In hiring for finance specialist roles that require skills involving AI implementation, ESG reporting, and financial compliance, Australian employers are adopting a strategic approach while exercising caution. Thanks to the research findings of the professional services firm, Robert Half, this has now become a trend.

The hiring scenario in Australia reflects a traditionally low unemployment rate, accompanied by a steady drop in advertisements. In other words, the current economic state of the country has compelled organizations to implement cost-cutting measures as far as hiring decisions are concerned.

The hiring scenario is being referred to as the ‘big slow’ as per the findings of Robert Half’s research. Essentially, the term indicates that while organizations agree on the requirement for niche talent, they navigate carefully and are more comfortable waiting for budgets to be approved or a sign-off from the board before proceeding further. As always, cost factors take precedence over everything else.

Today, employers are looking for skilled candidates in critical financial roles involving financial reporting, budgeting, and invoicing, while also searching for those proficient in deploying AI technologies for increased operational effectiveness and capability in the long run.

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With the roll-out of a federal mandate in January this year, Australian businesses were required to comply with more stringent disclosure and sustainability reporting requirements. As a result, ESG reporting has become an important consideration in terms of hiring priorities. A mixture of permanent and contract hires is being used to meet pressing operational requirements and look into the long-term evolution of the workforce. Critical areas such as cost optimization, AI implementation, and core financial reporting are being reserved for permanent employees; on the other hand, jobs like budgeting, invoicing, and data analysis are being set aside for contractual employees.

Employers aim to put together permanent teams that augment financial integrity while ensuring that organizations have the requisite manpower to meet market demands in the future. So, despite exercising economic caution for a short period, organizations are exhibiting a long-term investment mindset.

Also Read: How AI Could Be The Key To ESG Working

In the end, finance and accounting hiring managers acknowledge the challenges in hiring and retaining the right kind of talent while attributing some of the core issues to the following:

• Little industry experience (29%)
• High expectations in terms of remuneration (32%)
• Competition from multiple employers (28%)
• Low level of technical and soft skills (28%)
• Lack of the requisite qualifications (25%)

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Source: SIA