The Future of Finance Navigating the SMB Talent Revolution

What does the future hold for finance talent in the US? And how can your business thrive amidst changing finance talent trends?

This report examines the US finance talent landscape, highlighting the struggles SMBs face in hiring amidst an abundant candidate pool. It discusses new strategies for talent retention amid inflation and economic instability, which have inflated finance salaries and emphasized the need for specialized skills.

Technology, like AI and analytics, has spurred digital transformation, increasing demand for advanced analytics skills. The rising role of Chief Accounting Officers (CAOs) is freeing CFOs to focus on financial planning. The Inflation Reduction Act has further affected the industry, generating an estimated 32,000 jobs annually. The report concludes with strategies for finance talent management.

Executive summary

The current finance talent market in the US is undergoing a significant transformation driven by factors such as digitalization, remote work, and an increasing focus on sustainability and ESG factors. As of February 2023, there are approximately 6.68 million Americans employed in the finance and insurance industry, and over 374,000 finance industry jobs are available. Furthermore, the finance and insurance industry plays a crucial role in the US economy, contributing almost $2 trillion (about $6,200 per person in the US) or 7.78% of the total US GDP. Still, SMBs are struggling to find the right talent amidst a sea of candidates. This report provides an overview of the finance talent landscape in the US and emerging talent trends in the industry.

Key findings

  • The finance and insurance industry contributes almost $2 trillion (about $6,200 per person in the US) to the US GDP and plays a crucial role in the US economy, but SMBs are struggling to find the right talent amidst a sea of candidates
  • Employers are adopting new strategies to attract and retain finance talent, with talent retention identified as a major concern by 68.90% of hiring managers
  • Additionally, there is an urgent need for reskilling in the finance industry jobs as emerging technologies become more prevalent
  • At a Glance Current Finance Talent Landscape in the US 82% of CFOs see acquiring and retaining key talent as crucial for growth 51% of Chief Accounting Officers are looking to automate the mundane tasks with cloud based

Who this is for

This report is for CFOs and finance leaders, and mid-market business leaders.

Download the full report: The Future of Finance Navigating the SMB Talent Revolution (PDF)

Published by ValueXPA — finance partner for $30–150M industrial manufacturers across the US, Australia, and India. Browse more research at valuexpa.com/insights.