Brewer Morris insights: navigating the evolving job market
Recent data suggests a cooling in the tax and senior finance job market, but contrary to expectations, our workload at Brewer Morris is intensifying. In a tricky hiring market like this, recruiters must exert more effort to identify the ideal candidate for our clients. Companies and hiring managers, aware of tight budgets and limited resources, are becoming more selective and deliberate in their hiring processes.
This trend is not unique to our industry but reflects the broader job market dynamics.
Two years ago, the urgency to secure talent led to quicker hiring decisions, even if only half of the desired qualifications were met. Today, candidates must meet at least 80% of the criteria to be considered for an interview. This shift is typical during periods of hiring slowdowns or economic uncertainty, akin to how consumer spending adjusts when financial concerns arise.
Key tax, treasury and senior finance recruitment trends we’re observing
Sandhya and Wayne both brought up the importance of effective communication especially when it comes to such a technical topic as tax.
- Decreased interest in signing bonuses and perks
- Lowered enthusiasm for out-of-state candidates
- Prolonged hiring and decision-making processes
- Reduction in significant pay increases
- Enhanced due diligence in hiring (e.g. reference checks, assessments)
- Greater emphasis on hard and soft skills and cultural fit
Interestingly, the impact of in-person versus remote work remains unclear. There is a gradual push to bring employees back to the office, and it will be intriguing to see how changing power dynamics influence this trend.
US market specific observations
We estimate a 20-30% decline in tax hiring in Colorado, mirroring national trends. However, the impact varies by region. The tech sector, particularly in Northern California and Seattle, is experiencing significant hiring challenges. Conversely, markets with diverse industry bases are faring better. Public accounting hiring has also dipped slightly, but high turnover rates in the profession ensure a consistent demand for talent at all levels.
Preparing for your tax, treasury or senior finance job change
If you’re contemplating a job change, anticipate a longer process, especially for senior positions. In this business-led market, businesses have the pick of the talent. In order to standout from the crowd, you must be well-prepared:
- Polish your resume
- Refine your interview skills
- Gather references
- Remember to leverage your network, including recruiters.
Brewer Morris is here to support you on your job search
Our team is always ready to assist, whether it’s reviewing your resume, advising on salary expectations, or keeping an eye out for your next career opportunity. Many job changes occur through networking rather than formal job postings.
In the coming months, we will discuss recent changes in industry and public accounting tax groups and current salary trends. For now, enjoy the remainder of the summer. With significant deadlines approaching, we know some of you are looking forward to a well-deserved break in late October.
At Brewer Morris we work with a broad range of businesses, from disruptive start-ups through to Fortune 500 companies. If you are looking for new opportunity, check out our latest listings.
Alternatively, if you are looking to recruit for your tax, treasury or senior finance team, please submit a brief and a member of our team will be in touch.
