Worldwide Financial Talent Shortage Continues

September 30, 2008

Contact Name: Noreen Florio

Having difficulty finding employees with the right mix of skills? If so, you’re not alone.
Accounting and finance organizations around the world are experiencing a talent shortage, according to the second annual Robert Half Global Financial Employment Monitor. The recently released report highlights results from a survey of more than 4,000 finance and human resources managers in 20 countries. Here are some key findings:
Hiring and Retention Challenges Persist
For the second consecutive year, more than half (56 percent) of respondents worldwide report problems locating skilled candidates in a wide range of job categories. Moreover, 58 percent of respondents globally are concerned about losing top employees in the near future, up sharply from 43 percent last year. Ninety-two percent of respondents in Hong Kong, for example, said retention is a major staffing worry. In the United States, 73 percent of managers expressed retention concerns.
Employers Focused on Making Smart Hires
To avoid costly hiring mistakes, organizations are devoting significant time to the applicant-evaluation process. Employers are interviewing leading candidates again and again and again. The global average was three interviews for staff-level positions, while every country reported at least three interviews for management roles. (In the United States, 21 percent of respondents conduct five or more interviews for management positions; 18 percent said five or more interviews are held even for staff positions..) Despite the attention paid to the interview process, companies have learned they can’t take too long to make hiring decisions without risking losing promising candidates to competitors.
Project Professionals in Great Demand
More and more companies are staffing strategically, relying heavily on temporary accounting and finance professionals at all levels, says the report. When asked why, managers most often cited access to special skills that don’t exist internally. “Provides a fresh perspective on the job and the company” and “Enables our company to quickly accommodate workload peaks” were the second and third most frequently noted benefits.
But employers aren’t just hiring interim professionals; they are using them for advanced functions. In 17 of the 20 countries, respondents reported that they’ve become more likely to hire project professionals at more senior levels in recent years.
To request a complimentary copy of the Global Financial Employment Monitor, please visit www.accountemps.com/EmployerFreeResources.

Accountemps is the world’s first and largest temporary staffing service specializing in the placement of accounting, finance and bookkeeping professionals. The company has more than 360 offices nationwide and offers online job search services at www.accountemps.com.