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.
Jaqui Wassenaar is Head of Digital Distribution, Ventures and Partnerships for RGA. Based in Amsterdam, Jaqui is responsible for establishing innovative distribution pathways that unlock new markets and growth for RGA clients and partners. Educated and trained as an actuary, Jaqui has served in senior marketing and strategic roles at RGA since 2008, focusing on Europe, Japan, and South Africa.
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For more than 15 years, Pamela has worked in both the public and private sectors, supporting clients and solving complex problems. She currently serves as FranklinCovey's thought leader on inclusion and bias as well as a Global Client Partner responsible for supporting some of the organization’s most strategic accounts. Her solutions-oriented and client-centric approach have resulted in unique solutions that exceed client expectations and achieve results. Pamela works with clients to match the right solution to organizational strategic priorities and is particularly adept at designing tailored, competency-based programs to solve her client's most pressing needs.
Through this work, Pamela has designed programs that have impacted hundreds of thousands of participants, including FranklinCovey’s Unconscious Bias: Understanding Bias to Unleash Potential solution. Pamela has delivered this content and facilitated strategy discussions related to diversity, equity, and inclusion to thousands of leaders across the globe.
She is the co-author ofThe Leader’s Guide to Unconscious Bias: How to Reframe Bias, Cultivate Connection, and Create High-Performing Teams, which launches October 27, 2020 (Simon & Schuster).
Prior to her current role, Pamela served as an EEO & Diversity Analyst and Trainer, where she conceived and implemented proactive diversity programs to include human capital planning, training on unconscious bias and microaggressions, and statistical workforce analysis. For nearly a decade, she also served the non-profit community, executing advocacy, communications, special events, and fundraising strategies.
She is a highly sought-after consultant, speaker, and strategist. Pamela has addressed leaders across the world on unconscious bias, high potential leadership, and building an inclusive and effective culture to include the United Nations System, US federal government, and the Fortune 500. She’s been featured on TD.org, and the Living Corporate podcast in addition to her FranklinCovey thought leadership and writing. Pamela currently lives in South Florida with her husband and children, where they spend their free time exploring all manner of superheroes.
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.
