Hiring Trends UpdateAugust 10, 2012
Creative Financial Staffing
Business Development Manager
Creative Financial Staffing
The summer of 2012 has seen a marked increase in new job openings across different industries for accounting and finance professionals. We have recently seen a much higher demand for professionals on a permanent and temporary basis. We are recognizing that in addition to hiring a candidate directly, there has been a shift in the way companies are hiring. They are focusing on hiring on an as-needed basis for project-related work. This gives companies the ability to help alleviate the workload within their existing departments without having to add to their head count.
The U.S. economy generated more jobs than forecasted in July 2012, even though the unemployment rate rose. ADP Employer Services recently reported that there was an increase of 163,000 jobs at U.S. companies, following a June report of 172,000 jobs gained. Labor authorities suggest the increase in the unemployment rate may signal more jobless residents are continuing to come off the sidelines and look for work (labor authorities say). Though the job growth is slow, the private sector continues to show a decent recovery.
In speaking with clients across different industries, we are also noticing a shift in qualified candidate base for accounting and finance professionals. Hiring authorities are also noticing a decrease in interest for open positions by qualified professionals. In addition, candidates are now in a position in which they are finding themselves with multiple interviews and multiple offers. Companies that have already been able to hire for multiple positions so far this year have quickly recognized this trend and are making changes to their current hiring process. One way that they are adapting to the changing candidate base is by speeding up the process on their end. They are able to give quicker feedback and make adjustments as needed to attract top talent to their team. Companies have also recognized an increased need for networking within different groups (specific to the job function that they are looking to hire for) to get a better and stronger candidate base.
Earlier this year in a survey conducted by Staffing Industry Analysts found that businesses plan on increasing their need to reach out to recruiters by 26% in the next two years. Over half of the respondents of the survey plan on increasing their full-time staff. The same survey indicated that projections of workflow growth have been very optimistic since the end of the recession, more so than any other year since this annual survey was initiated.
As we approach the end of the third quarter, we continue to see a steadier and strong marketplace with an increase in hiring confidence across the board in the accounting and finance sector. Companies are now competing for top talent from a pool that is steadily shrinking. The focus is back on retaining current talent within an organization, recognizing employees for work well done and finding new ways of attracting top talent. The last three quarters are a good indication of additional increase in hiring confidence for the remainder of 2012.