Is it a Good Time to Find a New Finance Job?

Is it a good time to find a new finance job?

Is 2023 a good time to find a new finance job? It may be the perfect time to make a move, despite current market conditions.

I recently chatted with a great candidate after they received a job offer. In the new role, their commute would be halved, the benefits were good, the title was right, it was an interesting role, and the compensation was a significant increase on their current salary. The candidate spoke to friends and family and ultimately turned down the offer. I couldn’t understand why, but their close network all told them it wasn’t a good time to make a move.

There’s a myth that’s still floating around that says last one in, first one out. My decade of recruitment experience says it’s simply not true. Bring value and you will be valued.

Here’s another thing. I speak to CFO and finance leaders from fast growing companies and great finance and accounting candidates working at strong Canadian companies everyday – ALL day. The truth is, none of them are restructuring their finance and accounting teams and most of them are hiring.

But what about all the layoffs you’re seeing?

Yes, the media is talking about layoffs, big layoffs, lots of layoffs. It’s all we’re seeing on LinkedIn. But the biggest layoffs are happening in bigger tech companies. Companies with lots of capital that over-hired during the pandemic. They’re not really cutting jobs and reducing headcount, rather they’re cutting the inflated head counts and right-sizing. In fact, national unemployment rate held steady at 5.0 per cent in December 2022.

The small, medium-sized Canadian companies we work with are frustrated because they’re having trouble hiring good finance and accounting professionals. Nobody is even applying.

This is a great opportunity to make a move. It is still a candidate’s market. 

So how should you make this decision about your next finance or accounting role?

1. 1. Be honest about what you want. Are you looking to move from a reporting role to FP&A? Now might be the perfect time. A candidate shortage means that companies are willing to put in more training for great talent.
   2. Do your research and ask questions. Interviews are a two-way conversation. It is an opportunity for you to learn about a business and find out if it’s for you:
      1. Ask about their plans to navigate the recession
      2. Find out if they paid bonuses last year
      3. Ask if they’ve made layoffs or are planning any this quarter
      4. Ask about promotions and growth opportunities
   3. Talk to people at the company you’re considering. Not sure if a company is for you? Ask to speak to team members and hear what they have to say.
   4. Look into recession-proof industries. While there are still opportunities in finance and accounting at tech companies, we’re seeing the most growth in food manufacturing, CPG, utilities and green energy. These companies are less impacted by current marketing conditions and many can’t hire fast enough.  

So, should you make a move to a new finance job this year? I honestly don’t know. You have to decide if it’s the right role and right time for you personally. Are there great roles available and growth opportunities at fast-growing Canadian companies for talented finance professionals? Absolutely! You can check out our open roles here.

Even if you’re not ready to make a move, we’d love to help you think through your career progression.