According to the Department of Labor, 916,000 jobs were added in the month of March in the United States, nearly double that added in February. It’s not hard to find forecasts projecting a robust economic recovery for the remainder of the year and into 2022 and 2023. Following a 3.5% decline in real GDP in 2020, UCLA is now forecasting a 6.3% growth in 2021, 4.6% in 2022, and 2.7% in 2023. Similarly, Chapman University is forecasting GDP growth at 5.7%.
Receiving this news from our SoCal universities — the institutions that are grooming the best and brightest for our future work force — is welcome news and very encouraging on all fronts.
These data points and forecasts enumerate what we’re already seeing on the ground here at Alliance Resource Group: The job market for talented accounting and finance professionals is strong.
Cases of COVID-19 are dropping, the availability of vaccines is increasing, and the rounds of stimulus are certainly adding fuel to the recovery. The number of open Accounting and Finance positions in Southern California tells the whole story. Our business has exploded over the past eight weeks. The optimism our clients express and the high demand for talent illustrates all that we need to know about the pace of the recovery in the immediate future.
The post-pandemic impact on recruiting and hiring in the Finance and Accounting industry is clear: As the economy rebounds and more jobs are created (or reopened) the competition for top talent is fierce.
Three Tips for Hiring and Managing During an Economic Rebound
The spike in job searches we are conducting and increased urgent demand for interim talent has highlighted an obvious shortage of talented Accounting and Finance professionals for key roles. To beat the competition and attract and manage top talent, ARG advises its clients to do three things simultaneously when addressing staffing needs. First, retain your talent in the increasingly competitive landscape. From flexible work policies to holistic wellness plans, there are many incentives to keep your workforce engaged, recharged and satisfied.
Second, ensure company culture is welcoming and that your organization understands the current hiring climate and what employees want — again flexibility is key here! Forbes highlights additional key incentives:
- Offer a career development program
- Future proof the work environment
- Invest in managers
- Demonstrate cultural alignment
Third, when you find the right fit, hire! Multiple offers are the norm, and counteroffers are to be expected. Move decisively on quality talent as they might not be on the market for long.
We are in a great position to help. Alliance Resource Group can help start your search for accounting and finance!