Recruiting financial and accounting talent remains a major hurdle for Canada’s financial business community, including the property and casualty insurance industry, says a recent report from recruiter Robert Half.
“Sixty-five per cent of finance and accounting leaders reported skills gaps within their department, and 57% said the impact of those gaps has increased in the last year,” Robert Half’s Demand for Skilled Talent Report states.
Skills gaps were most evident in the areas of:
- Tax: 30%
- Audit: 28%
- Payroll: 26%
- Financial reporting: 25%
- Finance and FP&A (financial planning and analysis): 23%
Conducted in December 2024, Robert Half’s study included questions to hiring managers about talent and skills gaps, strategic priorities, hiring plans, and business roadblocks. The survey included 211 finance and accounting managers at companies with 20 or more employees across Canada. (Survey numbers don’t add up to 100% because multiple answers were allowed.)
The study, which included P&C insurance industry professionals, also included an analysis of more than 200,000 new positions posted on more than 5,400 unique job boards and company websites provided by TextKernel, including 6,000-plus placements from Robert Half.
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Based on the analysis of job postings, Robert Half found the following positions are in the top 10% of finance and accounting roles in demand:
- Accounting manager
- Billing clerk
- Collections/credit analyst
- Cost accountant
- Director of finance
- Financial analyst
- Payroll administrator
- Procurement manager
- Senior accountant
- Tax manager.
“Finance and accounting leaders face mounting challenges, from budget constraints and technical debt, to change management and skills gaps,” says the report, released Thursday. “This talent shortage comes at a critical time, as finance and accounting teams navigate complex digital transformation initiatives and address growing demands for real-time financial insights and forecasting.
“Many finance departments are struggling to modernize legacy systems while maintaining accurate reporting, putting additional pressure on team members.”
To cope with shrinking budgets, 53% of companies are looking to freelance finance and accounting talent from outside their organizations, the Robert Half report states.
But hiring external skilled contract talent comes with issues of its own, the report adds. Namely, meeting salary expectations, difficulty assessing skills and experience, finding candidates who align with corporate culture, and a lack of skilled candidates.
Other survey results indicate 40% plan to expand their team size in 2025 by hiring for new permanent positions. Fifty-seven percent say they are maintaining their team size by hiring only for vacated permanent positions.
Feature image courtesy of iStock.com/Natee Meepian
