Think Twice Before Making Reductions in Your Accounting and Finance Staff As the economy slows down and potentially moves into a recession, don’t immediately jump into making staffing cuts. The accounting and finance talent supply is especially scarce in Southern California, and that imbalance will take a while to level off. Over the years, we have seen many companies conduct reductions in force as a preemptive solution to potential recessions or slowdowns in their companies only to have to rehire shortly afterward because they miscalculated the workload or company demand did not fall as short as expected. Regardless of the reason, once a layoff happens, culture and morale are affected internally, and there is often external damage to the brand. This could make attracting talent even more difficult going forward. C-suite executives must have the right data and information on the labor market and talent supply before making critical headcount deci- sions. A Great Opportunity to Hire Talent As 2023 continues to unfold, we will continue to see a “rebalancing” of the job market. This is a great time for companies that value talent to begin to hire superstars who might not have been available or who weren't paying attention over the last few years.
10 ARG Quarterly Barometer Q2 2023
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