Job market in Accounting and Finance has generally improved despite uncertainties

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Hiring activity has generally improved in 2021 despite uncertainty in the market. Nic Sephton-Poultney, Country Manager of Robert Walters Philippines, shares “Some organisations have been taking a more cost-effective approach by constantly reviewing and implementing new strategies to meet business goals while adapting to new ways of working. Jobseekers are more cautious, and majority are not willing to risk the security of their current jobs.”

“Industries such as E-commerce and Logistics, Shared services, and Business Process Outsourcing are still aggressively hiring to fulfil demands,” Nic highlights.

Read on as Nic shares his expectations about the labour market for Accounting & Finance professionals in 2022.

Clear career development opportunities and flexible work arrangement

Nic notes, “Flexibility will be norm, and companies who will not be able to implement remote or hybrid work arrangements will find it harder to attract talent. Similarly, there will be more emphasis on work-life balance and mental health, as the covid-19 pandemic has impacted how employees view their work and its impact on their personal well-being.”

We expect more companies to provide clear career development opportunities, as it would be key in both attracting and retaining talent

Leadership roles to be prioritised in 2022

“Experience in project management, particularly in digital transformation and automation, will be in high demand as companies move to more seamless and automated accounting processes. Stakeholder management skills will be important as companies will need talent who are able to manage key stakeholders amid uncertainty.” Nic shares.

Nic notes, "We also expect leadership roles, such as financial controllers, finance business partners, FP& A and Tax Managers to be prioritised in 2022."

Advice on recruiting and retaining talents

Nic says, “Companies are advised to be ready for change and to adapt accordingly to the economic climate and market trends.”

“As retention of talent is crucial in this climate, be ready to listen to what existing and potential employees are looking out for, as many are now focused on career growth and will not settle for less. Both potential candidates and existing employees will be considering key factors such as flexible work arrangements, remuneration, and clear career direction,” Nic explains.

Hiring managers to be more aggressive in securing the right talent

“Salaries will start to increase in 2022 with more companies looking at salary increases of around 5-10% and promotions as a key strategy to retain talent. Hiring managers are expected to become more aggressive by offering 25-30% overall salary increase to secure the right talent,” Nic reveals.

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