CPA Resources
CPA Resources

CFOs expect little change in Q4 hiring

MENLO PARK, Calif., Sept. 1, 2009 -- Most financial executives plan to maintain their current accounting and finance staff levels in the fourth quarter, according to the Robert Half International Financial Hiring Index.

Eighty-four percent of chief financial officers interviewed said they will take no hiring actions before the end of the year. Four percent of respondents expect to add full-time employees while 10 percent foresee cutbacks, up from 8 percent who forecast personnel reductions last quarter. 

The Robert Half International Financial Hiring Index is based on telephone interviews with more than 1,400 CFOs across the United States. It was conducted by an independent research firm and developed by Robert Half International, a staffing services firm specializing in accounting and finance. Robert Half has been tracking financial hiring activity in the United States since 1992.

Additional findings, including historical comparisons and data for more than 40 major metropolitan areas, are available at www.roberthalf.com/PressRoom.

“Organizations appear to be exercising caution before adding full-time staff until there are signs of a sustained recovery,” said Max Messmer, chairman and CEO of Robert Half International. “At the same time, companies recognize that carefully chosen accounting and finance professionals are critical to their efforts to manage what remains of the recession and also to take advantage of growth opportunities once conditions improve.

“Some firms are finding they have cut staff levels too deeply in an effort to reduce costs and are bringing in temporary professionals to help meet business demands,” Messmer added.

Despite current unemployment levels, CFOs continue to report challenges finding highly skilled professionals for certain functional areas. Twenty-five percent of financial executives said accounting positions are the most difficult to fill, while audit and operational support roles were each cited by 19 percent of respondents.

Hiring by region

The West North Central states are projected to experience the most active hiring in the fourth quarter. However, even in this region the overall sentiment among CFOs is that staff levels will remain constant: A net 2 percent of survey respondents anticipate adding full-time accounting and finance employees while 90 percent expect no change.

“The economy has shown signs of stabilization in parts of the West North Central region, and some companies, recognizing the stronger pool of available candidates, are hiring to upgrade the skills of their teams,” Messmer said. “In particular, companies continue to focus on achieving cost savings and seek tax, cost and staff accountants.”

Hiring by industry

The finance, insurance and real estate industry is projected to see an increase in accounting and finance hiring. A net 6 percent of CFOs in the sector said they plan to add staff in the fourth quarter.

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