Hiring in Accounting and Finance: Business-oriented talent stand out in competitive hiring market
Against a backdrop of the COVID-19 pandemic, the war for Accounting and Finance talent continued in 2022 across all of Vietnam’s industries.
“Manufacturing and logistics companies in Vietnam extended themselves to fulfil the surge in demand for export goods to the US and Europe. The tech industry meanwhile remained hot over the past year as well,” recounts Silvia Quirino, Manager at Robert Walters Vietnam. Noting that Vietnam has exceeded USD 14 billion in foreign direct investments coming from 84 countries and territories, Silvia states that there has been keen economic focus on areas like manufacturing, real estate, science and technology. She remarks, “Although Vietnam is still considered a frontier market, it has shown itself to be an attractive investment destination.”
This rapid pace of economic growth has not been matched by the supply of talent. “This is a highly candidate-driven market, even with the increase in overseas Vietnamese and young workers. Companies however can still be quite selective; preferring candidates from the same industry and function, or demanding qualified candidates when the talent pool is small,” Silvia notes.
“Accounting and finance candidates have developed a reputation for job hopping in recent years but companies increasingly prioritise internal transfers or promoting from within for senior positions. The generational gap between candidates and hiring managers, and fixed perceptions that candidates may have about different companies and industries, have also presented additional hiring challenges,” explains Silvia.
Read on to find out more about Silvia’s expectations of Vietnam’s labour market and hiring trends for Accounting and Finance professionals in 2023.
Company size matters
Across all industries, Silvia points out that companies are looking for business-oriented candidates. However, small and mid-sized organisations tend to seek out generalists, who can manage all aspects of their function end-to-end. Bigger companies, on the other hand, will focus more on finding candidates who are specialists.
Business-minded candidates will be highly sought after
As part of the demand for business-oriented candidates, prospects in 2023 are bright for job seekers who possess strong business partnering skills and a keen business acumen. Other skill sets in demand are those relating to International Financial Reporting Standards (IFRS) and accounting, with a special emphasis on costing for manufacturing companies.
Popular roles in 2023 will include finance business partners, financial controllers, accountants, chief accountants, and those within the financial planning and analysis (FP&A) function.
Secure winning talent fast
Delving into candidate motivations in 2023, Silvia explains that candidates seek out new opportunities for a variety of reasons. “Often there is simply a better opportunity elsewhere that provides more in wages, growth or room for development that pushes professionals to make the move. Some seek out new environments for a change, work-life balance or for a better culture fit. Others switch into trendy industries like technology or consumer sectors, or grab opportunities to step into leadership roles,” she relates.
Companies should thus take a well-rounded approach to recruitment to secure prized talents. “Start off strong by building a positive reputation and employer branding in the market. Attract candidates by promoting a good work culture and pathways for growth,” advises Silvia.
A pleasant interview experience is also crucial. “Act fast and leave a favourable impression at the first point of contact. Always follow up promptly and keep the entire recruitment process short. Stay in touch with your interviewees because although they may not be the right fit now, they could be a great candidate for other opportunities down the line,” shares Silvia, who adds that competitive compensation and benefits are also an important factor.
“Working with the right recruitment partner can ensure you are fully supported in these efforts,” concludes Silvia.
Salaries remain stable, boost in benefits
“In 2023, salaries are expected to remain around present levels. However, companies will provide more benefits – monetary or otherwise – like remote work arrangements,” Silvia highlights.
Find out more
Request access to our 2023 Salary Survey to benchmark salaries and to find out more about the latest hiring trends for Accounting and Finance professionals in Vietnam.