online banking and self-service options. Companies can fulfill the desire for fast, efficient service and enhance the customer experience by adding interactive, practical tools to their websites. Customer data platforms (CDPs) will also manage the customer experience across all touchpoints.
outsourcing accounting functions
The ongoing skills shortage is a continuing trend in accounting jobs. Through 2028, the sector will add 22,300 new jobs. However, only 21,700 new job seekers are expected to enter the industry, including new grads, immigrants and professionals making mid-career shifts.
Outsourcing can help companies manage the skills shortage. Businesses can reduce labour costs and streamline operations when they send accounting tasks to freelancers, contractors or accounting firms. It's also a cost-effective way to scale up temporarily during high-volume seasons.
new tech adoption in the sector
New technologies will continue to affect change in the finance sector in 2023. Blockchain is one of the most popular options; accounting businesses can lower, reconcile and maintain ledger costs. Major financial institutions around the globe are investing heavily in technology, indicating it will be a big player in the coming years.
Blockchain is one of many technologies making waves in the industry. Cloud-based accounting software provides a secure, easily accessible solution for businesses — an important consideration for companies shifting to remote work. Artificial intelligence and machine learning are now a reality, so financial institutions must embrace them or risk getting left behind.
With all the new technologies on the horizon, companies need to start upskilling and reskilling their workforces. Accounting professionals will need more than technical and data management skills to work within updated systems.
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big data's growing role in accounting
Big data is a growing force in the financial services industry. Data helps financial professionals predict future economic trends and support successful decision-making. Companies need employees with strong data analysis skills to harness this power to help parse data and transform it into actionable insights. Businesses that invest now can harness data to reduce costs, increase revenue and make smarter investments.
reliance on technical skills and IT resources
Technical skills will be imperative for the accounting businesses and departments of the future. Employers may hire developers, data analysts, and cybersecurity staff to meet that demand.
a need to keep up with advisory changes and legal shifts
As regulations change, compliance will be a top focus for finance companies. Software and consulting services can help businesses handle advisory changes and legal shifts. Employers may also consider hiring experienced in-house staff to track external processes and manage internal compliance.
a shift to permanent remote or hybrid work environments
Finance jobs will continue to shift to permanent remote or hybrid work processes in 2023. Remote working is a potential solution to staffing shortages, as companies can choose from employees across the country. To succeed, employers will need to adjust their policies and focus on hiring professionals with adequate technical and communication skills.
By understanding finance job trends, you can make plans to hire the right professionals to support the future success of your business. You can also ensure you're paying those professionals a competitive wage, so they will likely stick with you long-term.
download your copy of the 2023 salary guide
Want to see if your compensation packages measure up in the finance sector? Have a look at our 2023 salary guide to find out more.get your salary guide