With the ever-evolving technology, business, and customer needs, the accounting and finance industry faces new challenges every day on how to adapt and grow with the larger economy. And for 2019, these factors will continue to affect the way accountants deal with their profession.
As technology continues to advance, hiring practices at accounting firms have been changing as well. Previously, Certified Public Accounting (CPA) firms relied strongly on college graduates with accounting degrees to fill positions. But in recent years, the trend has moved to on-boarding new hires without an accounting degree.
According to the Labor Department, the United States has experienced a rare phenomenon in April 2019: the number of job openings is much higher than the number of unemployed Americans. In fact, this trend has been going on for some time now. Since 2018, Americans searching for jobs has continued to decrease while job openings continue to rise.
This phenomenon further underscores the difficulty employers face in finding and hiring workers. While many jobs are open across the board, employers are struggling to hire qualified workers from a shrinking pool of eligible Americans. Experts and analysts alike have warned that this situation may not improve anytime soon.
Unemployment rates are at an all-time low. This is good for the United States, but many organizations, not just retail companies, are finding it difficult to obtain extra staffing during the fourth quarter of the year.
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Culture has become a top buzzword in businesses today; as the Texas market adjusts to rapid growth, the generational shift and low unemployment, companies strive to define a culture that will attract top performers. This goes beyond ping pong tables, office gyms and happy hours; a culture is built from within and is exemplified by each leader in the organization.