Despite the economic downturn, employers are finding it difficult to retain talents in accounting and finance.
According to a survey conducted by recruitment specialist company Robert Half, 80% of Singaporean employers fear losing employees in accounting and finance, and have implemented various measures to encourage them to stick to their jobs. These include redistributing workload, increasing communication between managers and staff, postponing projects and starting new work-life balance initiatives.
80% of respondents felt that the current economic condition has taken a toll on finance departments, citing heavier workload, more stress and lower morale, due to an increase of turnover rate to 18%.
“Accounting and finance are core business functions vital to an organisation’s success, and amid the ongoing economic crisis, companies both globally and in Singapore are relying more heavily on these professionals to help them identify cost efficiencies and optimise expenses,” said Mr Tim Hird, Managing Director, Robert Half Singapore.
The survey gauges international hiring trends in accounting and finance across in 22 countries including Japan, Australia and Hong Kong. 4,830 human resources and finance managers participated and 179 respondents were from Singapore.
If you are seeking to land a job in the accounting or finance sector, the industry looks out for regulatory and compliance expertise which continues to remain the most sought after quality. The survey showed 70% of employers ranking skill as the top factor. 59% of employers also value candidates who have experience and knowledge of industries they are dealing with.
“Companies are still hiring, albeit selectively and at a more cautious pace. The talent shortage in the financial management function represents a renewed emphasis in cost management and control .The selection criteria have become increasingly stringent and companies are now looking out for candidates with the best mix of experience, technical abilities, regulatory knowledge as well as a comprehensive understanding of the industry,” concludes Mr Hird.