2022 Q1 Accounting and Finance Employment Report

Forecasts for 2022 are in — and the good news? The economic outlook is even better than 2021. Employers are expected to continue adding to their staffs in the coming year, with 52% planning to replace/backfill positions and 41% hiring for new jobs, according to Monster’s 2022 Global Report, “The Future of Work.”

And while December’s numbers dipped slightly for temporary employment, the U.S. Bureau of Labor Statistics reports the U.S. added 199,000 jobs last month and the unemployment rate dropped to a healthy 3.9%. For college-degreed professionals — the most sought-after by employers — that number edged down to 2.1%.

Credit: U.S. Bureau of Labor Statistics

Many companies are on track to continue this 12-month trend of steady job growth into Q1 and beyond — but it won’t be without some difficulty. This year promises to be a year of hard-to-find talent. In fact, nine of 10 employers surveyed in XpertHR’s Survey of HR Challenges for 2022 listed “recruiting and hiring” as one of the top challenges in 2022.

We break down what both clients and job seekers in the accounting and finance field can expect in Q1.

For Employers

When it comes to talent in 2022, companies’ focus is two-fold: attracting new employees, while also keeping their current teams engaged and happy. Last year’s “Great Attrition” had thousands of professionals quitting their jobs, with a record 4.5 million American workers resigning from their jobs in November 2021 alone. In response, many employers are making it a priority to:

• Increase salary and hourly wages for prospective employees and current staff.
• Shorten hiring processes and decision-making as a way to combat the multiple offers candidates are fielding on a regular basis.
• Offer flexible work arrangements, including fully remote, hybrid and flexible hours for new workers and current teams.
• Provide employee development and advancements internally, including training, education and promotion opportunities.
• Partner with skilled staffing and recruiting teams to identify and hire strong candidates, whether they’re currently open to new opportunities or are not active in the job hunt. To learn how you can be more strategic in your hiring efforts, contact our team.

Credit: Monster’s 2022 Global Report, “The Future of Work”

For Job Seekers

There’s a lot of perks to being in the driver’s seat. Not only are candidates setting the pace for the current job market, but also the rules. With job vacancies at record-high numbers, it’s important that job seekers evaluate new roles in terms of:

• • Defining your wants. Are you seeking higher pay? Flexible work schedule? Industry change? These are all questions to consider when understanding what matters most to you in a career, so you can make a better informed decision when juggling multiple offers.
  • Looking beyond the benefits. Many employers will roll out the red carpet to attract top professionals, but it’s still imperative to do your due diligence. Ask key questions during the interview process that help you evaluate a company’s culture and other important factors.
  • Standing out. Sure, there are more job openings than applicants, but a survey by the American Staffing Association notes that 41% of those surveyed are likely to seek new positions in 2022. Enlisting the assistance of an experienced recruiter can help you find the right career opportunity and get your resume in front of the hiring manager quickly.

For more career advice and industry insights, check out our blog.