As international borders reopened with the stabilisation of the Covid-19 pandemic, many companies resumed major expansion and investment plans in 2022. This led to a talent war as many organisations competed to secure the best talent across all markets, according to Melvin Yong, Senior Manager of Accounting & Finance, Robert Walters Malaysia.
Read on as Melvin shares his expectations of the labour market and hiring trends for accounting and finance professionals in 2023.
Business continuity, hybrid roles, and collaboration as key
With companies recognising the importance of business continuity plans amid crises, a lot of focus will be placed on hiring for roles related to risk management, compliance, and business continuity planning in 2023.
“Hybrid roles combining finance and IT will be highly sought after, as organisations have recognised the value of collaboration for greater output and productivity,” shares Melvin. In finance shared services, there will be demand for professionals proficient in master data who are also eloquent in foreign languages such as Vietnamese, Japanese, Thai, and Korean.
Melvin explains that demand for finance business partners in Financial Planning & Analysis (FP&A) roles will remain high, as it is very important to have solid finance business partnering abilities to communicate and support other departments effectively.
Ultimately, an agile mindset is essential for both senior management and new employees in every organisation. “As younger employees would form a major part of the business, senior management would also need to play their part in adapting to a new and younger workforce,” says Melvin.
Advice on retaining talent
Periodic one-on-one sessions are a helpful platform for line managers to better know their teams to build stronger relationships and retain talent.
Melvin shares that it is important for line managers to understand what their employees are looking for in their careers and in their personal lives. He suggests that periodic one-on-one sessions are a helpful platform for line managers to better know their teams. While he believes there is “nothing significantly wrong” with quiet quitting, it becomes a problem for the growth and vision of companies when quiet quitting becomes a company culture.
“Candidates who are switching jobs will be considering company prospects, career progression, compensation, culture, and workplace arrangements. In attracting talent, companies will also need to improve the interviewing and onboarding experience of new joiners,” says Melvin.
Increments expected across all positions in finance
Melvin believes there will be increments across all industries in finance for job movers, with 15-20% being the average increment rates in 2023.
“Salary increments can increase to up to 30% if employers want to attract passive or niche talent,” he adds.
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