2020 Year in Review with our President and Founder, Nicole DelToro:
How has this year been different from past years?
I have been in recruiting for 24 years, so from 9/11 to Arthur Andersen imploding to the great recession and financial crisis, and now to the Coronavirus pandemic, I have seen many ups and downs. Even though 2020 has been a difficult year, we’ve been fortunate that the business impact has not been extensive. What’s been more difficult is making sure that we are supporting employees during this difficult time.
While this has been an extraordinary year, it’s also a great indication of human resilience and the ability to do things they never thought possible.
I have clients that NEVER teleworked, literally. Within a week in March they were able to shut down their offices and get 3000 people working from home. And the books were closed, the SEC reports were filed, taxes were calculated and paid. It’s really been remarkable to see that shift.
What can someone do to further his professional career despite the crisis at hand?
If you’re in a field that’s not been impacted on a widescale basis, it’s important to take the long view. Many companies are still hiring and thriving. There are great career opportunities out there if you can overcome your fear of the unknown.
If you’re in a field that’s not thriving, there are so many online resources for learning new skills. Enhancing technical skills benefits nearly everyone, but so do leadership skills.
This pandemic has also been a great time to start a business. You have nothing to lose! We’ve truly seen amazing ingenuity: restaurants taking donations and feeding the homeless! Teaching “pods” to deal with online learning! If you’re complaining about a problem, instead think of how to build a business around the solution.
How have employers responded to the heightened focus around Diversity, Equity, and Inclusion (DE&I)?
For some employers, DE&I has been a central focus for many years. For others, it gained new traction within this past year. Even though it is easy for organizations to say they are working to create a more diverse work force, you need to change hiring practices and core corporate culture if you want to make real change in this industry.
How have companies changed their hiring practices to promote DE&I in the finance and accounting industry?
Some clients are changing criteria to ensure that they are not eliminating people because of unconscious bias in the required qualifications. Others are insisting on diversity in the applicant pool, whereas in the past, it was requested but not required.
As a search firm, we have always strived for diverse applicant pools, but now we are enhancing our own processes to ensure that we are uncovering the broadest possible range of potential candidates for each and every job, whether the client requests it or not.
How can organizations continue to change their policies to promote DE&I in the workforce?
In addition to changing hiring practices, companies should consider the underlying causes for a lack of diverse talent. For example, if a department’s physical office is located in an area lacking a diverse population, it can be challenging to hire a diverse work force, because everyone is commute sensitive in big cities. Another example is that hiring managers frequently look for a resume that resembles theirs with a traditional career path. If someone had to work during college, maybe they took longer to graduate and didn’t get hired by a large accounting firm. Once you pinpoint these issues and become more aware of the underlying bias, you can focus on hiring people based on ability and aptitude rather than profile.
What overall industry changes have you seen in the recruiting world this year?
The labor market in most metropolitan areas has remained incredibly strong. While other industries were hit hard by the pandemic, we have seen a shortage of finance and accounting professionals even as the amount of finance and accounting opportunities are increasing in the DC area.
What industries within the finance and accounting field have remained strong throughout 2020?
Areas such as government contracting, technology, biotechnology, healthcare, and financial services have all continued to hire professionals this past year. Not only did these industries thrive despite the pandemic but may have prospered because of the pandemic. We expect this trend to continue as we move into 2021.
This past year, were candidates cautious to seek out new positions in such an uncertain and tumultuous time?
Yes. Many were risk averse, not knowing for sure what might come next. But many of those who made a change were able to land great positions with strong compensation packages, great mentors, and opportunities for long term growth.
What is one piece of advice you can give to people struggling to get through the last couple days of this year?
Life is a series of ups and downs. Focus on things within your control like taking care of your health through nutrition and exercise, help others, give 110% every day. Nothing lasts forever and even difficult times pass.
How has this year been different from past years?
I have been in recruiting for 24 years, so from 9/11 to Arthur Andersen imploding to the great recession and financial crisis, and now to the Coronavirus pandemic, I have seen many ups and downs. Even though 2020 has been a difficult year, we’ve been fortunate that the business impact has not been extensive. What’s been more difficult is making sure that we are supporting employees during this difficult time.
While this has been an extraordinary year, it’s also a great indication of human resilience and the ability to do things they never thought possible.
I have clients that NEVER teleworked, literally. Within a week in March they were able to shut down their offices and get 3000 people working from home. And the books were closed, the SEC reports were filed, taxes were calculated and paid. It’s really been remarkable to see that shift.
What can someone do to further his professional career despite the crisis at hand?
If you’re in a field that’s not been impacted on a widescale basis, it’s important to take the long view. Many companies are still hiring and thriving. There are great career opportunities out there if you can overcome your fear of the unknown.
If you’re in a field that’s not thriving, there are so many online resources for learning new skills. Enhancing technical skills benefits nearly everyone, but so do leadership skills.
This pandemic has also been a great time to start a business. You have nothing to lose! We’ve truly seen amazing ingenuity: restaurants taking donations and feeding the homeless! Teaching “pods” to deal with online learning! If you’re complaining about a problem, instead think of how to build a business around the solution.
How have employers responded to the heightened focus around Diversity, Equity, and Inclusion (DE&I)?
For some employers, DE&I has been a central focus for many years. For others, it gained new traction within this past year. Even though it is easy for organizations to say they are working to create a more diverse work force, you need to change hiring practices and core corporate culture if you want to make real change in this industry.
How have companies changed their hiring practices to promote DE&I in the finance and accounting industry?
Some clients are changing criteria to ensure that they are not eliminating people because of unconscious bias in the required qualifications. Others are insisting on diversity in the applicant pool, whereas in the past, it was requested but not required.
As a search firm, we have always strived for diverse applicant pools, but now we are enhancing our own processes to ensure that we are uncovering the broadest possible range of potential candidates for each and every job, whether the client requests it or not.
How can organizations continue to change their policies to promote DE&I in the workforce?
In addition to changing hiring practices, companies should consider the underlying causes for a lack of diverse talent. For example, if a department’s physical office is located in an area lacking a diverse population, it can be challenging to hire a diverse work force, because everyone is commute sensitive in big cities. Another example is that hiring managers frequently look for a resume that resembles theirs with a traditional career path. If someone had to work during college, maybe they took longer to graduate and didn’t get hired by a large accounting firm. Once you pinpoint these issues and become more aware of the underlying bias, you can focus on hiring people based on ability and aptitude rather than profile.
What overall industry changes have you seen in the recruiting world this year?
The labor market in most metropolitan areas has remained incredibly strong. While other industries were hit hard by the pandemic, we have seen a shortage of finance and accounting professionals even as the amount of finance and accounting opportunities are increasing in the DC area.
What industries within the finance and accounting field have remained strong throughout 2020?
Areas such as government contracting, technology, biotechnology, healthcare, and financial services have all continued to hire professionals this past year. Not only did these industries thrive despite the pandemic but may have prospered because of the pandemic. We expect this trend to continue as we move into 2021.
This past year, were candidates cautious to seek out new positions in such an uncertain and tumultuous time?
Yes. Many were risk averse, not knowing for sure what might come next. But many of those who made a change were able to land great positions with strong compensation packages, great mentors, and opportunities for long term growth.
What is one piece of advice you can give to people struggling to get through the last couple days of this year?
Life is a series of ups and downs. Focus on things within your control like taking care of your health through nutrition and exercise, help others, give 110% every day. Nothing lasts forever and even difficult times pass.
Andrews & Cole is a certified woman-owned boutique executive search and consulting firm with a focus on accounting and finance professionals. Clients range from start ups to Fortune 100 in nearly every industry.
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ANDREWS & COLE
7315 Wisconsin Avenue, 1225W Bethesda, MD 20814 301-327-1774 |