The accounting job market is currently experiencing transformation and turbulence. Advanced A.I. algorithms and automation impact all jobs and influence which skills employers prioritise in candidates.
Geopolitical uncertainties and macroeconomic factors influence hiring decisions, leading to an influx in green jobs and new tensions in global hiring. Economic issues continue to impact the market, forcing certain companies to implement hiring freezes, lay off portions of their workforce, and find other ways to cut costs.
In this landscape, it’s becoming increasingly important for accounting candidates to find ways to become more flexible, adaptable, and resilient. So, how can you navigate the uncertainty of the current job landscape and build a career that thrives?
Preparing for Economic Uncertainty
At a time when accounting job stability is fragile, now is the time to prepare yourself for financial headaches and job-seeking complexity.
Assess how to accelerate and improve your job-seeking process by working with recruiters and building a strong personal brand. A recruitment team can help direct you towards roles you will not find on your own.
An effective personal brand, characterised by a strong online presence, will help make you more ‘attractive’, particularly now that companies rely heavily on social media for recruitment.
Handling Technology Disruptions
Although concerns about A.I. and automation eliminating roles in the accounting industry are often highly exaggerated, there’s no doubt that technology will cause disruptions for many employees. The World Economic Forum predicts between 40% and 60% of jobs will be influenced by artificial intelligence in some way.
In disruptive and fast-moving industries like the accounting landscape, there’s a good chance new developments in the technology landscape will lead to changes in your responsibilities and tasks. Investing in digital literacy is the best way to prepare for this shift.
Learn as much as you can about the technologies affecting your sector and the skills current employers seek. Take online courses and classes, and follow industry leaders online to stay up-to-date with current trends and evolutions.
Explore how you can make yourself more valuable to your employers to minimise the risk of technological unemployment. Think about the unique skills you can offer as a human being, such as empathy, adaptability, and creativity.
Adopting the Right Mindset for Resilience
In turbulent times, accounting employers are increasingly screening candidates based on their technical skills and personality traits, such as resilience and adaptability. Business leaders know hiring employees with a growth mindset means they’ll benefit from flexible team members who can learn from their mistakes and consistently improve their skills.
Cultivating a growth mindset by embracing challenges, actively seeking feedback from colleagues, and reframing failure as a learning opportunity can make you more attractive to accounting business leaders. The right mindset will also help you to preserve your mental health and wellbeing as you face the stress and anxiety of an uncertain landscape.
Assess your current thought processes and emotional intelligence, and ask yourself how to reframe your mindset from a positive perspective. Celebrate your wins, learn from your losses, and regularly practice self-reflection.
Embracing the Era of Flexibility
In a difficult accounting job market, it can take six months or more to find a new role.
Flexible roles have become increasingly popular for people searching for greater work-life balance and higher salaries. However, they do come with their challenges to consider. For instance, contractor roles lack the benefits of full-time positions and may not offer the same level of consistent income.
Consider your options for contractor work carefully, and ask yourself whether you’re comfortable navigating the challenges of a different career style.
Investing in Constant Skill Development
As mentioned above, one of the best ways to ensure your career in the accounting industry is truly unshakeable is to make yourself invaluable to your employer. The more beneficial you have, whether technical skills related to tasks that can’t be automated or soft skills like exceptional communication and problem-solving abilities, the better.
To ensure you’re investing in the right skill development opportunities, review the trends in your industry and speak to your accounting recruitment company to identify which skills employers are focusing on right now.
Remember, skill requirements can change rapidly. According to the Boston Consulting Group, 37% of the top 20 skills requested for the average U.S. job have changed in the last 8 years. Once you’ve identified valuable, transferable skills, look for various ways to develop them. Take courses and online workshops, or consider working with mentors from different backgrounds.
Staying Informed about Accounting Industry Changes
Information is power when becoming a resilient accounting employee. The more you know about the trends happening in your sector, the faster you can adapt. Ensure you read up on employment policy changes to ensure your employees are treated fairly. Learn about how things like climate change and green jobs will affect your role.
Joining online groups and LinkedIn forums can help you gather valuable information to use as you work on your career development. However, investing in various networking forms is also a good idea. Connecting with people both online and offline through conferences, events, and workshops will give you access to a wide range of insights.
Developing an effective network will also help you strengthen your personal brand, boost your credibility, and allow you to share more engaging, thought leadership-style content across social media platforms.
Working with a Recruiter
Finally, working with a recruitment company is one of the best ways to improve your chances of achieving your career goals, regardless of uncertain times. An accounting recruitment company can help you with strategic career planning, ensuring you can identify your strengths and weaknesses, decide which skills you should be prioritising, and set effective goals for the future.
Your recruitment company will give you real-time insights into market trends and help you connect with companies looking for your skills, even if they’re not openly advertising new roles. They’ll also give you valuable tips on how you can optimise your resume and cover letters and prepare for various types of interviews.
The key to success is ensuring you get as much value from your relationship with your recruiter. Constantly communicate your goals, priorities, and expectations with the company, and pay attention to their feedback.
Become Unshakeable in Turbulent Times
The world and the accounting industry are changing at an incredible pace, directly impacting candidates in search of the right roles. To ensure you can continue to survive and thrive during this difficult time, it’s important to have a strategy for resilience.
Following the steps above to diversify your income streams, improve your skills, and optimise your job search strategy will ensure you can continue progressing towards your career goals. Work with the right recruitment team if you need help finding the right role in a difficult landscape, improving your brand, or preparing for interview success.
Contact Hedley Scott Recruitment for insights into how we can help you navigate uncertain times in the accounting industry. We offer complimentary and confidential career conversations.