Inflation, Recession, Rescinded Jobs, Oh My!
Let’s Dig Below the Headlines with Industry Veteran & Firm President Nicole DelToro
Kate Sonstein
Inflation, Recession, Rescinded Jobs, Oh My!
There’s currently a lot of uncertainty in the economy, and headlines about inflation, recession, rescinded job offers, and hiring freezes don’t do much to calm nerves. But just like all politics is local, the impact of the larger economy on one’s personal financial health is also nuanced and specific to your industry, occupation, and geographic location.
I sat down with 25-year industry veteran, Nicole DelToro, Founder and President of Andrews & Cole, to discuss the current state of the finance and accounting labor market.
So, Nicole, what do we know right now? Unemployment is still at a historic low, under 4% according to the Bureau of Labor Statistics[1]. And that number is even lower for major cities and specialized jobs like accounting and finance. That said, some economists think we may already be in a “recession” which is defined by two consecutive quarters of declining GDP.
What do people think? It’s likely we will have a recession, given consumer sentiment and rising interest rates. But not all fields are impacted the same way in a recession, and it’s likely that the accounting and finance market won’t face a severe impact, given the strong demand for experience and skills like SEC reporting, technical accounting, financial planning and analysis, and budgeting.
And what are people uncertain about? Many people might be uncertain about how best to think about their job and career, just as they are uncertain about whether to buy a house or invest in the stock market. We can’t tell you how to manage your personal finances or investments, but we can certainly help you manage your career.
If a candidate is working for a stable company, should he/she even think about making a job change?
While it’s easy to think, “absolutely not”, you shouldn’t avoid a transition just because the economy isn’t at its best. Your current company and job may not be as stable as you think, so it’s important to know your options and evaluate your current company as well as the financial health of any new organization. Switching jobs might seem risky, but the reality is that there are no guarantees even at your current organization.
What can an accounting and finance professionals expect in the current job market? Right now, demand is still outweighing supply. If that changes, the bargaining chips that candidates have held during a strong economy, like increased flexibility and huge raises, may not be available. But this may also change at a current employer, not just a new employer.
Nicole, many people who graduated after 2010 have never seen a true recession. What insights can you share? The good news is that even in the depths of the financial crisis in 2008/2009, the Great Recession, there were still organizations that were hiring, especially in core functions that help them conduct business like accounting, tax, audit, and finance. When you have broad skills in areas like month-end close, financial reporting, technical accounting, and credentials like a CPA, BS/MS in Accounting and prior public accounting experience, you have skills that are transferrable across industries; even those in industries that are hit harder by a recession will still have opportunities to bring their talents to other industries.
Is there really a way to “recession-proof” your career? Career advancement and marketability should be top of mind, regardless of what’s going on with the economy. I often tell candidates it’s always great to move forward in their careers, whether that’s adding on an additional certification (you’ll never regret that CPA), building experience with financial systems, or simply taking on a new project to broaden your skillset. It’s also important to be open to an opportunity that might present itself and is better than your current role; better can be more growth, more money, additional benefits, or an opportunity to increase your skills.
The bottom line is keep calm and carry on; what goes down must come up, and economic downturn is often followed by strong economic growth. And of course, the A&C team is always available for confidential consultations to ensure you are ready when the next opportunity comes down the line.
[1] (2022, June 3). The Employment Situation - May 2022. Retrieved June 24, 2022, from https://www.bls.gov/news.release/pdf/empsit.pdf.
I sat down with 25-year industry veteran, Nicole DelToro, Founder and President of Andrews & Cole, to discuss the current state of the finance and accounting labor market.
So, Nicole, what do we know right now? Unemployment is still at a historic low, under 4% according to the Bureau of Labor Statistics[1]. And that number is even lower for major cities and specialized jobs like accounting and finance. That said, some economists think we may already be in a “recession” which is defined by two consecutive quarters of declining GDP.
What do people think? It’s likely we will have a recession, given consumer sentiment and rising interest rates. But not all fields are impacted the same way in a recession, and it’s likely that the accounting and finance market won’t face a severe impact, given the strong demand for experience and skills like SEC reporting, technical accounting, financial planning and analysis, and budgeting.
And what are people uncertain about? Many people might be uncertain about how best to think about their job and career, just as they are uncertain about whether to buy a house or invest in the stock market. We can’t tell you how to manage your personal finances or investments, but we can certainly help you manage your career.
If a candidate is working for a stable company, should he/she even think about making a job change?
While it’s easy to think, “absolutely not”, you shouldn’t avoid a transition just because the economy isn’t at its best. Your current company and job may not be as stable as you think, so it’s important to know your options and evaluate your current company as well as the financial health of any new organization. Switching jobs might seem risky, but the reality is that there are no guarantees even at your current organization.
What can an accounting and finance professionals expect in the current job market? Right now, demand is still outweighing supply. If that changes, the bargaining chips that candidates have held during a strong economy, like increased flexibility and huge raises, may not be available. But this may also change at a current employer, not just a new employer.
Nicole, many people who graduated after 2010 have never seen a true recession. What insights can you share? The good news is that even in the depths of the financial crisis in 2008/2009, the Great Recession, there were still organizations that were hiring, especially in core functions that help them conduct business like accounting, tax, audit, and finance. When you have broad skills in areas like month-end close, financial reporting, technical accounting, and credentials like a CPA, BS/MS in Accounting and prior public accounting experience, you have skills that are transferrable across industries; even those in industries that are hit harder by a recession will still have opportunities to bring their talents to other industries.
Is there really a way to “recession-proof” your career? Career advancement and marketability should be top of mind, regardless of what’s going on with the economy. I often tell candidates it’s always great to move forward in their careers, whether that’s adding on an additional certification (you’ll never regret that CPA), building experience with financial systems, or simply taking on a new project to broaden your skillset. It’s also important to be open to an opportunity that might present itself and is better than your current role; better can be more growth, more money, additional benefits, or an opportunity to increase your skills.
The bottom line is keep calm and carry on; what goes down must come up, and economic downturn is often followed by strong economic growth. And of course, the A&C team is always available for confidential consultations to ensure you are ready when the next opportunity comes down the line.
[1] (2022, June 3). The Employment Situation - May 2022. Retrieved June 24, 2022, from https://www.bls.gov/news.release/pdf/empsit.pdf.
Nicole DelToro has been helping organizations (big and small) hire and retain top talent for over 25years, while helping individuals realize their personal and professional goals by ensuring they’re working in the environment that’s ideal for their current situation. Contact her at: [email protected].
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.
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 |