Leveraging Strategic Resources To Address 2024 Employment Trends in Finance and Accounting

During 2024, significant employment trends have been reshaping the landscape in the finance and accounting sectors. Emerging challenges — such as increased turnover rates, a demand for niche skill sets, and lengthy hiring processes — become further complicated when key employees resign, need to be temporarily replaced, or when projects require specific skills. Leveraging strategic resources can provide an effective option by offering immediate capacity for urgent deliverables, access to particular skills, and strategic guidance on complex projects, these services help finance and accounting teams navigate current employment challenges.

Business leaders may turn to short-term options when they need to fill an important executive role or quickly find staff with specific skills. According to the 2024 BDO CFO Outlook Survey, 36% of CFOs plan to outsource or co-source this year, and 30% plan to add new positions that require unique competencies. We offer the following insights about the effect employment trends have on finance and accounting and how strategic resources can help provide a smooth path to the future. 

Four Key Employment Trends in 2024

As 2024 progressed, organizations started experiencing the significant impact of key employment trends. For companies striving to adapt, thrive, and maintain a competitive edge, understanding these issues is crucial.

1. Increased Turnover and Job Transitions: Professionals are more mobile than ever, leading to frequent changes in team composition. This mobility can disrupt team dynamics and project continuity, making it challenging to maintain a stable workforce.
2. Demand for Niche Skill Sets: Emerging technologies and evolving regulatory environments require experienced skills. Organizations are increasingly seeking professionals with expertise in areas such as data analytics, cybersecurity, and regulatory compliance, yet professionals with these skills may be hard to find.
3. Lengthy Hiring Processes: Traditional recruitment methods often fail to meet the urgent needs of organizations. When critical positions in strategic resources remain unfilled for extended periods, productivity suffers, and the risk of employee burn out increases.
4. Need for Agility: Rapid changes in financial reporting and transaction support demand flexible and responsive teams. Organizations may be unable to quickly adapt to new regulations, market conditions, and technological advancements when key employees and services remain unavailable.
   
   

Difficulties in the current employment environment are widespread but not insurmountable. 

Strategic Finance and Accounting Resources

Strategic resource models offer viable services to address the challenges posed by these employment trends. By integrating highly skilled professionals into existing teams, organizations can quickly address both immediate and strategic needs. This approach brings several key benefits.

• Immediate response to urgent needs: Whether it's tight deadlines for financial reporting, regulatory compliance, or transaction support, experienced professionals are often required on short notice to allow projects and operations to continue with little delay.
• Access to niche skill sets: The importance of concentrated skills in finance and accounting cannot be overstated. Access to an extensive network of professionals with the exact skills needed enables organizations to tap into specialized expertise without a lengthy recruitment process.
• Strategic guidance on special projects: complex transactions like acquisitions, divestitures, and IPOs require professionals who bring practical and invaluable experience. They can offer strategic insights that significantly impact the success of these initiatives, providing guidance on best practices and potential pitfalls. 
  
  

Finding key employees with the right experience and skills is prohibitive to many organizations due to time and personnel constraints. 

The Advantages of Strategic Resource Providers

Working with a strategic resource provider brings distinctive advantages that go beyond traditional hiring methods:

• Pre-vetted, ready-to-go talent may be swiftly integrated into existing teams, immediately enhancing team efficiency and project outcomes. Organizations do not have to wait through lengthy hiring processes and weekslong onboarding of new employees to get the services they need.
• Providers with extensive industry experience offer deep insights from working with numerous clients facing similar challenges. Such breadth of experience adds significant value to strategic projects, helping organizations navigate complex issues with confidence.
• Access to a global network of resources and technological advancements can enhance an organization's capabilities. Strategic resource personnel may have experience with improved financial reporting systems and access to cutting-edge financial technologies, enabling organizations to stay ahead of industry trends.
  
  

Unlike traditional employment agencies, strategic resource providers can tailor their services to address specific needs within finance and accounting teams including:

1. Interim Executive Staffing: Filling leadership gaps with interim executives can help maintain continuity during the hiring process for permanent candidates or while a key employee is on leave. These interim leaders can also provide stability and support during transitional periods.
2. High-Level Transactional Support: Complex financial transactions require precision, experience, and skill. Strategic resource providers can assist with due diligence, financial modeling, and integration planning, helping to ensure smooth execution of transactions.
3. Immediate Operational Support: Keeping daily operations on track during special projects is crucial. Strategic resource professionals can integrate seamlessly with in-house staff to maintain business continuity, allowing organizations to focus on strategic initiatives without sacrificing operational efficiency.
   
   

The ability to maintain important finance and accounting functions is critical, especially during times of employee turnover and short deadlines. 

Staying Ahead of 2024 Employment Trends

Aligning with the employment trends of 2024, strategic resources provide critical services for finance and accounting teams. By offering agility, experience, and strategic insights, these resources help organizations maintain robust financial functions amid a rapidly changing landscape. Embracing strategic resources can help ensure your finance and accounting teams remain resilient and competitive, ready to tackle the challenges and opportunities that lie ahead.

Please contact our Finance & Accounting Strategic Resources team for more information.