JOB MARKET NEWS

Candidates Ghosting Employers

​Ever had a great job candidate who didn't respond to your calls, texts and e-mails about a job offer? Had a new hire who never showed up to work? Or had an employee walk off without a word, never to be heard from again? You were "ghosted."

Busy Season Survivor Tips

Each industry has a busiest time during the year. For accounting departments, it may be the quarter, year-end closing, budgeting process or special project upcoming deadline.

​For accounting firms, the period after year end where the tax returns and audits are due.  Below is a compilation of Busy Season survivor's tips from the experience of our own staff, candidates and clients who have survived many prior Busy Seasons.

Flexibility - Key Employee Retention Strategy

​One of the key retention strategies used by successful companies to retain and manage the new generation of professionals is flexibility. Below are some tips on the implementation of a flexible working environment as provided by Busy Season Staffing Solutions at the CPA Firm Conference. 

Employers dropping requirements 

The Wall Street Journal reports that due to the most strong labor shortage not seen in over 20 years employers are dropping degrees, experience requirements and enhancing their recruitment process speed in order to be able to fill positions.

Beware Millennials, Generation Z is here!

Generation Z is the generation that comes after Millennials. They are called the "Throw Back Generation" since they are expected to reverse some of the Millennials expectations and behaviors in the workplace.  They were born after 1995. 
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Global Consulting Firm Accenture and the Society For Human Resources Management has published studies from which we include a summary of the findings. 

Millennials at the Workplace

Millennials is defined as the generation born between 1980 and 1995. Millennials grew up in the internet cloud era with information accessible fast, easy and at whatever time or place they wanted. Many were raised by helicopter parents at wealthier households who provided encouragement on a constant basis.

​Employee Retention at CPA Firms

US CPA Firms Report Higher Employee Retention - AICPA Survey
​Puerto Rico CPA Firms Report Low Employee Retention - Busy Season Staffing Solutions

After María – Job Market Changes

Besides the humanitarian crisis and economic losses there one aspect of Hurricane Maria that just a few have written or talked about.

​Maria has changed the employee/employer relation and will change the job market for employers and professionals in Puerto Rico significantly. ​

Accountants Salary Expectations

The job market for top qualified accounting professionals for positions such as auditors, tax accountants, and financial analysts is a candidate’s job market.  It means that there are very few available top qualified candidates available for the open positions.  The effect is higher salaries expectations from candidates’ due to the demand vs offer effect.

Employee Turnover Cost

Employee turnover costs may be defined as the cost of separation, replacement, training and productivity when an employee departs. According to the Society for Human Resources Management total turnover costs may be calculated as 50% to 60% of the employee annual salary. 

Labor Reform - Job Market Effect

One of the key changes of the reform is the extension of the probation period to 9 months for hourly employees and 1 year for employees qualifying as exempt professionals under federal law.

The one year probationary period may apply to many new hires in the accounting profession. While much discussion has been based on what is reasonable time for an employer to evaluate an employee to commit for a permanent position we would like to discuss what is the possible effect on the current job market and job offer negotiations for audit, tax, accounting and finance professionals which as many of you know at this point is a candidates job market. 

The $15 minimum wage movement 

There is a growing $15 minimum wage movement in the United States that is starting to have an effect in companies doing business in Puerto Rico.  As a result of this movement companies and governments are affecting the job market significantly.