According to Sage, 90 per cent of accountancy professionals feel there has been a cultural shift in the finance and accounting sectors over the last decade, driving significant changes in hiring practices, business services, and more. As technology continues to dominate industries, alongside effects of socio-economic issues and the pandemic, the finance and accounting sectors have some exciting things in store in 2022. We take a look at some of the key trends we predict will have an impact on the sectors and recruitment.
This one isn’t new – we’ve recently written on The Great Resignation and War for Talent, explaining that a combination of a shift in priorities and irregular COVID restrictions will mean the talent and skills crisis will continue. So much so that 82 per cent of accountants say they’re now considering recruiting from a non-traditional background. Skillsets such as understanding of technology, soft skills and data analysis will become increasingly important, and firms that don’t widen their scope on potential candidates may risk missing out on talent.
Sustainability has grown in importance and awareness over the last 20 years – but only in the last five years has it had much more emphasis placed on it. Now, 66 per cent of people are willing to pay more money for products and services if a business is sustainable or active in climate change. Already ahead of the game is Germany; last year announcing its aim to become the global sustainable finance state. And a series of sustainable finance regulations will work to fight ‘greenwashing’ and open the gate for genuine climate and environmental products and businesses. When it comes to attracting and retaining customers and clients in 2022, expect sustainability to become more of a necessity than a ‘nice to have’.
Automation and artificial intelligence (AI) have already made enormous changes to finance and accounting, as professionals look for ways to streamline processes and be more time and cost efficient.
According to a PwC study, half (50 per cent) of the companies surveyed accelerated their plans to adopt AI due to the pandemic, with 86 per cent claiming AI is already becoming their main form of tech.
AI eliminates human error, anomalies, and confusion – which is why over 50 per cent of C-suite executives in the industry expect to see development of automated accounting systems in 2022 and beyond. However, it’s important to note that experts don’t predict AI replacing human roles. Many functions and operations need human initiative and instinct, so AI should be viewed as supplementary rather than replacement.
If you’re considering a move into Finance & Accountancy or even Human Resources (HR) in 2022, get in touch. In the year of ‘new year, new me’, what better way to re-energise your career path than a new opportunity?