| Hiring
Outlook Both Promising and Challenging For Accounting and Finance
Industry
Jun 13, 2005
Lucas Group, a respected
leader in professional recruiting, today announced results from
its annual accounting and finance hiring manager survey, which
reflect positive hiring projections for the next 12 months. Lucas
Group is one of the nation’s largest executive search firms.
The search firm predicts
strong employment and business growth trends for the next 12 months.
According to the survey, hiring needs are attributed to both company
growth and attrition. More than 47 percent of participants feel
company growth will increase this year, a significant increase
from last year’s 36 percent.
“Growth in hiring
is attributable to a growing economy and an increase in positions
needed to meet Sarbanes Oxley compliance,” said CPA and
Managing Partner Bill Kuchar for Lucas Group’s Houston Accounting
and Finance division. “Our placements for accounting and
finance professionals have substantially increased from last year,
and we expect the increase to continue.”
Nearly 50 percent of
industries that predict the strongest growth in accounting and
finance employment opportunities include banking/finance, consulting,
distribution, healthcare and high tech software companies. Additionally,
100 percent of high tech software companies expect company growth,
which aligns with the U.S. Bureau of Labor Statistics (BLS) report
that show software publishers as a leading industry with one of
the fastest wage and salary employment growth from 2002-2012.
The BLS also reports
financial activities employment reached an all-time high in 2004.
With more than 67 percent of hiring managers planning to hire
during the next year, accounting and finance professionals can
expect ample employment opportunities.
The outlook is promising,
but the industry also faces its challenges. Of the participating
hiring managers, 77 percent feel their workload has increased
in the last year, and 72 percent feel their staff is working harder.
These results reflect nationwide surveys that show 60 to 70 percent
of employees are planning to seek alternate employment. Coupled
with the need for additional resources to cover anticipated growth
and Sarbanes-Oxley requirements, the next year will pose challenges
for employers looking to attract and retain talent.
“The new accounting
legislation has compelled companies to pull their audit function
inside,” said General Manager Andrea Jennings for Lucas
Group’s Accounting and Finance division. “Companies
are also seeking candidates to strengthen their S.E.C. departments
and fill technical accounting positions. Our division has seen
a 96 percent increase in revenue in the past year, which means
more positions are opening and creating a greater demand for qualified
candidates.”
“We are finding
the primary challenge in accounting and finance hiring stems from
this increase in demand,” Kuchar said. “There have
been fewer new graduates for the last several years, and the baby
boomers are beginning to retire, which leaves a void to be filled.
The opportunity for accounting and finance professionals is vast,
as companies are expanding their departments and seeking more
talent.”
The survey represents
a broad cross section of industries, including banking/finance,
consulting, distribution, healthcare, high tech software, manufacturing,
real estate and more. Overall company revenue varied; however,
nearly 57 percent of participating companies collect more than
$1 billion in revenue.
Source: www.HRMarketer.com
Click
here to return to the E-zine and/or close this window
|
