A steady employment market for finance and accounting professionals is expected in the first quarter of 2013, according to CFOs and finance directors surveyed for the Robert Half Financial Employment Report.
Thirty-seven per cent of finance executives plan to increase their headcount in the first few months of the year, and a further 44 per cent intend to maintain current staff levels. Only 5 per cent expect to reduce finance and accounting staff.
The Robert Half Financial Employment Report is based on a survey of 300 Australian CFOs and finance directors from every major industry, including business services, construction, information technology, manufacturing & logistics, mining, retail, and telecomms among others.
In addition, 100 senior financial services executives were included in the study. The surveys were conducted by an independent research firm and developed by Robert Half, a specialised finance and accounting recruitment firm.
In the mining industry, 42 per cent of respondents cited plans to add new staff. In contrast, only 27 per cent of decision makers in financial services plan to expand headcount. Financial services companies are also more likely to reduce positions compared with other industries (11% vs 5% across other industries).
The research found that skill shortages persist in finance and accounting as 86 per cent of executives find it challenging to find skilled finance professionals today. The top five functional areas in which it is more difficult to find skilled job candidates include:
1. Financial / management accounting (11%)
2. Accounts payable / receivable (11%)
3. Accountancy (10%)
4. Tax & treasury (10%)
5. Business / financial analysis (8%)
David Jones, Managing Director of Robert Half in Asia Pacific, said that after months of subdued hiring in the non-mining states, the job market for finance and accounting specialists has stabilised with greater alignment across WA and QLD with the rest of the Australia. This normalisation increases pressure on employers to rethink their retention and talent acquisition strategies as professionals will feel more confident making a move in a stable market.
“As choice increases for qualified candidates, companies intending to recruit and retain talent need to ensure they have skilled managers on the front line and that they are considering the right incentives, including non-financial factors such as skill development and career progression.”
The research also found that positive sentiment about the Australian economy and business growth prospects is stronger than it was in the second half of 2012. Within commerce and industry, 88 per cent of finance executives expressed confidence about their own company’s growth prospects (one third of them ‘very confident’).
In the mining sector, 67 per cent of respondents feel ‘very confident’ about their employer’s future (92% were somewhat or very confident). In comparison, only 69 per cent of respondents in financial services expressed some level of confidence in their own company (merely 13% are ‘very confident’).
Jones added: “While the majority of Australia’s senior finance professionals feel confident about their company’s economic prospects, we still see evidence of the two-speed economy, with particular strength in the mining industry and weaknesses in financial services.”
For those concerned with retaining their top staff, Robert Half offers these seven retention strategies:
1. A clear career path
Employees want to know they have a future at their company. Managers need to make sure that they meet with team members regularly to discuss their professional goals and how they can achieve them.
2. Recognition
Have a program in place to acknowledge staff achievements, focusing on fairness and a sincere delivery.
3. Freedom
Most strong performers value a degree of autonomy. Provide staff with sufficient details at the beginning of projects and then let them take the ball and run with it.
4. Flexibility
Flexible work arrangements are among the most highly prized elements of a work environment for employees.
5. Corporate citizenship
People also want to work for companies that are a force for good.
6. Competitive remuneration
Salaries are another critical factor to employees. When people get paid below market value, it suggests that their employers don’t truly value them or their work.
7. Clear communication
Unambiguous communication is the foundation for all other retention efforts. Keep employees in the loop when it comes to the latest company developments.
For more tips on retention strategies, please click here.