Optimistic Signs in Global Recruitment Market

Optimistic Signs in Global Recruitment Market

Financial executives are more optimistic today than they were this time last year, according to the annual Robert Half Global Financial Employment Monitor. The majority (83%) of executives surveyed globally are at least somewhat confident in their companies’ growth prospects, including 30% who are very confident. Respondents also reported challenges locating skilled professionals for certain jobs.

But while a healthier business environment and rising recruiting difficulties suggest the job market in accounting and finance may be improving, employers globally seem less concerned about keeping top performers than they were a year ago. Forty-five percent of those surveyed said they are at least somewhat worried about their ability to retain staff in the coming year, down from 53% in 2009.

Key Findings
• Financial leaders are optimistic about the outlook of their firms. Eighty-seven percent of those surveyed in New Zealand said they have confidence in their organisation’s growth prospects.
• Employers reported difficulty finding skilled candidates in specific areas. Respondents domestically cited particular challenges in filling accounting and operational support positions.
• The most active hiring globally is expected to take place at the entry and intermediate levels. In NZ, recruitment will likely occur in intermediate and senior levels in the next six months.
• Retention concerns have subsided somewhat globally, though they still worry half the Kiwi respondents.

“There are definite signs of improvement in the hiring outlook, albeit modest,” said Megan Alexander, general manager of Robert Half New Zealand. “A broad spectrum of businesses will need highly skilled accounting and support teams to sustain the momentum in business activity and also to support growth initiatives in the months to come.”

Executives Bullish on Their Businesses
Eighty-seven percent of managers in New Zealand are at least somewhat optimistic. Other countries where executives are particularly confident include Brazil (98%), Italy (93%), Switzerland (93%), Canada (91%) and the United States (88%).

Talent Shortages Persist
Despite high unemployment rates in different parts of the world, recruiting can be challenging for employers. Financial leaders globally cited the most difficulty hiring for finance, accounting and operational support positions.

In New Zealand 20% of respondents said they had trouble hiring skilled accountants. An additional 10% domestically reported operational support roles as being difficult to fill.

Hiring Plans to Focus on Entry and Intermediate Levels
Global Financial Employment Monitor respondents said they anticipate making the most hires at the entry and intermediate levels, as cited by 26% and 25% of those surveyed, respectively. In New Zealand, those levels were at 10% and 37%, respectively, and an additional 17% said they were planning to recruit for senior staff in the next six months.

Globally, 13% of respondents expect to hire experienced, or senior, professionals.

Retention Concerns Ease
Although the job market has begun improving in many countries, financial leaders worldwide are generally less worried about retention than they were this time last year. But in New Zealand, about 56% of New Zealand respondents said they are very or somewhat concerned about losing their most valued employees to other opportunities in the next year.

Heightened retention concerns were also reported in Singapore (75%) and Hong Kong (72%). Even in countries where the job market remains uncertain, worries about retaining staff exist. In the United States, for example, nearly three in 10 (28%) are at least somewhat worried about their ability to keep top performers.

“Employers who delay their retention efforts may risk losing valuable employees,” said Alexander. “When the competition for skilled financial and accounting talent intensifies, these professionals will be even more difficult to replace.”

The fourth annual Robert Half Global Financial Employment Monitor (www.roberthalf.com/GFEM) was developed by Robert Half International and is based on surveys conducted by independent research firms. The study, focusing on hiring difficulties, retention concerns and other staffing-related issues, includes responses from more than 6,300 financial leaders across 19 countries, including 359 New Zealand executives.
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