Finance & Accounting Market Insights: What Controllers and CFOs Need to Know

What’s the scoop in the finance and accounting job market right now? Let’s just say it’s not exactly business as usual. We’re seeing a few twists and turns that have left even the most seasoned pros doing a double-take. If you’re a controller or CFO, you’re probably wondering: should you go the consultant route or bring on a full-time hire? And how do you actually find top-notch talent in a market that’s, well, a little unpredictable?

To get to the bottom of it, we turned to Delena Spencer, VP of Finance and Accounting Recruiting at Cox Consulting Network. She’s sharing insights on what’s happening out there, and trust us, there’s plenty to cover.

What’s the Hiring Market Like These Days?

Despite a relatively strong job market, there’s still a labor shortage, which means more job openings than there are people ready to fill them. The unemployment rate has stayed under 4% for over two years, and while openings are still high, they’ve recently hit a three-year low.

So what’s going on? Big companies, especially in tech, went on a hiring spree during the pandemic. Now, some of them are scaling back or even considering layoffs. The market’s leveling out a bit, so don’t expect to find a job the second you put in your notice.

But here’s the twist: while the tech giants are cooling their jets, small businesses are heating up. Industries like hospitality, dining, and entertainment are bouncing back in a big way, and small businesses are taking advantage of the moment to fill roles they’ve been holding off on. And if you’re in manufacturing? Buckle up—it’s been booming, thanks to recent infrastructure projects.

Consultant or Full-Time Hire? Let’s Break It Down

With all this uncertainty, many companies are still hiring but leaning toward consultants. It’s a move that offers flexibility, especially when long-term growth or market conditions aren’t exactly predictable.

When the future looks a little murky, bringing in a consultant can be a safe way to test the waters without fully committing to a permanent position. Delena notes, “Consultants allow for more flexibility and can be the right call when you’re not sure what the future holds.” Think of them as the financial pros who can swoop in, steady the ship, and give you room to breathe.

What Level of Talent Does Your Team Really Need?

Budget constraints? Limited hiring? Welcome to the club. This might be the moment to ask yourself: what level of expertise does this role truly require? It’s easy to get swept up in the idea that every role needs a senior pro with a laundry list of credentials. But sometimes, it pays to look twice at what you actually need.

Delena’s take: “I often see companies over-hiring, aiming for the same unicorn candidate that everyone else wants.” Instead, consider this—could a less experienced candidate still get the job done well? It’s worth noting that many hiring managers tend to go for senior talent under the assumption they’ll stick around longer, but these folks might be eyeing retirement or aren’t as invested in growth. Meanwhile, fresh talent may have more staying power and growth potential.

Delena adds, “I can’t tell you how many times we’ve found a candidate that a company wouldn’t have considered on their own, and it ends up being exactly what they needed.” That’s the beauty of working with an experienced recruiter—they see beyond the resume and understand the true potential of each candidate.

Tips for Finding Top Talent Right Now

It’s a wild market out there, but with a little flexibility and patience, you can still find the best people for your team. Here are some insider tips from Delena on what’s working right now:

• Be open to remote work: Let’s face it—going remote can give you access to better talent at a lower cost. More flexibility here means a wider pool of candidates and a better shot at landing the right fit.
• Be patient: Quality talent is out there, but it may take longer to find them than usual. Resist the urge to settle; the right person is worth the wait.
• Offer competitive compensation: This one’s huge. Compensation expectations are evolving, and staying in the loop with current trends is crucial. Working with a partner like Cox Consulting Network can help you navigate these waters, so you’re not caught off guard by market shifts.

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