march2021 - 16

THE STAFFING & HR ADVISOR
Finance Employment Trends in the COVID-19 Era
EVEN AS COMPANIES have adapted to the new business environment, it's far from business as usual.
The pandemic forced a sea change in the work environment for most companies, including with
recruitment. However, research for talent solutions and recruiting firm Robert Half's The Demand
for Skilled Talent in the COVID-19 Landscape found many employers are still hiring for on-site and
remote accounting jobs, and candidates with in-demand skills remain hard to find. Unemployment
rates for some accounting and finance positions remain well below the national average.
To meet hiring needs and retain
key employees, companies are adopting new practices. And as staffing
and management strategies change,
employers face new challenges.

REDEFINING WORK
One of the key drivers compelling
the change in staffing and management strategies is the dramatic shift
in where and how we get work done.
■ Remote work is the new norm. In a
Robert Half survey, 77% of employees
reported that they've been working
from home since the pandemic began.
Perhaps more important, 63% said they
realized they can do their job from
home, and 60% reported improved
work-life balance due to the lack of
a commute. So it's no surprise 74%
said they'd like to telecommute more
when shelter-in-place restrictions
are lifted. There's growing evidence
that productivity has remained
the same as or even improved over
pre-pandemic levels, so employers
may want to consider keeping some
work-from-home options.
■ Remote hiring and onboarding might
stick around. Over half of employers
(53%) in a separate survey said they'd
hired full-time or temporary workers
remotely during the pandemic, and
75% of senior managers said they'd
conducted online interviews and
onboarding since moving to remote
work. Hiring managers and human
resources professionals are seeing
benefits to the practice, including
faster hiring and more efficient
onboarding of new employees. Expect
many employers to continue these
processes remotely, even after most
employees return to the office.

MARCH 2021 ■

BOOSTING EMPLOYEE
MORALE
Unexpected, dramatic change -
like the abrupt transition to remote
work - can cause a dip in morale.
And certainly, many employees and
managers have struggled to adjust
to the new reality at times.
Despite the advantages of working from home - including flexible
schedules, higher productivity and
more room to come up with innovative solutions - many workers are
uncertain about the future, which can
lead to lower morale. And many managers are concerned about employees
suffering burnout as they juggle their
jobs and personal responsibilities, and
sometimes take on additional projects
and duties from laid-off or furloughed
coworkers. In fact, 88% of managers
in a Robert Half survey revealed that
they're concerned about retention, and
47% cited employees' heavy workloads
as the main reason.
It can be hard to improve morale
when you're managing a remote team,
but it's critical. In the short term,
low morale can affect the quality of
employees' work, and in the long term,
it can create a difficult work environment that encourages top performers
to leave.
■ Show workers that they're valued.
Some ways companies used to show
appreciation to employees, from free
snacks to on-site gyms, are out of the
picture right now. That makes employee
recognition more important than ever.
Low-cost awards and spot bonuses
are great, and regularly reassuring
employees that their work is critical
to the organization's goals goes a long
way. So does sincere appreciation for
a job well done.

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■ Focus on wellness. Firms can also
help employee morale by promoting
wellness perks like free webinars and
programs about stress management,
meditation and coping with uncertainty. Managers can also encourage
workers to take their paid time off.
Even if travel is a no-go, taking a day
or two to simply relax at home can help
employees recharge.
■ Pay top performers well. Of managers
who said they're worried about retention in the survey noted above, 39%
cited salary reductions or freezes as the
main reason for their concern. It may
seem like there aren't a lot of jobs out
there, but there are opportunities for
high performers. If you aren't meeting
or exceeding what other organizations
are paying for similar work, your
most valued employees may consider
moving on.

HIRING IN A NEW ERA
Currently, accounting and finance
teams are focusing on accounts receivable and collections, accounts payable
and disbursement management,
cashflow projections and treasury
management, financial reporting, and
Sarbanes-Oxley and internal controls.
As a result, employers are seeking
professionals to support day-to-day
accounting needs, compliance and
reporting requirements, and demands
related to lending programs.
CPAs, controllers, auditors, analysts, full-charge bookkeepers and staff
and senior accountants are in demand.
Because of the need to adapt to remote
work and further uncertainty, firms are
emphasizing soft skills when hiring
accounting and finance professionals,
such as the ability to work independently, a positive attitude, flexibility

PAUL McDONALD

Senior Executive Director
Robert Half
paul.mcdonald@cpapracticeadvisor.com

and strong collaboration skills.
Due to pandemic-related downsizing and layoffs, there are a lot of
experienced accounting and finance
professionals looking for work. And
although that makes it easier to
recruit strong candidates, it makes
other aspects of the hiring process
more challenging. The shift to remote
hiring also requires a few changes in
recruitment strategy:
■ Cast a wider geographic net. Now that
most accounting and finance professionals are working remotely, you can
consider candidates from other physical
areas. In a Robert Half survey, 61%
of senior managers said that they've
advertised fully remote jobs since
the pandemic hit, and 60% reported
expanding their search geographically
to access a wider candidate pool.
■ Don't forget about passive job seekers.
Yes, there are a lot of active job seekers
out there. Though some of the best
candidates might still be employed
- but open to a change if the right
opportunity came up. A good recruiter
can help you reach these professionals.
■ Consider promoting from within. Has
someone on your team really stepped
up during the pandemic? Think about
promoting them. It's good for morale
and provides stability by placing
someone with institutional knowledge
in a leadership position.
There's no question that the
COVID-19 pandemic has redefined
how we work and caused accounting
and finance managers to rethink their
recruitment, staffing and retention
strategies. The changes may have
been sudden, but many of them are
ultimately leading to increased efficiency and productivity - and very
well might be here to stay. ■

http://www.CPAPracticeAdvisor.com

march2021

Table of Contents for the Digital Edition of march2021