Several economic factors are significantly impacting the hiring and retention practices for key finance and accounting personnel in every industry. However, many successful middle market companies are counteracting these challenges by leveraging outsourcing strategies to gain efficiency, overcome staffing difficulties and better manage costs.
A significant shift is currently occurring with some economic indicators, as demonstrated in the recent RSM US Middle Market Business Index. Salaries are expected to rise in the next year, with hiring increasing and unemployment subsequently falling. With these challenges in mind, competition for talent is rising, and middle market organizations will face numerous risks when looking to attract and retain skilled finance and accounting personnel.
Middle market organizations require several unique characteristics and skill sets to effectively manage the finance and accounting function. These include:
- The right systems and technology environment, as well as the clerical ability to turn data into actionable information
- Effective management to understand industry regulations to accurately record and report information
- Resources to make strategic decisions for budgeting, forecasting and spending
- Tax strategy and technical accounting compliance knowledge to organize financial and management reporting within the organization