Yes. We’re calling it mid-pandemic because we, like you, are expecting that things will look quite different in January. But for now, this is what the hiring landscape looks like.
What we’re hearing from employees:
Childcare:
What we’re hearing from hiring managers:
Projects on hold:
Solutions for Hiring Managers:
What we’re hearing from employees:
Childcare:
- Being present for your children while being as productive as possible at work. Spouses are trading off, working in two hours shifts or even one working overnight so the other can work during the day.
- Employees are unable to return to work because they don’t have childcare. This is especially true for consultants with an indefinite assignment where they are required to work onsite.
- People are afraid of losing their jobs or having a spouse lose their job.
- They are less likely to consider new opportunities, as there is a perceived security at their present company where they have tenure.
- The quantity of the work has not decreased and in many situations, it has increased. Covid planning, remote planning, return to office planning, cost cutting, and new initiatives are all added on top of normal daily responsibilities.
What we’re hearing from hiring managers:
Projects on hold:
- Only being able to get the bare minimum done is also leaving longer term projects on hold, causing frustration. Often, those projects could greatly increase productivity and profitability if allowed to move forward.
- Unemployment for accountants nationally is less than 5%, at all levels from Staff to Controllers.
- More candidates does not mean better candidates.
- Many top performers are risk averse and fearful of leaving.
- Some companies are still entering into a bidding war for top talent.
- Holding people accountable while showing compassion and empathy for the situation we’re in is not an easy balance.
- Some employees have relocated out of the area. When we return to the office, what will happen?
Solutions for Hiring Managers:
- Retain:
- Continue to offer whatever flexibility you can to retain your workers.
- Communicate future plans about teleworking NOW (74% of professionals hope to work more remotely in the future than they did pre-pandemic).
- Allow team members to work different shifts if desired to accommodate children and spouse.
- Lighten the load by bringing in interim resources to get projects back on track or make up for a vacancy/hiring freeze.
- Hire:
- If telework is permanent, you can consider candidates outside of the immediate area or even local candidates who are commute sensitive.
- While some companies are in cost cutting mode, many are strategically upgrading their workforce. Utilize a trusted partner to keep you apprised of high performers who are passively open to considering new opportunities.
- While a search firm fee may seem expensive when budgets are tight, a bad hire costs much more. Use a specialty firm to present only the highest caliber of vetted professionals.
- Time is money: Calculate the value of your time and your team’s time spent on searching, interviewing, and then potentially not landing your top choice and having to start from scratch.
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 |