Demand for skilled accounting employees is increasing in 2024 however, there's still significant competition in the market among candidates in this industry. Faced with a complex economic landscape, employers are limited in the opportunities they can offer.
If you want to optimise your chances of getting the ideal role this year, you must demonstrate the skills employers are searching for.
It's not just technical skills that recruiters prioritise today, but a range of soft skills too, from exceptional communication to resilience.
To ensure you can stay relevant in the current recruitment market, we're exploring the most important hard and soft skills you should concentrate on as you invest in professional development for 2024 and beyond.
The Value of Hard Skills in 2024
Hard skills, or "technical skills", are the quantifiable abilities that most recruiters will look at when reviewing your application for an accounting role. They're the competencies you need to accomplish the responsibilities and tasks of a specific job.
Hard skills result from the knowledge, training, and experience you've gained throughout your career.
Unfortunately, the hard skill requirements for many roles evolve all the time. Employees need to quickly adapt to new systems, tools, and processes that didn't exist in the past.
The key to defining which hard skills you need to develop in your accounting role is to examine industry trends and job descriptions in your sector.
Look at things like:
Relevant qualifications: Most employers in the accounting landscape will look for evidence of your abilities through credentials, including certifications, degrees, demonstration of continuing professional development portfolios, or attending courses.
Proficiency with specific tools: All industries, including the accounting sector, rely on specific tools like hardware and software. Ensure you know the resources your chosen business uses daily, such as accounting or design software.
Hard communication skills: Hard communication skills combine soft communication skills with new technologies and business goals. They can include skills in digital communication, copywriting, reading, writing, and speaking in a non-native language.
Transferable hard skills: Some hard skills are becoming relevant in all industries. Project management skills, proficiency with data analysis, and even management or leadership skills can be valuable to various accounting roles.
Digital Literacy: The Non-Negotiable Skill Set
Perhaps the most significant hard skills employers require today align with "digital literacy". As mentioned above, virtually every company is in the midst of a continuous digital transformation process.
Your ability to use and adapt to new technology will make you a valuable resource to your employer, even if you're not pursuing a tech-related role.
The specific digital skills you need will vary depending on your role, but they may include:
Data analysis: Understanding and interpreting data is valuable in any role, as it improves your problem-solving capabilities. Using tools like Excel and SQL to manage and visualise data will make you a highly appealing candidate.
Software proficiency: As noted above, most roles require employees to use specific software to accomplish tasks. This could include project management, calendaring, team collaboration apps, or specific design or data processing solutions.
A.I. proficiency: Artificial Intelligence is here to stay in all industries. Learning how to work with generative A.I. applications and bots or use intelligence to optimise and learn from data or business trends is a must in today's world.
Cybersecurity: As digital threats continue escalating in the accounting landscape, your ability to safely work with tools and data is paramount. Ensure you have a basic knowledge of protecting your online accounts and avoid scam and phishing attacks.
Cloud computing: Cloud computing has transformed how businesses operate, offering access to scalable resources over the internet. A fundamental knowledge of cloud computing best practices will help you to thrive in today's digital world.
Soft Skills: The Unseen Backbone of Professionalism
Soft skills have always been essential to any role in the accounting industry. In today's digitally transforming world, however, they're more crucial than ever. Fast Company reports that employers increasingly value "soft skills" over hard skills.
Soft skills refer to character traits and interpersonal skills that characterise a person's ability to interact effectively with colleagues.
The combination of both soft and hard skills and knowledge results in an employee who has the potential to contribute and perform at a higher level than peers who are less skilled in one or both areas.
Some soft skills, such as collaborating well with colleagues, have always been essential. Others have grown more crucial in recent years.
In 2024, businesses will be looking for staff members that show skills with:
Creative problem solving: The ability to look at an issue from various perspectives and develop creative resolutions.
Every business faces problems, and your ability to respond effectively will make you a valuable asset.
Adaptability and resilience: As the world continues to evolve at a break-neck speed, resilience and adaptability are becoming more crucial.
You'll be a better employee if you can manage change effectively and stay strong in the face of stress and challenges.
Commitment to continuous learning: According to the World Economic Forum, 44% of employees' core skills will change in the next five years. A commitment to lifelong learning and development ensures you can adapt to the changing landscape.
Motivation and self-management: The ability to act independently and maintain high motivation is crucial today.
An ability to manage your own time and stay focused will make you more efficient in your role and inspire the teams around you.
Emotional intelligence: Emotional intelligence, defined as the ability to recognise and respond effectively to your emotions and the feelings of people around you, will help you contribute to a positive company culture.
Communication Skills: Your Career Amplifier
In essential accountancy soft skills, communicating effectively is perhaps the most valuable thing today's employers are looking for. Excellent communication has always been necessary to ensure a thriving company culture.
However, in today's hybrid and remote work world, fantastic communication skills are particularly crucial with changing collaboration strategies and evolving worldwide teams.
Strong communication skills are pivotal to working effectively with others, communicating with customers and clients, and thriving in your role.
Grammarly found that poor communication in the workplace can lead to a range of problems, from increased stress levels for 50% of workers to a 15% drop in productivity.
Assess your communication skills and focus on improving:
Verbal communication skills: The ability to speak clearly, using your knowledge of a situation, and emotional intelligence to your advantage.
Visual communication skills: Your ability to use graphs, charts, and maps when necessary to add context to a statement or guide other team members.
Digital communication skills: Leveraging various communication tools for online calls, messaging, and video conferencing sessions.
Frequently ask for feedback from your peers, managers, and supervisors to help you pinpoint potential gaps in your ability to communicate.
Integrating and Balancing Skill Sets
Success in today's competitive accounting landscape relies on your ability to cultivate and constantly improve a wide selection of hard, soft, and digital competencies. You need a plan for constant personal development and growth to improve your chances of getting the desired role and achieving your career goals.
Committing to constantly expanding your skills based on the trends you see in your industry and your employer's core objectives will help elevate your professional brand and improve your chances of accessing new opportunities in the accounting space.
By embracing a growth mindset and investing in lifelong learning, you'll always be in a position where you stand out among other experienced candidates in the accounting industry.
Hedley Scott Recruitment offer complimentary and confidential career conversations. Contact one of our team here.