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Hiring across accountancy was down 40.8% on the five-year average between 2019/23, new data from Vacancysoft and Robert Walters has revealed.
The data confirms that accountancy was one of the hardest hit sectors in 2023 for vacancy activity, with many of the Big Four announcing pay freezes or job cuts.
In total, last January saw vacancies posted by the Big Four drop by 74.9% compared with the same month last year.
According to the data, January also had 20% less job openings within accounting than in January 2023, due to the impact of high inflation and continued layoffs as a result of post-pandemic over-hiring.
In addition, the pandemic saw a “skills crisis” begin in 2022, which led to a decline in skilled candidates and firms having to turn away work due to said skills gap.
Chris Eldridge, CEO of Robert Walters UK, said: “The skills-shortage of 2022 led to a talent scarcity, which meant many accountancy firms were ramping up their hiring to compete for in-demand talent. However, the tide changed in 2023 – as demand for many services dwindled accountancy firms, including the Big Four – had to start cutting back.
“The numbers we are seeing at the moment are in no way representative of the sector as a whole – instead, they reflect companies looking internally, promoting and training from within, rather than adding to their headcounts in the wake of such a tumultuous year.”
Despite a lukewarm start to the year, in comparison to pre-pandemic numbers the hiring market is showing signs of bouncing back with over 25,000 new jobs posted online across professional services over January. This spells an increase of 7% from January 2019.
