For many years, Denver professionals in accounting and finance have heard two mantras:
- The Denver market is strong.
- Accountants are in high demand.
Amid news of a 2023 recession and an obvious slowdown across many industries, are these two things still true? Here are some of the hiring trends that TGRP Solutions’ recruiting team is seeing as we start off a new year:
Permanent placement is holding steady. We’re just one month into 2023, but our recruiters are noticing that many companies are still looking to hire solid talent, albeit at a slower pace than in 2021 and 2022. The global accounting shortage is certainly still a factor, as is the uncertainty in many industries. But for talented, hardworking professionals with great work history, there are still excellent career options, and plenty of accounting jobs and finance jobs.
There are more people working contract and more companies leaning on contractors to fill gaps. Companies seem to be engaging short-term contractors in accounting to achieve their objectives, even if they are not hiring permanent employees. We’re also seeing more people interested in long-term contract work. And luckily for those people, there are plenty of companies in Denver hiring contractors for accounting and finance projects.
Even amid tech layoffs, the country’s job market remains strong. Even though some companies might have over hired during the pandemic and cooled their hiring in 2023, the job market remains very strong. The U.S. Bureau of Labor Statistics issued a news release on February 3 stating that the country added 517,000 jobs in January 2023, led by industries including leisure and hospitality, and professional and business services, which presumably includes accounting jobs.
The Denver market remains strong. Our recent blog summarizing parts of CU Boulder’s Business Economic Outlook: 2023 report offers plenty of positive signs on the outlook of Denver’s job market. Compared to some of the nation’s biggest layoffs (think Google, Microsoft and IBM), recent layoff announcements in Denver thankfully affect hundreds rather than thousands of workers.
Salaries are staying competitive. In 2021 and 2022 at TGRP Solutions, we saw skyrocketing salaries. To secure top talent in a high demand market, employers in Denver were willing to offer candidates large pay increases from their prior roles. Salaries are still remaining steady in the Denver market, but we don’t expect them to jump as much in 2023 as they have the past two years.
Some types of candidates are still in high demand. TGRP clients in Denver continue to seek candidates with Big 4 public accounting experience that helped them broaden their knowledge of various types of companies. This skill set is often in demand, but we’re also seeing that companies recognize what a competitive Denver jobs hiring landscape they are in. Companies that are more flexible on background requirements will find they are able to fill their open accounting and finance jobs sooner than those without any flexibility.
Fully remote opportunities are not as prevalent in accounting. Almost three years ago, news headlines proclaimed that remote work was here to stay forever. Remote work has transformed many industries without question, but what we see in accounting and finance in Denver is that many companies have transitioned back to an in-person environment. Some companies do still offer flexibility, however, and realize that many employees want to work 100% remotely and are settling on a hybrid work environment as an acceptable compromise.
If you’re a company looking to hire accounting professionals on a permanent or contract basis, or if you are a candidate looking for a new accounting or finance position, TGRP Solutions can help. Contact our team to discuss what we’re seeing in the Denver job market (from both a company and a candidate standpoint).