This financial year has seen many challenges amidst geopolitical shifts, economic transformations, and rapid technological advancements. There is, however, a renewed optimism for economic stability. Australian business leaders are meeting high inflation, a tight labour market, and political changes with innovative solutions.

By upskilling workers, optimising operations, and strategically investing in capital and technology, businesses in the finance, accounting and ESG sectors are setting the stage for economic expansion. These sectors are expected to remain resilient, offering steady job opportunities and competitive wage growth.

In this article, we highlight the current state of employment in Australia, provide our salary guide for 2024-2025, and share tips to stand out in the talent search.

 

Download our 2024-25 Finance, Accounting, and ESG Salary Guide here

 

Resilience in Australia’s labour market

 The Australian Bureau of Statistics (ABS) reports a 4.1% annual wage growth in the private sector. This is slightly down from 4.2% in late 2023. Public sector wages grew by 3.8% in early 2024, lower than the previous quarter but higher than the same time last year. These trends reflect the adaptability and resilience of the Australian labour market despite economic challenges.

According to Mark Thirlwell, Chief Economist at Australian Institute of Company Directors, the latest set of Labour Force numbers offers a story of ongoing resilience. “All up, a pretty impressive set of results in the face of slowing growth, high interest rates and softer business and consumer confidence.”

The gender pay gap

 The Workplace Gender Equality Agency reports that Australia’s national gender pay gap is 12%, with men earning significantly more than women. In November 2023, average weekly earnings were $1982.80 for men and $1744.80 for women, translating to an annual gap of $12,376. The gap is wider in the private sector (14.8%) compared to the public sector (10.4%), highlighting the need for targeted efforts to promote pay equity.

Emerging skills and market trends

We spoke with several of our team members to identify the following key trends, which are shaping the Finance, Accounting and ESG sectors:

• Increased demand: FP&A Business Partners are increasingly sought after in non-profits for their budgeting and forecasting skills. Similarly, the rise in Tax Treasury Accountant roles highlights the need for specialised skills due to stringent reporting requirements.
• Skills in demand: Leadership, business partnering, and influencing are top skills in demand. Soft skills and personal attributes are crucial.
• Market softening: There has been a noticeable softening of activity at the senior level, suggesting a potential slowdown in hiring or a shift in market dynamics.
• Technological advancements and outsourcing: Roles like Shared Service Managers and Payroll Managers are increasingly influenced by automation, AI, and cloud computing. There is also a trend towards offshoring and outsourcing, impacting required skills.
• Role and responsibility influence on salary: Salaries for finance and accounting roles vary significantly based on the specific responsibilities of the role. For instance, positions like FP&A Manager, Audit/Compliance Manager, and Tax Treasury Manager show wide salary ranges influenced by their complex responsibilities and the company’s operational needs.
• Company size and location impact: Larger companies and those in major cities tend to offer higher salaries. This trend is observed across multiple roles, such as Financial Controllers, where higher salaries are noted for ASX-listed organisations.
• High compensation for senior roles: Senior roles, such as Head of Tax Treasury, Head of FP&A, and Group Financial Controller, offer significantly higher salaries. These roles often carry dual responsibilities and are crucial for strategic decision-making, thus commanding higher pay.

I have witnessed economic cycles over the past 35 years, and it is important to keep in mind that there are always good opportunities — the job market always jumps back quickly. Value yourself and your experience. Any organisation would be lucky to have you.

– Stephen Moir, Director

Overcoming recent slowdowns in ESG roles

 According to Lisa Tracy, our ESG Division Manager, several factors have contributed to a recent slowdown in ESG roles:

• Overcapacity in ESG teams: A post-pandemic hiring surge led to saturation in ESG departments.
• Sustainability under CFOs: Increased funding paired with short-term cost-cutting impacted long-term ESG strategies and hiring.
• Analysis paralysis: New reporting requirements integrated into existing roles delayed new hires, with much outsourced to consulting firms.

Despite these challenges, the ESG job market shows renewed momentum. This is driven by mandatory climate-related financial disclosures and a growing need for diverse skill sets to address complex sustainability challenges effectively.

She has also witnessed the following skills in high demand for ESG professionals:

• Strong industry understanding, including impact measurement models
• Ability to speak the language of investment banking
• ESG/SRI/Responsible Investment experience
• Ability to engage and influence key leaders
• Adeptness at cross-organisational collaboration, and expertise that extends well beyond functional silos

Technological advancements shaping the future

Artificial intelligence (AI) and advancements in technology are profoundly shaping roles in finance, accounting, and ESG. In finance, AI-driven analytics and machine learning enhance decision-making processes, risk assessment, and fraud detection. In accounting, automation tools streamline routine tasks like bookkeeping and payroll, allowing professionals to focus on strategic advisory roles. For ESG, AI is used for sustainability reporting, impact assessment, and compliance monitoring, driving more accurate and efficient outcomes.

Following a recent finance executive business breakfast, we noted the following key insights:

• Start Capturing Data Now: It’s essential to begin capturing data today to prepare for the future. Unfortunately, technology is lagging behind, making this a significant challenge. For smaller organisations, BCorp certification offers a valuable framework to help get started.
• ESG Focus Driven by Necessity: Many organisations are currently prioritising ESG initiatives primarily out of necessity. Access to capital will be increasingly difficult for those that do not emphasise this area.

Stand out in the talent search

If you are a business looking for top professionals, you know the competition can be fierce. Here are some ways you can stand out:

• Pinpoint the specific skills and experience needed for the role. Consider if the right personality and attributes can compensate for any skill gaps that can be learned.
• Showcase what makes your workplace exceptional beyond just salary and benefits.
• The recruitment process can be frustrating for candidates. Effective engagement and clear communication can set you apart.
• Utilise the expertise of a recruitment firm like Moir Group. We have an in-depth understanding of the finance, accounting and ESG markets and a history of successful placements.

Final words

If you are looking to negotiate your salary, take a look at the tips in this article. Remember to value yourself, come to the conversation with evidence and to have confidence.

If you would like further support, information, or resources on this topic, please contact us.

If you have any recruitment needs in your team on a permanent or a temporary basis we would be delighted to assist.

Moir Group is a specialist finance, accounting and ESG recruitment company. We cover temporary and permanent roles from Assistant Accountant to CFO level. We also recruit Sustainability / ESG Manager roles to Chief Sustainability Officer roles across all industry sectors.