October 2024 – State of the Job Market: Accounting in Phoenix
Welcome to the October 2024 edition of the State of the Job Market: Accounting in Phoenix. In this issue, our founder, Bernadette Grattan, shares insights into how the accounting job market is performing in the Greater Phoenix area.
Recruiter’s Perspective:
The job market for Accounting & Finance professionals in Phoenix remains strong. Here are some trends we’ve observed:
- Layoffs in accounting have been minimal in the Phoenix area.
- Salary expectations remain high across the board.
- The Big 4 and public accounting firms are making layoffs; however, this is minimally affecting staff in Phoenix. They are also offering competitive compensation packages to retain staff.
- If you haven’t switched jobs in the past year or two, your salary is likely below the current market rate. (Let me know if you want to find out.)
- Employees are recording virtual calls on their phones. Please ensure you do lay-offs in person, not on Teams.
Unemployment Rate:
Our focus is on placing degreed professionals. In January 2024, the national unemployment rate for individuals with college degrees was 2.1%. As of September 2024, it stands at 2.3%.
These figures indicate near-full employment for degreed professionals.
Year-Over-Year Change in Median Annual Pay:
In Arizona, the median year-over-year pay increase was 4.8%.
The graph below shows that the gap between job stayers’ and job changers’ salary increases has narrowed. While counteroffers still occur, they are no longer as dramatic as they were in 2022, when candidates frequently received $10K–$15K raises to remain with their employers.
Final Thought:
CFOs and Controllers continue to be selective in their hiring decisions, prioritizing the right fit over simply filling positions. We can help you find the right candidate for your team.
If you have any questions about the job market, salaries, or hiring, please let me know.
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About The Resource Link
For almost two decades, The Resource Link has strategically placed Accounting, Finance, & Human Resource talent with some of the best companies in Arizona! We consult with our hiring managers and candidates to dive into the best solutions and outcomes and we provide advice and feedback along the way. Don’t hesitate to reach out to us with any questions or just pick up the phone! We would love to hear from you to help you build the best team or find the best career.
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