Accounting and Finance Hiring Cooling Off
Chief Financial Officers and other financial executives expect to continue hiring accounting and finance professionals in the third quarter although at a more moderate rate than during the second quarter. Six percent of chief financial officers (CFOs) surveyed anticipate adding employees and 3 percent forecast personnel cutbacks. Ninety percent of those polled foresee no change in staff levels. Respondents cited rising workloads as the primary driver of hiring.
The national poll includes responses from more than 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees. It was conducted by an independent research firm and developed by Robert Half International, the world’s largest staffing services firm specializing in accounting, finance and information technology. Robert Half has been tracking financial hiring activity in the United States since 1992.
“Companies have become more strategic in their hiring efforts and are looking for individuals who combine strong technical expertise with outstanding communication skills,” said Max Messmer, chairman and CEO of Robert Half International. “Once solid candidates are identified, employers are moving quickly to bring them on board.”
Messmer added, “The demand for skilled accounting and finance professionals remains strong, and firms must find ways to differentiate themselves -- from providing higher compensation and better benefits to enhancing the work environment -- to attract top performers.”
Accounting and Financial Hiring -- By Region
The Mountain states of Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming and West South Central states of Arkansas, Louisiana, Oklahoma, and Texas forecast the greatest gains in hiring. In each region, 10 percent of financial executives said they plan to add staff and one percent expect reductions in personnel, a net nine percent increase.
“The tight labor market in the Mountain states is causing many organizations to offer higher salaries and additional perks to secure financial talent,” said Messmer.
“In the West South Central, hiring is being led by the manufacturing and oil and gas industries,” added Messmer. “In particular, businesses need staff accountants who can assist with growth initiatives.”
CFOs in the East South Central states of Alabama, Kentucky, Mississippi, and Tennessee also anticipate above-average hiring activity. A net six percent of financial executives plan to bring in full-time accounting and finance employees during the quarter.
Accounting and Financial Hiring -- By Industry
Among industries, CFOs in construction are the most optimistic about hiring in the third quarter. Nine percent anticipate increasing staff levels and 1 percent foresee personnel reductions, a net eight percent increase.
Hiring activity in manufacturing also is expected to outpace the national forecast, with a net seven percent of financial executives anticipating bringing in new employees in the quarter. A net six percent of CFOs polled in both the retail and wholesale sectors indicated they plan to add accounting and finance professionals to their teams.
-- Robert Half International was founded in 1948 and is traded on the New York Stock Exchange. Its financial staffing divisions include Accountemps®, Robert Half® Finance & Accounting and Robert Half® Management Resources, for temporary, full-time and senior-level project professionals, respectively. The company has more than 350 staffing locations throughout North America, Europe and the Asia-Pacific region, and offers online job search services on its divisional websites, all of which can be accessed at www.rhi.com.
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