The U.S. economy closed Q1 on a high note — adding a total of 431,000 jobs in March, according to the U.S. Bureau of Labor Statistics. The national unemployment rate also hit a post-pandemic low, coming in at a cool 3.6%.
The high amount of job openings, wage increases and significant decline in jobless claims all point to a sizzling labor market on the up and up, and a clear sign that COVID’s grip has loosened its hold in 2022.
“The economy has recovered more than 90 percent of the 22 million jobs lost at the peak of the pandemic’s lockdowns in the spring of 2020,” notes The New York Times. “… A far swifter rebound than forecasters initially expected.”
-Source: U.S. Bureau of Labor Statistics
So, what does this mean for accounting and finance professionals and the people who hire them? We break it down in our 2022 Q2 employment report:
Let’s just say it’s not the easiest landscape for companies right now. Job seekers are continuing to flex their upper hand in this candidate-driven market, with many leaving current roles for new opportunities at an alarming rate. Employers must remain attuned to the needs of top talent — both internal and prospective team members — and focus on offering flexible schedules, work-life balance and competitive salaries and benefits to candidates.
Below are some additional elements successful businesses must consider:
- Retention as a hiring strategy. Starting from the inside-out is a great way for employers to evaluate the overall state of their company and fine-tune the areas that are lacking from an employee perspective. Creating a process for regular stay interviews, development opportunities and an engaging company culture are all key to keeping your people happy — and, in effect, attracting new team members.
- Leveraging temporary workers. Candidate scarcity is a huge hurdle companies have struggled to overcome in the last several months. Still, the work must get done. Instead of pouring all your business’ resources into courting permanent or direct hire professionals, allot some of your budget to employing skilled consultants. These candidates are talented, credentialed and have experience tackling projects or interim engagements on day one.
For Job Seekers
Trends for experienced finance and accounting professionals remain on track with expectations from the start of 2022. Candidates have raised their standards for ideal career opportunities — seeking roles that offer flexibility, competitive pay and align with their personal values or beliefs. And while job seekers wield more of the power in this current hiring environment, it’s important to keep your skills sharp to stand out from your colleagues. Remember: they’re going after those jobs, too.
- Brush up on your interview skills. Whether if it’s remote or in-person, your ability to adeptly convey your experience, talent and personality during the interview process is important to landing the job. Make sure you’re setting yourself up for success by optimizing your remote set-up, brushing up on key behavioral interview questions and more.
- Achieve industry-specific certifications and degrees. Many upper-level accounting and finance positions prefer candidates to possess specific credentials, including CPA, CFA and CMA. Learn what type of credential makes the most sense for your career path.
Are you looking for a new job or have any hiring needs? Contact our team today.