Australian finance job market robust despite rising unemployment

Despite an unemployment rate of 4.2% that has been increasing each month since May 2024, the finance and accounting job market in Australia remains robust.

According to a survey commissioned by Robert Half, 92% of businesses plan to maintain or increase permanent finance and accounting positions by the end of the year, with 77% intending to do the same for contract positions.

The most sought-after skills in the finance and accounting sector include data analytics, with 72% of companies indicating high demand, followed by financial analysis (62%), financial reporting (61%), and industry/business know-how (60%).

The survey breaks down the companies' hiring intentions into different functional areas. Accounting (48%), leadership and management (40%), payroll (36%), and financial planning and analysis (30%) are the top areas in which businesses are focusing their hiring efforts for the remainder of 2024. This hiring trend highlights the industry's continued need for specialised functional roles despite broader economic challenges.

Nicole Gorton, Director at Robert Half, commented, "Australian companies intend to stabilise their finance and accounting teams in the remaining months of 2024. The majority of businesses are prioritising replacement hires in their recruitment strategy, with a portion complementing this strategy by selectively adding additional highly skilled finance employees to their team to support growth initiatives or to accommodate for an unavoidable lack of resources."

Gorton also noted a cautious approach towards permanent hiring, with many companies favouring contract positions to maintain flexibility. "With companies cautious about hiring permanent employees, many are opting to bring in finance and accounting talent on a contract basis to scale up and down based on business necessity and economic influences," she said.

The survey indicates that hiring intentions for permanent finance and accounting roles have remained consistent throughout the year. However, it reveals a shift towards businesses focusing more on replacement hires rather than team expansion. In the first half of 2024, 44% of companies aimed to add new positions, whereas this figure has reduced to 39% for the latter half, demonstrating a strategic shift towards maintaining the status quo.

Functional areas with high hiring intentions include accounting roles such as payable and receivable positions at 48%, leadership and management roles like finance managers at 40%, payroll roles at 36%, and roles in financial planning and analysis at 30%. Additionally, there is demand in areas such as risk and compliance (27%) and financial controlling (20%).

Gorton offered a perspective for jobseekers in the current market. "Even in an easing employment market, finance and accounting jobseekers should continue to search with confidence, especially in the functional areas companies have their eye on hiring. People who continue to invest in enhancing their skills will remain employable, but the caveat may be candidates have less bargaining power than they would've had a couple of years ago," she concluded.