Employee Confidence Index Decreases, Second Consecutive Quarter

The Mergis Group Finance and Accounting Employee Confidence Index, a measure of overall confidence among US finance and accounting workers, decreased this quarter to 50.4. This was a 2.2 point decline over the second quarter of 2012, although 5.3 points higher than this time last year. The Mergis Group survey, conducted online by Harris Interactive® among 183 employed finance and accounting workers, indicates a decline in both macroeconomic and personal confidence.

Steve McMahan, executive vice president of Randstad US, Professionals, said: 
 
Over the past two quarters, we have seen a decline in the overall confidence levels of finance and accounting professionals. While the current reading is down from the multiyear high recorded in the first quarter, it is worth noting that confidence levels are still running five points higher than at this time last year. It is also noteworthy that this decline in sentiment is occurring alongside a simultaneous decline in the nation's unemployment rate, suggesting the drop in confidence may be based less on actual economic performance and more on recent negative news coverage of economic conditions abroad, especially in Europe.
 
Furthermore, as the housing market continues toward a path toward normalization and historically low interest rates, many financial lending institutions are looking to ramp up their end-of-year hiring efforts. In the month of September alone, more than 13,000 jobs were added in the financial services sector, with much of the growth in real estate and rental and leasing sub-sectors. It is highly likely that skilled mortgage originators, processors, underwriters, closers, and loan modification specialists with advanced regulatory knowledge will likely be in high demand in the final months of 2012.
 
Third Quarter 2012 Survey Highlights
  • Forty percent of finance and accounting employees believe the economy is getting weaker, an increase of two percentage points from the second quarter of 2012.
  • A mere 15 percent of finance and accounting employees believe more jobs are available, representing a decline of six percentage points from the previous quarter. However, 53 percent believe that fewer jobs are available, representing no change from the previous quarter. 
  • Thirty-eight percent of workers are confident in their ability to find a new job, a decrease from 42 percent in second quarter 2012. Subsequently, 24 percent say they are not confident in their ability to find a new job.
  • Twenty-six percent of finance and accounting workers say they are likely to look for a new job in the next twelve months. However, 58 percent say they are not likely to make a job transition. 
 
The Finance and Accounting Confidence Index supplies insights into employee attitudes and sentiment around the economy, job market, job security, employers, and in the ability to find a new job. Together with other economic indicators, employers can use the report to assess the overall health of the finance and accounting industry and their workforce.  
 
View the latest quarterly trends report.    
 
Survey methodology:
This survey was conducted online within the United States by Harris Interactive on behalf of The Mergis Group from July 10-12, August 14-16, and September 11-13, 2012, among 3,790 adults ages eighteen and older, of which 183 are employed in finance and accounting. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. 
 
Source: The Mergis Group
 

You may like these other stories...

Event Date: October 21, 2014, 2 pm ETKristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style. When two people have very different communication...
Majority of House of Representatives urges leadership to preserve cash method of accounting for tax purposesA bipartisan majority of the House of Representatives – 233 members – has signed a letter urging House...
Tax friendly trusts swell under new rulesUS companies are latching onto an obscure real estate provision to avoid corporate taxes, widely adopting a financial maneuver that has been expanded under the Obama administration,...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.