The pandemic has had an unprecedented impact on all areas of business and hiring is no exception. Despite the abundance of jobseekers, recruiters are faced with a challenge—how to modify their processes to recruit, hire, and onboard in our new reality.
CPAs should take note. Whether you are advising your clients on how to adapt to the new workplace, or looking to expand your own firm, these trends in hiring are here to stay.
An Expanded Talent Pool
The coronavirus outbreak sparked a trial run for remote work in a big way. And it seems most organizations succeeded in accommodating their employees’ need to work from home. So much so that it may become the new normal.
According to a Gartner survey of 317 CFOs and Finance leaders, 74% plan to move a portion of their previously on-site workforce to permanently remote positions once a return to normal working is permitted.
This greater acceptance of remote work means organizations can cast a wider net when searching for candidates. No longer restricted by geography, recruiters can expand their reach and improve chances of finding the perfect fit.
Remote Hiring and Onboarding
Social distancing has made face-to-face interviews a thing of the past. Thanks to advancements in technology, the interview process can smoothly transform into a remote one.
Video conferencing is not new. Prior to COVID, many companies were already utilizing video conferencing platforms, but not to the extent it is used today. In fact, during the week of March 14-21, 2020, mobile app downloads were up 90% from the weekly average of business app downloads in 2019. Solutions like Applicant Tracking Software (ATS) with video interviewing capabilities will likely rise in popularity as the need for remote recruiting increases.
Once a candidate accepts the position, hiring managers will be challenged with having to onboard the new employee remotely. Cloud-based HCM platforms with onboarding modules simplify the administrative part of this process so the focus can be on making the new employee feel welcome, which is critical for engagement.
Switch to Employer-Driven Market
For the last couple of years, with unemployment at record lows, organizations have been hiring in a candidate driven market. Qualified candidates were often receiving multiple job offers, as their current employers were offering perks to entice them to stay.
Fast-forward to life post COVID, and things look a lot different. The market is now saturated with candidates again. As businesses rebound and rebuild their workforces, what was once a candidate-centric market will transform into an employer-driven one.
Competitive Hiring Market for Finance Professionals
There is one exception to the employer-driven market trend. According to CPA Practice Advisor, accounting staff are in demand. Many companies are hiring financial professionals, so you’ll have to work hard to snag the top talent. Here are some reasons cited why:
- Public accountants are a lifeline for small and midsize businesses right now. They’re helping clients navigate unpredictable cash flows, as well as shifting compliance requirements.
- Corporate accountants are tasked with finding new efficiencies that will keep businesses viable during financial turbulence.
- Government accounting departments have been forced to scale up quickly to address a raft of unprecedented financial aid packages.
- Financial services institutions are helping clients secure credit and reorganize liabilities during tough times.
- Health care companies need staff to deal with billing, reconciliations and new payment processes.
The ability for organizations to adapt to the new normal is critical to success. As we move forward, flexibility and resilience will be more important than ever.
What challenges are you facing?
We want to hear from you. Reach out to us on our CPA helpline at: cpasupport@balancepointHCM.com.