Female representation absent despite vacancies, data finds
Women are continuing to be overlooked for top accounting and finance jobs even though one in seven CFO positions are currently vacant, according to a Randstad analysis.
With 15 per cent of CFO positions now available, it is now the most in-demand job in the accounting and finance sector.
Director of professional talent at Randstad Jo Jakobs said a capable and efficient CFO is required for a business to achieve a positive change in growth.
“A strong CFO is increasingly essential for securing capital and steering businesses towards growth in the current market- a trend we expect to continue into 2025 and beyond,” she said.
As CFOs are a crucial position in companies that are needed to facilitate growth, Randstad has predicted the job growth rate will increase to 7.9 per cent over the next five years.
Although there is high demand for these vacant CFO positions to be filled, women only hold 29 per cent of CFO roles in Australia, according to the data.
In the accounting and finance sector, women commonly work in payroll and accounts positions and are overlooked for more advanced senior roles such as CFO.
In the industry, women make up 84 per cent of senior payroll officers, 79 per cent of accounts receivable officers and 72 per cent of accounts officers.
These particular positions offer a salary between $60,000 to $120,000, which is a considerable difference to the salary of a CFO which sits between $170,000 to $300,000 a year.
Jakobs believes eligible women need to be considered for the increasingly vacant CFO positions, as they make up 43 per cent of industry professionals.
“Despite this growing demand, women are still being overlooked for these roles,” Jakobs said.
“Yes, female representation at the exec level is growing, but it’s growing off a low base and remains low as a result. Whilst organisations recognise the benefits of improving gender representation, including improved business performance, there’s still a lot more to be done on this playing field.”
Randstad revealed there are countless roles within the accounting and finance sector also experiencing a high vacancy rate.
The second highest vacant position after a 15 per cent CFO vacancy is an accounts receivable officer, which has a 10.8 per cent vacancy rate. This is then followed by a finance business partner with 9.8 per cent vacancy.
In addition to this sector experiencing rising vacancy rates as well as little female representation in higher-paying roles, the sector also faces significant retention challenges.
The average tenure for professional senior roles sits at a low of 1 to 1.5 years, compared to the national average of 3.3 years.
It is usually expected for senior positions to see longer tenures, however, Randstad has found a CFO position is still only filled for an average of 2.8 years.
This reinforces the push for women to fill these roles as it is crucial for businesses to keep the role filled for a significant period, to see substantial growth and increase profits.
Within the analysis, it was also outlined workers in the accounting and finance sector struggle to find a satisfying work/life balance.
It was found that 57 per cent of professionals work 40–50 hours a week, with 16 per cent exceeding 50 hours.
Furthermore, only 15 per cent of roles within the sector offer the ability to work from home, which adds to the lack of a work/life balance.
This is a concern for the industry based on the fact that 64 per cent of Australians believe a fulfilling work/life balance is essential, with 41 per cent willing to quit their jobs to achieve it.
Jakobs believes if more women were considered for senior professional roles such as CFO, workers in the sector would experience benefits in multiple areas.
With vacant roles being filled by eligible women, a work-life balance could be achieved for industry workers, as well as companies seeing significant capital growth.
“Businesses need to set clear targets to improve gender representation at the top, ensure 50 per cent women on the candidate shortlist when recruiting for these positions, improve flexible schedules, create opportunities for work-life balance, and focus on enhancing sponsorship and mentorship for women striving to reach a CFO position,” Jakobs said.
“Only with these concerted efforts can we hope to see equitable representation at the exec level.”
