Finance & Accounting salaries and recruiting trends in 2024

Economic uncertainty, characterised by the energy crisis, inflation, geopolitical tensions, and the increasing shortage of skilled workers resulting from demographic change, is making recruiting in Finance & Accounting increasingly challenging. Companies are compelled to prioritize essential positions due to cost-cutting measures, while simultaneously experiencing a surge in demand for specific roles in accounting, controlling and tax are more in demand than ever. Our comprehensive salary survey provides up-to-date insights and a clear picture of the expected developments for 2024.

Current developments in recruiting for Finance & Accounting in 2024

1. Increasing demand in controlling

Due to companies' growing cost sensitivity, there is a high demand for professionals in controlling. These specialists are needed to identify potential savings and optimize financial operations.

2. Generational change exacerbates skills shortage

The gradual retirement of the baby boomer generation is intensifying the skills shortage in various industries. With experienced workers leaving the labour market, there is a diminishing pool of qualified young professionals to fill these gaps. As a result, companies must prepare for an intensified search and acquisition of skilled specialists.

3. Digitalisation is taking its toll

Operational and repetitive functions are being streamlined through digitalization, resulting in the elimination of predominantly data-gathering activities. Machine learning and artificial intelligence are increasingly replacing less specialized tasks, leading to efficiency gains in these areas.

Strategies for future-orientated HR management

Relevance of remote work and authenticity in recruitment

The option of remote work continues to hold immense appeal for job applicants, particularly among younger employees who highly value flexible work arrangements such as the 4-day week or workcation opportunities. However, this emerging trend poses new challenges in areas that traditionally thrive on collaboration, such as cultivating a positive corporate culture and fostering effective teamwork.

Concurrently, companies are increasingly recognizing the criticality of authenticity in their recruitment practices. By transparently highlighting their strengths, weaknesses, and long-term visions, as well as cultivating a robust feedback culture, companies can significantly enhance their ability to attract and retain top-tier talent in the long run.

Importance of the candidate journey and international talent pool

Creating a positive impression throughout the candidate journey is predominantly influenced by demonstrating appreciation, providing prompt feedback, and highlighting candidates' qualifications and personal attributes. In light of the scarcity of skilled labour in accounting, controlling, and tax, companies can explore the option of hiring highly educated candidates from overseas, such as India or Pakistan, who possess a strong command of the German language. Offering language courses can serve as valuable support in integrating these candidates into the workforce.

If you are currently seeking suitable professionals in the field of Finance & Accounting, kindly submit your job description to us. We will promptly reach out to you to provide assistance.

Prospects for applicants in Finance & Accounting

In the face of increased competition, applicants in Finance & Accounting must find ways to stand out, particularly if their specialization lies outside the currently highly sought-after fields such as accounting, controlling, and tax. Young professionals who specialize in these fields can anticipate attractive starting salaries starting from €50,000. To enhance their career opportunities, obtaining professional examinations and certifications can be highly advantageous. These may include qualifications as a tax consultant, CFA, accountant IHK, knowledge of auditing in accordance with IFRS, and English certificates.

Salary trends in Accounting & Finance for 2024

Salaries in the field of Finance & Accounting are currently experiencing relative stability, as many companies have already implemented measures such as inflation adjustments and enhanced benefit packages. However, our survey indicates that 84% of companies are planning a modest salary adjustment for 2024, expected to remain below the inflation rate.

For more detailed information on market and salary developments, we invite you to explore our latest salary survey here.