As the economy rebounds, millions are vaccinated and states reopen, people are eager for a return to normalcy.
However, the #1 question on our clients’ minds is, “Why can’t I find high quality help?”
HR teams are struggling to recruit and fill positions, and there are a number of factors driving the talent shortage in the Finance and Accounting industry.
While a number of companies struggled through a year of uncertainty, many in Finance and Accounting exceled in 2020. But managing growth during the pandemic wasn’t necessarily easy, and new hires were not a priority during a period with so many unknowns. Now, that backlog of positions is compounded by the new hire needs.
Overworked Team Members
In many companies, a freeze on hiring, rapid growth and/or unfilled positions left the existing team members feeling exhausted and overworked. Without the right resources, even the most loyal employees will seek greener pastures.
Across industries, there are more jobs than employees, and highly skilled candidates are being more selective than ever. Potential employees in the hiring boom are a lot like sellers in today’s housing market. Candidates are getting multiple offers and also counter offers from their current employer — hence salaries and total compensation are becoming over inflated.
SPACs, or special purpose acquisition companies, have become a popular way for companies to go public. As more companies speed through the funding process to become public, accounting and finance professionals are in high demand.
Venture Capital Funding
Despite COVID, 2020 was a record year for the venture capital industry. U.S. venture-backed startups represented more than 4.4 million employees and attracted 51% of global venture funding. And there’s no slowdown in the first quarter of 2021; global venture investments reached an all-time record high of $125 billion. This rapid influx of funding will continue to drive job creation across industries.
Discerning Job Seekers
The element of uncertainty also plays a role. Some high-level professionals in the Finance and Accounting industry, like controllers, VPs and directors, are staying put. They’ve attained a threshold in their career that not many others achieve. So as schools reopen and they navigate family life in the New Normal, they’re opting not to add a layer of complexity like a job search in 2021.
All of these factors give the candidate control in today’s job market. Narrowing your search and finding the best candidate may take some time. But there is an interim solution as you navigate the talent shortage: Hire highly qualified consultants. Skilled consultants can provide the expertise and experience to quickly boost productivity and meet year-end goals. Here are five reasons to hire them now:
- Mitigate Lost Productivity: Allowing unfilled positions to drag on for more than a year can lead to a significant loss in productivity. In the second half of 2021, consultants can power your workforce through year end.
- Improve Retention: Employee burnout hit record levels during COVID. Due to the hiring freeze, people became overworked and disengaged taking on extra roles and responsibilities. Overworked employees look for reasons to leave. Consultants can reduce that burden, leading to improved retention.
- Specialized Project Management: Projects previously put on hold are flooding back into the pipeline—all at once—along with new projects for 2021. Managing multiple, large-scale projects may require extra skills and talent.
- Minimize Onboarding and Training: Highly skilled temporary consultants require less training and onboarding.
- Grow You’re A-Team: Oftentimes consultants who successfully execute upon temporary deliverables grow into valuable members of your A-Team.
Whether you’re facing growth or struggling to cover the current workload, highly qualified consultants can help until you find the that permanent new hire.
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