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Technology's Influence in the Finance and Accounting Industry

As the world continues to thrive on technological innovation, nearly every industry is becoming further entrenched in the digital age. Even traditional fields such as finance and accounting are not immune to change.

In a study from Ernst & Young, 58 percent of finance leaders are focused on combining leading-edge technologies with process improvement. Furthermore, where organizations once relied on their IT leaders to drive these changes, CFO’s are now reporting their increased involvement in the decision-making of new technologies being implemented.

There’s no avoiding technology; it will permeate your organization. Waiting to adopt new technology initiatives will only allow the competition to gain an advantage. In order to drive business growth now and in the future, you’ll need exceptional talent with the right balance of experience.

The accounting and finance field is under an extraordinary amount of pressure to respond to a shifting landscape in talent. CareerBuilder’s Talent Intelligence tool reveals a Hiring Indicator of only 34 for finance and accounting positions suggesting “relative difficulty” in hiring in the field. Over the past year there have been just under one million jobs posted in the industry in the U.S., with only 128,609 active candidates. That number represents a 16.3% decrease in candidates year-over-year. The cause of this shift is a combination of generational differences, technological advancements, and economic growth. With 69% of CFO’s believing digitalization will fundamentally change the Finance leader role, the future of finance and accounting is set to see the biggest change in the market.

With technology, new skills are required and the ongoing skills shortage is not only driving up salaries, but it is making it more difficult than ever to determine the appropriate offer to extend to a candidate. Companies are caught trying to decide if they should offer a huge salary to secure top talent, ultimately spending more than is necessary, or go in low and lose the candidate altogether. One thing we know for sure is that candidates will have to strengthen their skillset, especially in technology, to compete for top positions in the market.

Contact a recruiter today to learn how to improve your skillset and secure a job in the changing finance and accounting industry.

Posted by Rebecca Plough at 12:59 PM
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