The Changing Hiring Dynamics and How Dallas-Fort Worth is Leading the Way!

When considering the changing dynamics of recruitment in the context of the last two years, companies are asking themselves two questions.

1. Considering our staggering economic recovery, how do we continue to redefine good recruitment practice, and measure success in such a seething, fragile hiring environment?
2. And is the national and regional recovery an indicator that new cultures of work, company success, and corporate and personal career growth are equitable and working for everyone?

The Great Recovery

In the cauldron that is modern recruitment, there is a vast amount of often conflicting data that can skew an overview of how the USA is recovering from the pandemic. But recovering, we are:

• In December 2021, the US government released figures which indicated first-time filings for unemployment benefits fell to 184,000 - the lowest since 1969 and this is on the back of the worst economic downturn in living memory.

It’s worth highlighting just how extraordinary this recovery is:

• ?The population of the United States is 60% higher than it was in 1969.
• 4 million people left their jobs in October of 2021, accounting for 2.8 percent of the workforce.
• At the same time, there were 11 million vacant, advertised jobs.
• And just over 18 months ago, in March 2020, unemployment numbers hit 33.3 million.

There are obvious signs of employment recovery, but it is challenging to understand just how unique, and precarious, it is to hire in this market. Unemployment is low, candidate confidence is high, and many industries, cities/states are recovered to pre-pandemic levels.

But this situation doesn’t explain the employer's conundrum - how to hire the best talent in such a pressured and competitive market where candidates have all the power?

Macro-trends to Micro-trends

How do these wider national labor movements, skills and employment statistics sit within a more regional, statewide, even county- or city-centric context?

Are some areas of the US benefiting more from high employment and a hyper-competitive human capital market?

In short, yes, and none more so than Dallas/Fort Worth.

The Dallas-Fort Worth metropolitan area has become a magnet for talent from across the US thanks to its favorable housing prices and well-established enterprise and infrastructure support. In 2021 it was the main destination for people relocating from other parts of the country.

Zillow senior economist Jeff Tucker was quoted in Dallas News describing the reasons why this trend is accelerating: “The combination of rapidly rising home values and more available remote-working jobs has pushed people to seek out parts of the country where their home-buying dollar goes further.”

“DFW has returned to its normal, front-running position as the best performing major regional economy in the US”, said Mike Rosa, SVP of Economic Development with the Dallas Regional Chamber. Dallas-Fort Worth has crossed the 100% threshold of its pre-pandemic job levels, coming in at 101%.

As we’ve highlighted to many of our clients over the last year, the importance of your work environment, and factoring it into your employment proposition, is more important than ever, and is one of the main driving forces behind people moving to our state.

• “A FlexJobs survey released in April revealed that 58% of respondents would quit if they weren't allowed to continue working remotely”, and an additional 31% said they aren’t sure what they would do if remote work was removed.
• Be prepared to talk about benefits and hybrid/in-office/100% remote in the first interview, if not prior. Have an established plan and express it with confidence and integrity and understand if you don’t do this you will lose out on this mobile workforce brimming with skills.

Considering the above statistics, that means employed, talented and in-demand professionals are moving to Texas from luminary cities such as Los Angeles, Chicago, and Phoenix, and they’re coming here to stay. These candidates are much more assertive in their demands for a new, post-COVID work/life balance that favors flexibility, and many will exercise their right to quit a job if remote work is not offered.

The changing dynamics of Accounting Recruitment

Benchmark Search continues to be at the forefront of successful accounting and finance recruitment. Using existing trend mapping we can say with confidence that successful recruitment practice comes down to three primary factors: culture, competitive compensation, and a momentum-driven hiring process.

• ?Several public accounting firms gave 2 salary adjustments in the Summer of 2021 to reduce turnover and retain staff. Those salary adjustments have impacted the DFW Accounting market salaries overall.
• The interview process is typically executed in 1-2 steps, with offers in under 7 days.

Other factors have also moved the market into a hyper-competitive space, such as:

• ?Interviews skewing more towards ‘selling’, than screening (though you have to do both).
• An increase in multiple offers and counteroffers occurring during negotiations with the most highly skilled candidates.

These trends are slated to continue into 2022.

Our advice on hiring? Create a multifaceted, proactive hiring culture and commit to hybridity.

Your staff expects remote capabilities to be a factor in their future lives - within reason, companies need to create a more inclusive, more remote, and more equitable recruitment process that meets this demand head-on.

Don’t forget that most candidates are gainfully employed in their respective Accounting/Finance fields. Expect counter-offers to every job offer, and build more concrete, more personal job offers that meet both your candidates’ professional and work/life balance demands.

Benchmark has also advised clients to bear the above statistics on the pace of hiring in mind and to build a more multifaceted interview and screening process which considers momentum the most important factor in the candidate journey. Our recommended interview-to-offer turnaround should be completed in less than 7 business days, and in the growing city of Dallas speed should be your guiding recruitment light.

Lastly, communicate, communicate, communicate....do not let a single day go by where you are not reiterating your interest in your candidate. Absent that communication, they are only left to assume you weren't interested and might be accepting another offer rather than ask for feedback.

If you are planning to hire, our team at Benchmark Search would enjoy providing additional information to help you achieve those goals…whether you decide to engage us for recruiting services or not.

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Troy Ashby?is the founder and president of?Benchmark Search, a Dallas-based firm specializing in direct hire recruiting, executive search, and temporary staffing for accounting and finance professionals. With more than 15 years of professional service experience, including more than a decade with one of the nation’s largest recruiting firms, Ashby established Benchmark Search on the bedrock belief that exceptional people, progressive culture, and an unrelenting devotion to serving clients is the formula for developing deep and transformational relationships.?BenchmarkSearchGroup.com.