How is the Accounting / Finance hiring market as we move into 2021?
“Unprecedented” received my vote for the 2020 word of the year. As we kick off 2021, that word seems to have held its relevance. Even if we take away health and political issues, “unprecedented” fits. Certainly, it best describes the hiring market we are seeing at Accountants One.
I have been in the recruiting and staffing industry for over twenty years. One trend that has remained consistent is the strong correlation between the stock market’s performance and the hiring market. Despite all the economic uncertainty in 2020, a strong stock market ran in parallel to a strong demand for Accounting and Financial talent.
While it is very early in the new year, 2021 has kicked off with a bang (I am frantically knocking on wood as I write this). The demand for hiring Accounting and Financial Professionals seems almost ignorant to the fact that a pandemic still rages – keeping in line with high performing stocks like Apple, Amazon, PayPal, and West Pharmaceutical Services -- keeping pace with the strong S&P 500 and the soaring Nasdaq.
Just take a quick look at current needs at Accountants One:
- Several retained executive roles above $100K
- 22 open Senior / Staff Accounting roles (this is the highest area of demand!)
- The demand for Tax Professionals is off the chart (we have had to stop taking requests for this talent)
- Last week we had 91 open jobs
I consider this especially “unprecedented” when we keep in mind that unemployment trends continue at record levels – holding at roughly four times the pre-pandemic average. Job losses in the past year have been particularly severe among lower wage earners, including restaurant, hotel and mall-retail workers.
My two major take aways?
One -- as an employer do not think for one second that this is a buyers’ market. Talent is just as hard (or harder to find than at any time over the last decade). A strong recruiting plan is a must.
Two -- as an employee – if you are in an industry that has been affected by COVID, then do not hesitate to explore the market. Things are good out there. Watching the news you may think this would not the case, but from our vantage point the risks are not great.
In closing, 2021 continues to be “unprecedented” – offering surprises in the Accounting and Finance hiring market. Surprisingly, talent continues to be in high demand and those organizations that are recognizing that the fight for talent is still just as strong are effectively competing for high-quality employees. Equally, savvy candidates are not remaining stuck in roles damaged by the economy and are shifting towards high-need roles.