Gen Z and CPAs: the global trends in employment recruitment

The world of work has undergone radical changes in recent years: digital disruption, pandemic and evolving business priorities are all part of the diagnostic picture of the labor market today.

The Deel Global Hiring Report 2024 provides a detailed x-ray of the trends that are redefining employment globally. Drawing on data from more than one million contracts and 35,000 companies in more than 150 countries, the report highlights four key shifts that set the tone in 2024: the growing demand from Generation Z, the rise in local hiring, the unexpected relevance of accountants, and declining layoff rates.

The young people of Generation Z (born between 1997 and 2012) have become the most sought-after segment by companies. According to the report, the hiring of this generation increased by 97% in 2024. Despite stereotypes that brand them as fickle or not very adaptable, employers have identified in them a strong affinity for technology, especially in the use of artificial intelligence (AI), as well as a strong focus on continuous learning and personalization of their careers.

Generation Z also recorded the highest salary increase, with a 9% increase, surpassing Millennials and Generation X. It also had the lowest rate of involuntary layoffs, with only 36% of contracts terminated. This suggests that, far from being problem workers, employers are betting on their long-term development and retention.

Back to Local

Although globalization continues to play a key role in the labor market, 2024 has witnessed a shift towards local hiring. According to the report, hiring within the same country grew by 104%, while international hiring increased by only 42%. This shift could be driven by the partial return to physical offices and the need for synchronized work teams on similar schedules.

In Europe, for example, 50% of international hires in the UK were within the same time zone, while in Germany 41% of workers hired lived within an hour of each other. Nevertheless, 82% of the workers hired in Deel are still remote, confirming that flexibility remains a key factor in today’s work dynamics.

More accountants

Surprisingly, accountants have become one of the most in-demand profiles globally, surpassing even software engineers. In 2024, the hiring of accountants grew by 74%, and their salaries increased by 15%, compared to 8% for software engineers. This trend responds to the growing financial complexity of companies, especially those with international operations, which has generated a shortage of talent in this sector.

The countries that hired the most accountants were the US, Australia and the UK, while the Philippines, the US and Argentina stood out as the main exporters of this talent.

Fewer layoffs and higher retention

One of the most notable changes in 2024 has been the decline in layoff rates. Following a peak in 2023, involuntary terminations fell by 16% in November 2024 compared to January 2024 (Deel, 2024). In the United States, the termination rate that reached 72% in May 2023 fell sharply over the following year.

In addition, fewer people are voluntarily resigning. The number of workers leaving their jobs by choice dropped from 3% in January 2023 to 2% in December 2024. This phenomenon could be due to economic uncertainty and stabilizing wage increases, which has reduced the motivation to change jobs.

The global labor market is undergoing a significant transition, with a mix of continuity and change. Generation Z continues to establish itself as the most attractive segment for companies, while local hiring is gaining ground over international. Accounting has emerged as one of the most valuable professions in the global economy, and companies are choosing to retain their employees, rather than resorting to mass layoffs.

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