Finding finance talent is getting tougher, with 82% of large employers saying they struggle, Deloitte says


Are you still struggling to fill finance and accounting positions and retain your talents? You are not alone and it can get harder.

Deloitte shared with me new data that revealed that 82.4% of hiring managers for accounting and finance roles in public companies said retaining talent is a big challenge, compared to 68.9% of hiring managers. recruitment in private companies.

In addition, 82.3% of hiring managers in public companies expect to have to work hard over the next year to attract and retain employees. Meanwhile, 73.7% of hiring managers at private companies said the same.

“I think the knee-jerk reaction when we saw the data was, ‘Okay, everybody’s struggling,'” Matthew Hurley, a senior manager at Deloitte Advisory, told me. “We are all in this together. So how can we get through this together?”

Courtesy of Deloitte

Deloitte’s findings are based on a survey of more than 1,200 hiring managers at private and public companies in the United States.

“We found this very interesting and found that these public company hiring managers seem to struggle more than their private company counterparts,” Hurley says. “I don’t know if we have a good line of sight on what is causing this discrepancy. It could be a number of things, [such as] the size of the company, the size of the teams, the complexity of the work, the stability of the work-life balance or even the location. I think there are so many subjective and personal issues that play a role.

Private companies report experiencing the same issues, but to a lesser extent. For example, hiring managers pointed out Top 3 hiring drivers over the next 12 months:

The need for more staff in existing areas where workloads are increasing (34.3% public; 38.6% private).

That could be due, in part, to a lot more regulations, Hurley says. “We have the SEC talking about ESG reporting requirements,” he explains. “We have many standards that have come out in the last two years that have increased the workload for accountants and finance professionals.”

Get talent with technology skills (23.4% public; 20.5% private)

“I know that many large companies are going through major financial transformation projects right now,” says Hurley. “They have a lot of new technologies, including AI and machine learning. They are considering ERP [enterprise resource planning] upgrades and updates.

Attrition caused by the Great Resignation (21.9% public; 17.5% private)

“While the majority of hiring managers in our survey said employees were leaving for higher pay (57.9% public; 46.2% public), there were other impacts as well,” Hurley says. About 18.7% of respondents from public companies said employees left for a better title, compared to 14.4% of those from private companies. Respondents also said that talent who left their jobs changed industries (5.8% public; 8.3% private).

“I think that underscores again that it’s not a problem that you can necessarily just throw money at,” Hurley says. “We’re going to have to think about what’s important to our people.”

Train the next generation

The talent war has been going on for more than a year in all sectors. But why is finance so impacted? Is the domain becoming less desirable? The data doesn’t specifically point to a reason, but Hurley did share some ideas.

“I don’t think it’s a decline in interest in finance and accounting,” he explains. “Anecdotally, what we hear when we have conversations with controllers and CFOs is finding talent with that right mix of deep accounting and finance experience coupled with deep technology capabilities is creating a lot of challenges right now.”

But there is also pressure to keep the younger generation interested in finance and accounting careers and provide them with the right skills. “A few of the universities I know are doing everything they can to engage with finance and accounting leaders to understand what [training they need to provide] to ensure their graduates are successful,” says Hurley.

“If you look at the curriculum for an accounting major today, at many universities you will see that they take courses in machine learning, robotic process automation, new courses in analysis and statistics,” he said.

Until tomorrow.

Sheryl Estrada
[email protected]

Big deal

An analysis by S&P Global Market Intelligence found that 15 US bank mergers and acquisitions (M&A) deals were announced in July for a total value of $457.5 million. Among the July transactions, the acquisition by Bank First Corp. of its in-state counterpart Hometown Bancorp Ltd. for $123.9 million at a deal value to tangible equity ratio of 210.9%, making it the seventh most expensive deal announced since Jan. 1. 1, 2021, according to S&P Global Market Intelligence. The total deal value year-to-date through the first seven months of 2022 was approximately $17.58 billion, compared to $38.59 billion in the same period of 2021.

Courtesy of S&P Global Market Intelligence

Go further

“How the Top 10 Fortune 500 Companies are Bringing Workers Back to the Office,” a new Fortune report, explores how hybrid working is winning. From Walmart to Amazon, read a breakdown of their return-to-office policies.


Anshooman Aga was appointed Chief Financial Officer of Vontier Company (“Vontier”) (NYSE: VNT), a global industrial technology company, effective August 29. Aga succeeds David Naemura, who will remain with the company until the end of the year. Aga brings over 20 years of finance experience. Most recently, he served as Senior Vice President and Chief Financial Officer of Harsco Corporation (NYSE:HSC). Aga also previously served as executive vice president and chief financial officer of Cubic Corporation. Prior to joining Cubic, Aga worked at AECOM, a multinational engineering company (NYSE: ACM) where he was senior vice president and chief financial officer of their design and consulting services business in the Americas.

Christopher Malone was promoted to chief financial officer at Byron Allen’s Allen Media Group (AMG). The CFO position was recently filled on an interim basis by Bill Higgs, executive vice president and chief financial officer of AMG’s Weather Group division, who will continue in that role. Malone was originally brought to AMG in June as executive vice president and head of corporate development. He came to AMG from his recent director role at Stellex Capital Management. Previously, he was a principal at Brightwood Capital and previously held investment analyst, private equity and investment banking roles at RLJ Equity Partners, William Blair and Credit Suisse.


“You have to look at the flaws of the Zoom world. It doesn’t work for a learning program. It doesn’t work for spontaneous stuff. Hollywood Squares slows down honesty and decision-making.”

—JPMorgan Chase CEO Jamie Dimon used a TV show to reference remote working and Zoom during a call with the bank’s wealthy clients last week, reflecting his longtime preference for a back to the office, as reported Yahoo finance.

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