Whether you're an experienced professional in the world of accounting and finance or just starting on your path, staying abreast of trends in this field can help you make more informed and positive decisions about your career.
Let's take a deeper dive into factors influencing accounting and finance positions across the economy, from the shift to remote work to increased hiring in certain sectors.
The home office: New territory for many accounting and finance professionals
The COVID-19 pandemic forced businesses to quickly and significantly expand the use of telecommuting, due to public health concerns and related regulations. This wasn't a drastic change for some professions, like those related to life sciences and technology, but it was mostly uncharted ground for finance and accounting staff.
It's not surprising that a function as central to a business as accounting and finance was traditionally meant for in-office roles, but the rapid adjustment by businesses to remote work is a pleasant surprise. With much of 2020 and the very beginning of 2021 serving as an adjustment period, accounting and finance professionals and the companies that employ them have largely pivoted to primarily working from home.
While accounting and finance remote employee recruiting requests were so rare as to be unheard of in the past at Beacon Hill, recent months have revealed a dramatic shift.
By February 2021, more than 90% of new direct hire and contract positions in this field were offered as remote roles.
What does that mean for you as a job seeker?
More opportunities across the country
Remote work removes the requirement that accounting and finance staff live within a reasonable distance of their employer's office. Instead of limiting talent searches to city, county, state or region, working from home allows businesses to recruit across the country. For job seekers in this field, that means a much broader range of opportunities. There's no need to live close to an office already or be required to relocate.
You can further benefit from this increased acceptance of telecommuting if you reside in an area with a low cost of living (COL). Businesses may be more willing to recruit someone from such a place, especially when the company operates in an area with a high COL. The company can adjust its salary bands, while the candidate still enjoys competitive compensation and the added benefit of avoiding relocation to a region with a substantial COL.
Additionally, Beacon Hill now has a national footprint for talent acquisition because of these widespread industry changes. While in-office recruiting requirements previously limited our operations to areas where we maintain offices, that's no longer the case. Now, you can work with our expert recruiters to find a position, no matter where in the U.S. you're located.
Roles with increased demand in 2021
Recent hiring trends in accounting and finance are related more to industries than specific positions. As the economy continues its recovery from the deepest uncertainties of the pandemic, certain fields are returning to form at a faster pace than others. And hiring often follows quickly behind increased stability and revenue. These industries and fields, in particular, have noticeably increased hiring:
Banking, specifically mortgages
Low interest rates caused many homeowners to refinance, and some professionals living in major metro areas relocated to areas with lower population density in response to the pandemic's spread. These two factors drove up demand for roles related to accounting and finance, such as underwriters and loan processors.
Accounting and finance recruiting slowed early in the pandemic, with many medical providers delaying all but the most critical care to keep available space open and limit the potential for disease transmission to vulnerable individuals. Now, many hospitals and clinical facilities are once again allowing cosmetic and quality-of-life procedures not related to an imminent medical need. That, in turn, has led to increased non-clinical recruiting for revenue cycle management, such as medical billing and claims analyst positions.
The push to find effective vaccines and treatments for COVID-19 led to substantially increased work at many pharmaceutical and biotechnology companies. Hiring for a variety of payroll and accountancy roles to oversee finances increased alongside this general upswing in the industry.
More legal activity means more business for law firms. And when law firms take on more cases and clients, they must also grow their accounting and finance teams for continued compliance and sound management.
Retail and food service
While brick-and-mortar locations have suffered during the pandemic, e-commerce has grown considerably. Businesses with a significant online sales component realized some impressive gains, and needed accountants and finance professionals to help them manage their operations and growing revenue.
A supportive partner in your career search
Beacon Hill's expert recruiters fill accounting and finance positions across the country for both contract and direct hire positions. To learn more about how we can help you reach the next stage of your career, get in touch with us today.
This content is brought to you by the Marketing Team at Beacon Hill Staffing Group.