Unemployment rates remain steadily low. Fears of a possible recession are on the rise, and inflation rates have hit a 40-year high. The current economic trifecta has further cast Accounting and Finance hiring managers into a landscape of uncertainty. Fighting for talent and reactionary people management processes have left many grappling with how to manage teams toward year-end success. So how do you course correct for Q3 and Q4?
First, it’s important to understand a few key factors fueling the talent shortage.
Labor Shortage
In 2021, it was called the War for Talent. Now, it’s the War for Workers. Across all skill levels and industries, it’s increasingly difficult to fill open positions and retain employees. In Accounting and Finance, skilled professionals are hard to come by. There is a mass exodus of retiring baby boomers — taking with them decades of experience — while new hires fresh out of college are specialists, in the academic sense, with rigorous training that is so targeted that they lack general business skills and actual experience. The skills gap is exponentially widening in 2022.
Cut-Throat Competition
In addition to the War for Talent, the Great Resignation has also dragged into this year, with record high “quit rates” across the country. Candidates are carrying over that boost in confidence to explore new opportunities from aggressive competitors who offer better compensation and benefits. And many feel so confident in greener pastures that they are willing to take some time off as they look for a new job.
Overworked Team Members
In many companies, the mass exodus, resignations and talent war have left existing team members feeling exhausted and overworked. Without the right resources, even the most loyal employees will begin to look for new opportunities.
Possible Recession
Even as fears loom for a recession, the candidate still has the upper hand. With an imbalance between the number of jobseekers and open positions, salaries continue to move up as companies compete amidst a constrained pool of talent. This forces hiring managers to become more creative and competitive with benefit packages, perks and other compensation and incentives.
These factors continue to give the candidate control in today’s job market. Narrowing your search and finding the best employee may take time. But there is an interim solution as you navigate the labor 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 2022, consultants can power your workforce through year-end.
- Improve Retention: Employee burnout hit record levels during the Great Resignation and War for Talent. 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.
- 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.
