2020 Q3 Accounting and Finance Employment Report

Twenty-twenty has proven itself to be a historic year in many ways — and June’s jobs report was no different. According to the U.S. Bureau of Labor Statistics, employers added a record 4.8 million jobs last month as the national unemployment rate continued its steady decline to 11.1% from April’s 14.7%.

This is the fastest employment increase in history, with 27% of lost jobs returning within May and June. And the momentum translated to other areas, as well. Staffing Industry Analysts reports that temp jobs rose by 148, 900 in June, and job postings were also up 15% from the last week in May — illustrating a broader increase in economic activity.

 

 

 

 

 

 

 

 

But as the country at large continues to navigate city and state mandates in response to the pandemic, the market’s cautious comeback requires both employers and talent to remain flexible and remote-ready in Q3.

CENTURY GROUP’S FORECAST

For Employers

In June, Business and Professional Services — the industry accounting and finance professionals are grouped — added 306,000 jobs. In fact, BLS reports of those gains, accounting and bookkeeping services added 18,000 positions last month. But as the hiring market ramps up, employers must continue to focus on the needs and ever-changing priorities of today’s professionals.

According to a recent survey by Haley Marketing Group, the pandemic has made flexibility and meaningful work even more valuable to employees. Rather than compensation, an engaging culture that prioritizes the health and happiness of its talent is critical to job satisfaction. To ensure this, companies with strong communication and transparency measures are more likely to create an environment that benefits everyone. Check out these key considerations for both employers and employees to promote a safe return to the workplace.

For Job Seekers

While the national employment rate hovers around 11.1%, that number for college-degreed workers was 6.9% in June. Credentialed and skilled accounting and finance professionals remain in-demand for employers — especially those with proven ability to successfully work both remotely and onsite.

And despite the circumstances, many employees are re-evaluating what makes an ideal career. Job seekers should seek partnership with a recruiting and staffing firm or expand their professional networks to find the best new opportunity. Now that remote work is becoming the norm, don’t be afraid to apply for work that meets your needs but is out of region. Taking on temporary assignments, which are also on the rise, can allow you to grow your skill set and professional experience.

To get hiring help or find your next role, contact our team.