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.
Alexander D. Weidner, CPA, CFE, is president at Rudler PSC, an independent accounting firm in the Greater Cincinnati area. Weidner is focused on strengthening Rudler's unique culture and evolving the firm to provide more value to clients. He started as an intern in 2007 and worked his way up to shareholder. He played an integral role in developing Rudler's Client Advisory Services department, which aims to create more value added services for clients. He likes to focus on nonprofits, closely held businesses and high-net worth individuals, and leverages his Certified Fraud Examiner designation to assist clients with fraud investigations and designing controls to reduce risk of fraud.
Ken Eyler is CEO of Aquilance (formerly My Accountant), which advises multi- and single-family offices and select business enterprises.
Previously, he spent more than a decade in a senior executive role and member of Arthur Bell, an international CPA and advisory firm focused exclusively on high net worth families and alternative investment vehicles. He serves on the boards of Argonne Trust Company and Sustainability Angels, a nonprofit focusing on environmental stewardship and luxury recycling.
Jennifer Harrity-Cantero, SEA, brings more than 20 years of business and marketing experience to her role as the leader for the Sensiba Center for Sustainability at Sensiba LLP. She leads the firm's core sustainability efforts as well as consults with small to medium size business clients assisting with their sustainability strategy. She led the firm's B Corporation certification process, resulting in SSF becoming the first California accounting firm certified as a B Corporation. In 2020, she launched the firm's Sensiba Center for Sustainability, to help companies move to a purpose-driven, sustainable business model that includes social and environmental performance, accountability, and transparency. Harrity-Cantero hosts the Rebooting Capitalism podcast that digs into why traditional capitalism is broken and what people are doing to fix it. She also as honored in 2021 by the San Francisco Business Times as one of the 100 Most Influential Women in Businesses. She received a dual bachelor's degree in graphic design and photography from California State University, East Bay. She also holds a diversity and inclusion certificate from Cornell University. She has been a member of the Association for Accounting Marketing for the past 10 years and has served on the board for the past several years. Outside of work, she enjoys CrossFit, kayaking, and spending time in the redwoods.
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.
