Heading into the last few months of the year, you should continue to be mindful of salary trends in the accounting and finance industry. You can use Casey Accounting & Finance Resources’ July 2023 salary data as a guide.
Using our salary survey list with updated facts, figures, and job descriptions for accounting and finance positions in the Chicago metropolitan area can help you understand what salary expectations should be. Being mindful as these salary trends continue to change helps employers present the best offer to job applicants.
What trends should you monitor?
Expectations of Higher Salaries and More
Inflation is one factor driving higher salaries for accounting and finance professionals. Because additional income is required to keep up with the increasing cost of living, these professionals want their employers to provide support.
Back in 2021 when there were so many job openings, demand for higher salaries was a key trend in recruiting accounting and finance professionals along with many other positions. Today companies might find jobs are harder to fill because candidates are not as willing to make a move right now as a result of a slower economy and accelerated inflation rates. So it is not that the talent isn’t there, it just has to be a perfect storm for them to make a move.
Increasing workloads are an additional factor elevating the desire for higher accounting and finance salaries. Rising turnover means the remaining employees must take on additional tasks until a replacement is hired. These employees want to be compensated accordingly, too.
Employers are re-evaluating their benefits package to encourage skilled talent to work for them long-term.
Generational Expectations and Technology Change the Recruitment Landscape
Communication, adaptation, and continuous learning are among the most in-demand skills in the industry. Also, treasury and accountancy support are among the roles that require skilled professionals. Monitoring applicant needs by generation can help you develop a robust and diverse workforce. Boomers have different needs and expectations from their employers than Gen-Z workers. The days of “one-size-fits-all” employment packages are long gone.
The rise of blockchain, artificial intelligence (AI), and reliance on technology means many accounting and finance tasks are now automated to increase productivity. Therefore, considering candidates with skills that complement these tasks will most likely negotiate higher salaries that blend their accounting and finance acumen with their technology expertise.
Do You Need Additional Guidance on Salary Trends?
Accounting and finance professionals in 2023 expect higher salaries due to inflation, increasing workloads, and the specialized skills businesses need for growth.
If you need additional help with salary information or negotiations, reach out to Casey Accounting & Finance Resources. Get in touch today.