The demand for professionals to help with the recovery and sustainment of their company is increasing
It is undeniable that COVID-19 has had a significant impact on the Finance & Accounting recruitment market. This being said, compared to other recruitment fields, I believe it is one of the least affected and very robust in terms of the effect of such negative economic factors. In such trying times, many companies enact strict cost-saving measures, re-forecasting of budgets and targets, and require the expertise of very strong finance professionals.
For this reason, in such times there often is a higher imperative need for these professionals to help with the recovery and sustainment of their company. There have been similar hiring levels or even higher for industries that demand is not greatly affected or increased by the pandemic. Such clear examples would be companies that produce essential medicines or health-related products, large IT companies that have businesses that are contract-based and have re-occurring revenue, or simply companies whose products are sold commonly in supermarkets or convenience stores. A great majority of our Finance & Accounting recruitment business has taken place in such industries.
With the start of supply of vaccines, recruitment demand will be a huge spike
We are very confident that once the vaccine has been distributed, there will be a huge spike and rebound in recruitment. Many foreign capital companies in Japan, despite having dire need, have been constrained by global hiring freezes, once there are lifted, there will be a scramble to secure strong talent. As fore-mentioned, finance plays a critical role in companies in crisis time and ones that were not able to secure headcount will be bullishly hiring. Likewise, I feel that with employees getting used to remote and flexible work, companies maintaining these policies will be far more attractive to job seekers than those without. We have already noticed a significant number of job seekers using this as a key job search criteria when looking for a new employer.
The employers which can offer such working conditions even post-COVID will have a strong advantage in getting the best talent
Talent demand will recover to a level equal to or higher than 2019
After the spike in hiring, the talent demand will return to 2019 levels and most likely higher levels and be an active market. Likewise, after the vaccine is distributed, there will be many more active job seekers in the market. As many job seekers are more risk-averse, we have seen a large number of job seekers put their job-hunting on hold and waiting for more stable times. Both the hiring side and job seekers would increase and which side will be dominant in the market, will depend on the industry.
Job seekers will naturally tend to avoid companies that were drastically affected by COVID as they will feel they are not stable. Thus, these companies will need to work harder to attract talent while other companies that were less affected will have the upper hand and have a larger pool of talents to choose from.
Companies that have introduced highly flexible work styles, such as remote work, and IT systems to support them will take the lead
Companies that have implemented and will keep flexible working options like remote work and proper systems in place will have a distinct advantage. This will become the new normal and companies that don’t adapt will fall behind. Along the same lines, companies will more advance IT/and systems to help communication and working style will be key. For Finance & Accounting professionals, systems that would less need to come to the office and a move to more digital documentation will be a major plus. While these remote working styles are new and still take a lot of adjustments, it can give employers a much wider reach in talent and can potentially hire strong employees from different areas that were not accessible previously. Flexibility and technological improvement will be the future to successfully attract the best people.
The trend in the number of job orders and YoY comparison
(Accounting and Finance)
Finance and Accounting Division
Sales Team Manager
How to succeed with mid-career recruitment with COVID-19 pandemic in 2021 (English)
en world Japan K.K.
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