The Big Picture
And the good news keeps on coming. U.S. employers added 850,000 jobs in June — a feat the White House Council of Economic Advisers touted as the fastest monthly job growth since August 2020. Of those, 33,000 were temporary jobs, rising from the previous two months with a 1.83% penetration rate. Leading the way in industry gains include leisure and hospitality, professional and business services, retail and trade, transportation and utilities sectors.
The national unemployment rate, however, ticked up slightly from May to 5.9% last month, according to the U.S. Bureau of Labor Statistics. This number is still relatively steep compared to the pre-pandemic’s low of 3.5%, but falls well below the high unemployment rate from April 2020.
Credit: U.S. Bureau of Labor Statistics
“Job openings are still near historic highs, the rate of quitting is still above pre-pandemic levels and employers are laying off workers at record lows,” says Nick Burner, Director of Research at the Indeed Hiring Lab. “The outlook for hiring remains bright.”
We break down what employers and job seekers can expect in Q3:
To say it’s a competitive job market is an understatement — specifically for securing in-demand professionals like accounting and finance talent. The unemployment rate for these individuals is much lower than the national average, with most accounting and finance positions falling below 5% and professionals with a Bachelor’s degree or higher at 3.5%.
In fact, job openings on a larger scale remain largely unfilled as there appears to be a disconnect between the type of roles candidates are seeking and the positions currently available. In a recent survey by ZipRecruiter, the pandemic not only shifted where workers moved in the market but how they want to work. Fifty-five percent of job seekers want remote work opportunities, and three in 10 workers don’t intend on returning to their old jobs, according to an April report by the Federal Reserve Bank of Dallas. The extended unemployment benefits and national relief checks have also allowed people to be more selective in their career decisions.
To attract and retain top talent, employers must:
- Provide flexibility. Hybrid work environments are here to stay. In a CareerBuilder survey, 73% of professionals surveyed want flexible work options to stay — and many companies are listening. Sixty-six percent of employers are considering changing their office formats to support a hybrid workplace in an effort to meet these needs.
- Pay salaries at market rate. As open positions get tougher to fill, employers are sweetening the deal by offering candidates at market and above compensation packages. This is happening across the board, as average hourly earnings for all employees continue to gradually increase over the past couple months. Download our 2021 Salary Guide to make sure you’re properly compensating your accounting and finance professionals in your area.
For Job Seekers
Skilled candidates are using this time to expand their job search and consider any and all opportunities that might be best for them. Ask yourself these key questions to evaluate your current career path, and make any pivots or adjustments necessary to get you in the accounting role or industry you desire.
To find the right opportunity, job seekers must:
- Take informational interviews. Seeking out other professionals who are in positions, companies or industries you aspire to join is integral to your job search process. View these meetings as an opportunity to network, gain valuable insight and brush up on your interview skills. Many employers are incorporating virtual interviews into their hiring process, so make sure you are equipped to ace your next video job interview.
- Partner with a seasoned recruiter. It’s difficult to always be attuned to how quickly the market is moving and the pros and cons of each new opportunity — that’s where partnering with a recruiter comes in. These professionals make it their job to know the latest in industry and hiring trends, helping to guide in-demand candidates on interview prep, negotiating appropriate salaries and ensuring the company’s culture and values align with theirs.
Contact our team for your job search or hiring needs today!