As the rollercoaster that is 2020 brings ups, downs and twists that impact people, businesses and nations, hiring in the accounting and finance industry is experiencing its own wild ride. At the beginning of this year, all signs pointed to a tight and challenging labor market for hiring qualified finance and accounting professionals. Fast forward to today, and much has changed about the employment landscape and what candidates are looking for.
When the coronavirus was first gaining momentum, the consensus we heard from accounting and finance hiring managers was this would be a short-term challenge that wouldn’t impact long-term business operations. However, after a few months of shutdowns, companies realized the pandemic would not dissipate quickly as the economy continued to fall. Companies began to put many projects on the back burner with the expectation that project work would resume in June or July once employees returned to work. As the country has begun to accept a new normal of working remotely, companies realized those key projects can no longer be put on hold — resulting in new job opportunities for accounting and finance professionals.
To put accounting hiring in perspective, the unemployment rate for accounting and finance positions in August was 5.7 percent, compared to a national unemployment rate of 8.4 percent overall. Additionally in August, there was a 10 percent increase in online job postings for accountants and auditors, primarily in industries such as construction, life sciences and agriculture. For example, public road projects are booming and we’re seeing a need for experienced professionals to help with purchasing inventory and contracts for state and local highway administrations.
Rahm McDaniel is vice president of strategic solutions for Q2 Holdings.
Dan McAllister was elected San Diego County’s Treasurer-Tax Collector in November 2002 and re-elected to his fourth term in June 2014 by an overwhelming 99% majority of the vote. Not only is he responsible for the collection of more than $5.5 billion in property taxes each year, but his office also manages the Investment Pool which reached an all-time high of $10.1 billion in April of 2016, ensuring that these funds are wisely invested and safeguarded for entities such as the school districts and cities in the County.� Since assuming office, he has worked extensively to improve customer service, enhance communications and outreach initiatives, and has made numerous operational improvements. He is also a strong advocate for diversity.� This is reflected in his staff, which encompasses professionals from all walks of life and backgrounds. His office now delivers service in 16 different languages.Dan also serves as a member of the San Diego County Employees Retirement Association, which manages more than $10 billion of investments. Additionally, he is a former chairman of the Board of Directors of the internationally recognized San Diego Convention Center Corporation.� Prior to his election as San Diego County Treasurer-Tax Collector, Dan was a successful financial consultant and investment broker.Dan contributes considerable time and resources to community service, such as serving as Chair of the San Diego Unified School District’s Special Audit and Finance Committee and is a participating member of the Boards of Directors of the Jackie Robinson YMCA; Habitat for Humanity, San Diego; and New Americans Museum, San Diego. �McAllister’s strong commitment and involvement in the community dates back to his service as a U.S. Peace Corps volunteer in the Western Pacific country of Micronesia.A second-generation San Diegan, Dan holds a Bachelor’s degree (BA) from CaliforniaStateUniversity, Fresno, and a Master’s degree in Business Administration (MBA) from United StatesInternationalUniversity. He has also completed executive education programs in portfolio concepts and management at StanfordUniversity and the University of Pennsylvania’s WhartonSchool.
Mark Gongloff is an editor at Bloomberg News.
How has the hiring market shifted?
Before the pandemic, accounting and finance professionals actively searched for better opportunities that would provide higher compensation or the chance to work with new software. Once the pandemic hit, employees worried about company layoffs and hesitated to seek new opportunities. Over the past month, accountants have once again begun looking for new roles, searching for companies whose business values align with what they find important. Workplace flexibility and a robust communication plan now matter most. Employees are also paying close attention to how companies respond to the coronavirus pandemic crisis as a business and an employer.
The role of workplace flexibility
Successfully transitioning to remote talent takes a new way of thinking. As some offices remain closed to help slow the spread of the coronavirus, working remotely isn’t the only consideration — recruiting, interviewing, hiring and onboarding are also being completed virtually. Implementing a virtual onboarding program can be key to your new hire’s success. Video chats can help beyond the interview process. Use video chat to welcome, onboard and train new hires the way you normally would in person. Now may be a good time to revisit your new hire program and to make adjustments, keeping in mind new needs for communication and flexibility.
The power of proactive communication
Proactive communication is key, especially during the pandemic. With a staffing partner, recruiters typically spend time coaching employees on the importance of communication and how to communicate with their managers. With so many employees working virtually, managers need to be able to determine when projects are completed. An action plan and proactive check-ins can help eliminate ambiguity between managers and their employees.
In these uncertain times, companies who aren’t aware of the evolving hiring market for accounting professionals may struggle to find qualified talent for their roles. Job seekers are watching to see how your company responds to the pandemic and are looking for more flexibility and communication as they navigate through challenges. By proactively communicating, providing workplace flexibility and building a strong virtual onboarding program, you can still find qualified workers to meet your accounting and finance needs.
