There’s been some mixed expectations for what to anticipate in Q3 and the rest of this year. High inflation readings coupled with the U.S.’ strong labor performance still have employers and candidates moving forward in their hiring and job search efforts, if not a little more cautiously.
In June, the U.S. Bureau of Labor Statistics reports a total of 372,000 added jobs, with gains in the professional and business services, leisure and hospitality and health care sectors. The national unemployment rate was unchanged at 3.6 percent for the fourth consecutive month — hovering just above the pre-pandemic low in February 2020. That stat for degreed professionals is even lower at a mere 2.1 percent.
Credit: U.S. Bureau of Labor Statistics
Still, CFOs are less optimistic than they were at the start of the second quarter. In fact, the previous expectation of 2.5 percent GDP growth for the next 12 months shrunk to 1.5 percent by those surveyed in The CFO Survey, a joint project of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. The CFO Board, however, sees the clear momentum in the national job market as a positive sign — but predict a mild recession on the horizon.
So what does this mean for Q3? Check out our forecast below:
Here’s the lead: companies are hiring. In fact, CareerBuilder notes a healthy temporary staffing penetration rate of 2.07 percent in June — a key indicator of hiring trends several months ahead of non-staffing employment.
Employers are continuing to put their best offers forward by showcasing inclusive company cultures and competitive salaries to attract candidates in a tight market. They’re also utilizing consultants to fill accounting and finance roles, and plan on relying more on contract workers in the coming years. Just in Q3, G. Palmer & Associates predicts the demand for temporary workers to increase by 9.6 percent in the U.S.
One area businesses should consider as they compete for professionals is exploring why team members choose to resign from their organization. According to NewsBreak, the “Great Resignation” is leaving some candidates regretful of their decisions — opening the door for companies to rehire “boomerang” employees. A good way to re-engage that talent is to understand the basis behind their exit, so you can address it in negotiations and pave the way for successfully retaining all employees.
Potential signs of a slowing economy aren’t stopping employers from acquiring the best accounting and finance people for their teams. And while the summer may seem like an opportune time to take a vacation from your job search, think again.
Unemployment rates for workers with a college degree are far less than the national average, with nearly two jobs open for every available employee. That means skilled professionals with experience and in-demand industry backgrounds have their fair share of options available, and should consider what is most important to them in a new role. Most importantly — don’t be afraid to ask for it.
Salaries are gradually rising to meet the demands of today’s professionals, as well as reflect the current cost of living and inflation. Within the past 12 months, the average hourly earnings rose 5.1 percent, according to the BLS. Other employers are more open to creating roles that are hybrid or remote to meet the needs of those seeking more flexible work schedules.
Partner with staffing and recruiting specialists to find career opportunities that check all your boxes, as well as gain access to jobs that may not be currently showcased on traditional job boards.