Author: dvillalobos

Adapt or Fall Behind: The Top Labor Trends for 2025

As we head into 2025, the workforce landscape is transforming at an unprecedented pace. Emerging technologies, shifting employee expectations and evolving workplace dynamics are reshaping the way organizations hire and retain talent. To stay ahead, companies must understand and adapt to these critical trends. From mastering AI to addressing the ever-growing demand for flexibility, here are the top five labor trends that will define the upcoming year.

1. Building AI Savvy

Hiring for AI-specific skills alone won’t suffice in 2025 — familiarity with AI’s broad capabilities will be essential across roles. Finance leaders, including CFOs, must understand key concepts like machine learning and natural language processing, as well as their operational applications. This foundational knowledge enables leaders to align AI strategies with business objectives effectively. While over two-thirds of corporate finance teams are in the exploratory phase of AI adoption, according to a survey by Wolters Kluwer, only one-third of HR leaders are evaluating generative AI use cases. Bridging this gap will be a priority.

2. Flexibility Remains a Top Priority

The debate over remote versus in-office work continues. Many companies are gravitating toward hybrid models, offering flexibility to employees while using office spaces as hubs for collaboration and creativity. The Society for Human Resource Management (SHRM) highlights this shift as a defining characteristic of modern workplaces, where the physical office is more about fostering connection than serving as a daily necessity.

3. Utilizing Contractors and Specialists for Projects

Increased reliance on contractors and specialists reflects a broader trend toward project-based and adaptable work arrangements. Businesses are leveraging freelancing platforms and staffing firms to address talent shortages and execute specialized initiatives. This approach not only manages costs but also accelerates project timelines. According to data by TeamStage, more than 50% of the U.S. workforce is expected to engage in the gig economy by 2027.

4. Investing in Skill Development

With the skills gap widening, organizations must make learning and development integral to their growth strategies. On-demand training opportunities are crucial to keeping employees current with technological and societal changes. Companies prioritizing skill development will see enhanced retention, engagement and recruitment outcomes. Notably, 83% of employees recognize ongoing skills training as vital to their job performance, underscoring the demand for continuous learning opportunities (D2L).

5. Wage Wars Between Employers and Job Seekers

Compensation remains a significant driver of job mobility, particularly as living costs rise. Professionals with expertise in strategic HR, automation tools or ERP systems often expect pay that reflects their specialized skill sets. For 2025, salary increases are forecasted to average 3.9%, slightly up from 3.8% in 2024 but below 2023’s 4.4% growth (WTW). To address budget constraints, companies are turning to perks like flexibility and enhanced benefits packages to attract top talent.

Preparing for 2025: Key Takeaways and Next Steps

As hiring trends evolve, staying proactive and adaptable will be crucial for organizations navigating the changing workforce landscape. Whether it’s leveraging AI, fostering flexibility, tapping into the gig economy, investing in skills development or balancing competitive compensation with other perks, employers must prioritize strategies that align with their long-term goals and employee expectations.

5 Economic Hiring Trends in Finance and Accounting

Economic changes from inflation to rapid tech adoption are reshaping finance and accounting hiring trends. Businesses are adapting by prioritizing specific skills and roles to navigate today’s challenges, which range from cost control and regulatory compliance to evolving digital tools and global talent access.

Rising Inflation and Cost Control

As inflation impacts businesses, demand is increasing for professionals skilled in budgeting, forecasting and cost management. Financial analysts, controllers and budgeting specialists are in high demand as companies seek to optimize spending and maintain profitability.

Compliance and Risk Management

Economic uncertainty has heightened the need for roles focused on risk management and regulatory compliance. With evolving regulations, companies are looking for financial controllers, auditors and compliance officers who can help manage risks, navigate regulatory landscapes and protect the organization’s interests.

Digital Transformation in Finance

The digital shift is accelerating — requiring finance professionals adept in tech-driven roles, like data analysis and automation.

Roles blending finance expertise with technical skills, such as financial data analysts and technology-driven accountants, are growing in demand as businesses look to increase efficiency and gain deeper insights from data.

Remote Work and Global Talent

The rise in remote work is allowing companies to access a larger, more diverse talent pool. This shift opens opportunities for specialized skills previously harder to find locally, adding a new level of competition for roles that are effective in a remote setting, such as bookkeeping, financial analysis, and project-based finance work.

Focus on ESG Reporting

Environmental, social, and governance (ESG) reporting is another critical area impacting hiring trends. Finance professionals with expertise in ESG and corporate social responsibility reporting are becoming essential for businesses aiming to maintain transparency and meet sustainability goals.

Partnering for Strategic Hiring

To stay ahead of these evolving trends, consider partnering with a staffing agency that specializes in finance and accounting recruitment. Our team offers a strategic edge in sourcing the right talent, using industry insights and optimized recruitment strategies to deliver efficient hiring solutions. We ensure your recruitment efforts align with the latest economic and industry shifts.

Q4 2024 Accounting and Finance Employment Report

September offered an optimistic glimmer for the U.S. economy as we head into Q4 — outputting the highest payroll increase since March with 254,000 added jobs. Even more, the national unemployment rate continued its gradual decline from 4.2% in August to 4.1%.

For some economists, the strengthening job numbers was the final piece needed to illustrate a healthy and moving economy. Coupled with the Federal Reserve’s half-point rate cut in September, all signs point to a soft landing and stability after months of uncertainty.

“Inflation has been quelled, and the economy’s fine — that’s a soft landing,” said Neil Dutta, head of economics at Renaissance Macro Research in a recent New York Times article. “The jobs report was ‘a sign that the economy is not falling off a cliff, a sign that it is stabilizing, and maybe perking up.'”

accounting and finance employment report

ITR Economics‘ Trends Report for September 2024 also foresees good economic news on the horizon, with employment growth accelerating in the first quarter of 2025 and through at least 2026.

What does this mean for job seekers and employers in the final months of 2024? We break it down in our Q4 forecast for accounting and finance professionals:

FOR EMPLOYERS

The quest to keep up with the evolving capabilities of AI (artificial intelligence) has companies on their toes — and will continue to as we learn more about how these technologies can shape roles and current duties. In fact, 41% of executives are anticipating “a complete overhaul of business processes” with AI at the core of these changes, according to a report by Microsoft and LinkedIn. For finance and accounting sectors, some enhanced use cases for artificial intelligence include increased productivity, automated tasks and gained insights from big data.

With this transformation in mind, hiring managers are on the hunt for candidates that have experience with AI platforms — even opting for professionals with skills in this area over those with more work experience.

The influx of quiet quitting from a few months ago has seemed to slow, with many workers more reluctant to seek new opportunities for a variety of reasons. To sway passive or comfortable professionals, employers should consider winning them over with higher salaries, workplace flexibility and career development.

Schedule a meeting with one of our recruiters to learn how we can address your hiring needs in Q4 or strategize for 2025.

FOR JOB SEEKERS

Upskill, upskill, upskill. The buzzword of the year is more than a trend for hiring managers — it’s a reality that they are actively seeking in their new hires. That’s right; AI is continuing to make its influence known across all industries, and it’s in candidates’ best interest to gain, at the very least, an introduction.

Microsoft and LinkedIn’s 2024 Work Trend Index Annual Report indicates that 76% of workers recognize that AI skills are needed to stand out in today’s labor market, with 79% believing it can expand their job prospects.

If your employer isn’t providing options to learn these type of skills, there are various options on LinkedIn and YouTube to assist with free or low-cost training to help get your feet wet.

Outside of this hiring trend, professionals can expect the job market to regain steam in the beginning of 2025. Before then, however, the holiday season is sure to bring a spike in temporary and interim work needs. Use this as an opportunity to get your foot in the door at a desirable company, gain experience of a new software or task and more.

Join our talent network to get access to exclusive career opportunities and connect with a recruiter today.

4 Effective Interview Techniques You Should Know

In today’s competitive job market, the interview process is more than just a formality; it’s a crucial opportunity to assess not only qualifications but also cultural fit and potential contributions to your organization. The right techniques can transform interviews into strategic discussions that benefit both candidates and employers. Here are four effective approaches to enhance your company’s interview process:

1. Situational Interviewing

This technique involves presenting candidates with hypothetical scenarios that they may encounter in the role. By asking questions like, “How would you approach a conflict with a team member?” you can gauge their problem-solving abilities, critical thinking skills and emotional intelligence. This method provides insight into how they might react under pressure, helping you predict their future performance and better avoid bad hires.

2. Cultural Fit Assessment

Assessing a candidate’s alignment with your organization’s values and culture is crucial for long-term success. Incorporate questions that explore their beliefs about teamwork, communication and feedback, such as, “Describe an ideal team environment for you.” This helps ensure that the candidate will thrive within your organizational culture and contribute positively to the team dynamic.

3. Technical Assessments

For roles that require specific skills, implementing tailored technical assessments is essential. These can range from coding challenges for software engineers to case studies for marketing positions. By observing candidates in action, you can evaluate their expertise and ability to apply their knowledge in practical situations — ensuring they have the skills necessary to succeed.

4. Follow-Up Questions

Don’t be afraid to delve deeper into candidates’ responses with probing follow-up questions. This technique allows you to uncover nuances in their experiences and motivations, leading to a more comprehensive understanding of their suitability for the role. For example, after a candidate shares a success story, ask, “What were the biggest obstacles you faced during that project?” This encourages candidates to reflect on their challenges and demonstrate resilience.

By incorporating these techniques into your interview process, you can significantly enhance your ability to identify candidates who are not only qualified but also a great fit for your organization’s culture and goals.

To further optimize your recruitment efforts, consider partnering with a staffing agency. Their industry insights and expertise can help you navigate the hiring landscape — providing access to a wider talent pool and saving you valuable time and money in the recruitment process.

Outpace AI: Future-Proof Your Career

The meteoric rise of artificial intelligence (AI) has had a profound impact on the way accounting and finance professionals work. While it has enabled greater efficiency and scale across organizations, there is a very real fear that AI is coming for our jobs. Media headlines continue to reinforce this narrative year-over-year.

In Asana’s State of AI at Work 2023 report, employees said that 29% of their work tasks are replaceable by AI. But that doesn’t mean employees themselves are replaceable. Automation is best paired with human expertise, and those who leverage AI to augment their position within an organization will future-proof their career in the new work era. Below are key strategies for outpacing AI at work.

Understand AI’s Strengths and Weaknesses

Many people are looking to AI as a catch-all solution to business problems. However, like any technology, AI has unique strengths and weaknesses. Accounting and finance professionals should understand where they can best leverage the technology in day-to-day work and where human expertise is more valuable.

A McKinsey study noted improved efficiency in transactional functions like accounts payable or receivable but less impact in more strategic areas, such as FP&A or tax planning. This will evolve as AI becomes more sophisticated. Those working in accounting and finance who navigate these nuances with confidence and understand where their talent is uniquely valuable will strengthen their personal brand and win in this new era.

Embrace Reskilling

Reskilling initiatives have become more commonplace as organizations seek to align employee skills with business objectives and incorporate AI into daily work. Hiring for skills remains a top priority for employers in 2024.

Accounting and finance professionals looking to outpace AI should lean into programs available through their workplace or actively seek outside resources to conduct training and scale their knowledge.

For example, consider learning how to incorporate data visualization or advanced analytics into your decision-making process.

Establish Governance

Concerns about data security, privacy and cyber risks are rampant in the accounting and finance industry, amplified by the democratization of AI. That’s why it’s essential to recognize how these risks factor into their daily work and manage them appropriately. This starts with transparent reporting and communication about how AI is being used across your organization and adhering to shared guidelines that enhance user experiences rather than infringe on them.

Don’t Be Afraid to Experiment

We’re still in the early stages of AI’s impact on the finance industry. This allows professionals to test out different applications and tailor use cases to get ahead with AI effectively.

Efficiency, for example, remains a top priority for business leaders, so track your time when implementing AI tools to your workflow to see how it has enabled you to get more done faster. Leverage those data-driven insights to prove the value of your innovation and demonstrate how you effectively use AI to augment your work.

Century Group Can Help You Level Up

Are you a finance or accounting professional looking to outpace AI at work? Connect with our team today to learn about how you can propel your career and find success in your next opportunity.

3 Essential Traits of Highly Effective Managers

What traits are common among highly effective managers? What can you do to get the best performance from your team?

New technologies and work models are changing the ever-evolving world of finance and accounting. While there is no single magic formula for management excellence, here are three traits you can adopt to stay ahead in 2024.

1. Build Trust Through Clarity

Highly effective finance and accounting managers understand financial principles, accounting standards and regulatory requirements. However, technical expertise only goes so far without solid communication skills.

The most effective managers can paint a picture of the organization’s financial health and strategy to finance professionals and non-finance stakeholders. In management, solid communication includes:

  • Providing regular, transparent updates on financial performance and goals
  • Clearly defining roles, tasks and expectations for your team
  • Offering constructive, timely feedback to foster continuous improvement

Clarity builds trust, which fosters team cohesion and motivation.

2. Master the Human Side of Leadership

Top managers create a collaborative environment that recognizes team members for their contributions and motivates them to do their best work. When you approach management from a team-building and talent development perspective, you inevitably see opportunities to leverage and develop your most valuable resource — your people.

Mastering the human side of financial leadership includes:

  • Regular check-ins to gauge team well-being
  • Showing genuine interest in their team members’ professional growth and personal challenges
  • Cultivating an environment where people have safe avenues to share their options and ideas
  • Recognizing and celebrating individual and team achievements

3. Embrace Technology for Enhanced Management

Highly effective finance and accounting managers embrace technology to enhance their leadership capabilities. While there is a balance between jumping on every new gadget and trend and identifying tools that streamline operations and facilitate workflow, the right technology makes your team more productive and effective.

Here are some ways to embrace technology:

  • Use advanced financial software and tools to automate routine tasks like bookkeeping, payroll, and financial reporting
  • Use data analytics tools to organize financial data into valuable insights
  • Implement collaboration tools that enable seamless communication and teamwork, regardless of location
  • Provide access to training resources and encourage a culture of skill development, growth and improvement

Build Your Future-Ready Finance and Accounting Teams

The qualities that define excellent financial leadership continue to evolve, but the core principles remain constant. By mastering clear communication, adopting a talent-development mindset, and embracing technological advancements, you can lead your finance team to new heights of success and satisfaction.

Whether you’re a leader looking to enhance your skills or an organization seeking top financial talent, Century Group is here to help. Our deep understanding of the finance and accounting sectors coupled with our extensive network of professionals uniquely position us to connect you with the leadership talent needed to thrive in this new era.

Contact us today to start building your future-ready teams.

5 Career-Boosting Moves To Make Before the End of Summer

For finance and accounting professionals, the summer slow-down is an opportunity to accelerate your career. By setting strategic personal development goals, you can sharpen your skills, expand your network and position yourself for future success.

Here are five summer career moves to help you advance during this quieter season.

1. Define Your Objective and Set SMART Goals

When choosing professional development goals, it helps to start with your long-term career aspirations and work backward to create smaller, actionable objectives. If your long-term goals don’t help, you can reference recent performance reviews for high-value growth and improvement areas.

Once you have a goal in mind, use the SMART goal method to ensure your summer career moves are Specific, Measurable, Achievable, Relevant and Time-bound.

2. Identify Opportunities by Researching Industry Trends

The fundamentals of accounting and finance don’t change, but the industry and the economy do constantly. Stay ahead of the curve by subscribing to publications, following thought leaders or attending webinars or conferences.

Knowing the trends arms you with the ability to make strategic decisions about your professional development. Look for areas where demand grows, or disruptive technologies create opportunities.

3. Update Your LinkedIn Profile

If you haven’t paid attention to your LinkedIn profile in a while, this is a good time to refresh it. Highlight recent achievements, new certifications, or expanded responsibilities, especially if they align with your career objectives.

Take this time to request recommendations from colleagues and managers who have seen your new skills or improved performance in action. Keeping your LinkedIn profile up to date prepares you for unexpected opportunities and makes it easy to update your resume when you need it.

4. Nurture and Expand Your Network

You never know where your next opportunity might come from or who might be willing to recommend you. A robust professional network brings new opportunities, so include reconnecting with former colleagues and mentors in your summer career moves.

This quieter season is also an opportunity to expand your network and meet new allies. In addition to joining groups and attending events, consider offering your expertise or assistance to others. Your professional generosity can lead to mutually beneficial relationships and enhance your reputation.

5. Improve Your Work-Life Balance

Good self-care habits support your long-term success by keeping your mindset positive and your body energized. Summer is an outstanding opportunity to implement some routines and habits that make you feel better and think more clearly. They may include changes in diet, adding exercise, getting outdoors more, spending time with your favorite people, or getting your home or office organized.

Advance Your Career With Century Group

Don’t let this quieter season pass you by; take action to accelerate your career. If you’re looking for new opportunities, Century Group is here to help you make the right moves. Submit your resume today to start your journey.

4 Ways to Improve Your Hiring Process for 2024 Job Seekers

The hiring process can often feel akin to dating. Both sides are evaluating the success of the fit — putting their best foot forward while they do so.

For companies recruiting in 2024, it’s imperative to assess and modify your strategy to attract the caliber of job seekers that align with your business’ values and work standards. Our suggestion? Meet them in the middle and showcase the single area key to all successful relationships: clear communication.

Here are four approaches to improve your hiring process this year.

1. Communicate Often

One of the most common complaints from candidates seeking new opportunities is the lack of communication from the companies they’re applying to. The black box effect. Improving this experience — even simply sending a follow-up email once the position has been filled — can provide transparency on the behalf of the hiring company. When it comes to the interview process, let the candidate know up-front what they can expect: total number of interviews, who will they be meeting, etc. Strong businesses go as far as sharing feedback with final candidates to help them in their job search moving forward as a show of good faith.

2. Evaluate Job Requirements

In tight labor markets, the most sought-after candidates are in short supply and high demand. Enterprising companies, however, understand the value of evaluating the role’s must-have requirements to engage skilled and overlooked professionals who can perform the job just as well. In fact, in a recent survey by Intelligent.com, 33% of business leaders have eliminated the requirement for a Bachelor’s degree for certain roles.

“The trend shift shows a broader recognition that practical skills, real-world work experiences, and the ability to self-learn can be more important measures of potential success than four years of formal college education in many job functions,” says Chief Education and Career Development Advisor, Huy Nguyen.

3. Streamline Your Internal Hiring Process

With attention spans rapidly shrinking, the push for brevity and speed is at an all-time high. Shouldn’t your company’s recruitment strategy follow suit? Acquisition processes that incorporate more than three interviews can stretch into weeks or even months — too long for skilled and seasoned job seekers active in their career search. Assess your current operation to ensure it’s as concise as possible, ensuring the candidates are meeting the most important people while also giving a clear picture of your company’s work culture and values.

4. Partner with a Staffing and Recruiting Firm

When in doubt, turn to the experts. Staffing and recruiting agencies are privy to all things hiring — having insights into what is and isn’t working for companies and today’s job seeker.

Recruiters are not only equipped with the skills to help businesses identify ideal candidates, but are also consultative regarding the entire hiring process. From helping managers effectively communicate their culture to professionals to offering suggestions that will optimize their hiring strategy, this type of partnership can give companies a leg up in the fight for top talent.

Q3 2024 Accounting and Finance Employment Report

The first half of 2024 has been well, slower, for the U.S. economy, to say the least. Real GDP growth decelerated to 1.4% in Q1 this year from 3.4% in Q4 2024 — a result of inflation and elevated interest rates that have impacted consumer spending and domestic demand the first six months of the year, according to The Conference Board.

In June, employers’ payrolls increased by 206,000 jobs, and is a continuation of the 12-month trend of the U.S. adding an average 200,000 jobs each month. The national unemployment rate changed little at 4.1%, per the U.S. Bureau of Labor Statistics.

Q3 2024 employment report

What can we expect for the latter half of 2024? More of the same, but there is hope for economic growth to pick-up toward the end of the year as inflation continues its cool down from 2022’s peak of 9.1%.

“In all, the very cool inflation data provided clear evidence that inflation is slowing meaningfully, exactly the kind of progress that Fed officials have been hoping to see as they contemplate when to begin cutting interest rates,” explains the New York Times.

In fact, Grant Thorton’s new survey of more than 225 senior financial leaders showed that 56% of participants are feeling confident about growth projections. Even more, 58% of respondents said that attracting and retaining key talent is a priority for the next 12 months. And, with the demand for skilled accounting and finance professionals in a shrinking sector — Q3 and Q4 have a lot of optimism in store.

Here’s our forecast of what both employers and job seekers can expect in Q3 2024.

For Employers

In an uncertain market, it’s understandable for companies to be more cautious in their hiring decisions. But that tactic may be costing you top talent.

Slower interview processes and limiting hiring strategies to only permanent roles can be inhibiting businesses from landing candidates with the most in-demand skills, experience and credentials. Effective steps like streamlining recruitment approaches from five interviews to two, or taking on consultants while identifying that direct hire unicorn can help you get the right people in the seat without affecting productivity.

Another key factor to consider: what matters most to today’s worker. According to new research by Economist Impact, many employers are missing opportunities to align their benefits to employees’ expectations.

“Just three in 10 employees at mid- and large-sized American companies strongly agree that they are satisfied with their retirement plan,” the research showed. “Nearly six in 10 (57 percent) are not confident they will be able to retire at the federal retirement age.”

Evaluate your company’s compensation, benefits and other perks to see how they measure up. Not sure where to start? Check out some of these effective strategies that can help with both talent recruitment and retention.

For Job Seekers

The job market has been largely candidate-driven for the past few years, with the highest number of U.S. workers quitting their jobs in a single month peaking in April 2022. This clear power dynamic resulted in companies boosting salaries, offering flexible schedules and other attractive tactics to win over skilled talent.

Job seekers’ confidence has waned, however, and the quitting rate now sits below pre-pandemic levels at 2.2%. This trend comes alongside white-collar slowdown and decline in compensation for new hires, according to The Wall Street Journal.

Still, accounting and finance professionals do have an advantage — touting a much lower unemployment rate than the national average. Candidates seeking new opportunities in these functions can stand out from their peers by upskilling in areas that are most sought-after by employers, including, artificial intelligence, problem solving and earning advanced credentials.

Browse our most recent jobs in your area or connect with one of our seasoned recruiters today.

Where Have the CPAs Gone?

Many industries struggle to attract and retain top talent, and finance and accounting are no exception. In particular, the number of CPA professionals leaving the field has increased.

There are a few reasons for that. An aging workforce means more CPAs are reaching retirement age or opting to change careers. At the same time, fewer people are studying accounting and/or getting their CPA designation. This potential loss of knowledge and experience leaves companies scrambling to find people with the needed accounting skills, especially CPAs.

What CPAs Are Looking For

There are a few common reasons why people leave accounting. One recent survey of CPAs who had recently left their positions found that nearly 40% cited a higher salary as the primary reason. Other top responses included a desire for more flexible work options (35.6%), feeling that entry- and mid-level employees were more valued (33.5%), and better benefits (30.4%).

However, nearly 57% of respondents said they wanted to stay in the accounting field. That’s good news for employers: It’s within their capabilities to determine how to satisfy their employees and keep them engaged in the field, emphasizing the importance of meeting CPAs’ needs for their professional growth and satisfaction.

Keys To Retain CPAs

Taken together, it’s clear that most CPAs who recently left their job or who have left the field altogether did so to seek better compensation, have work-life balance, feel more valued, or some combination of the above. Salaries should be competitive for your area, but accounting professionals are also looking for improved benefits to help round out their compensation packages. Beyond compensation, it’s important for all workers to feel they have a career path and that their employer values them. Providing relevant professional development opportunities can be an important way to show accounting employees you’re invested in their continued success. Finally, while remote work doesn’t work for every position in every company, allowing flexible work options — whether that’s flexible hours or some version of remote/hybrid work — can go a long way toward attracting new talent and retaining the valued CPAs you already have on staff.

If you’re looking for help hiring CPAs or other accounting professionals, our expertise and network within finance and accounting can connect you with the skilled professionals your company needs. Contact us today to see how we can help.