New Hiring Forecast Predicts High Demand for Accountants

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An increase in hiring of accounting and finance professionals can be expected in the next 12 months, according to a recently released jobs outlook from staffing firm Brilliant.

Brilliant, in conjunction with Richard Curtin, PhD, professor and director of surveys at the University of Michigan at Ann Arbor, received nearly 250 survey responses from human resources professionals, hiring managers, and other decision-makers for its Brilliant Q4 2014 Accounting, Finance, and IT Hiring Forecast, which was released on Oct. 7.

According to the report, 28 percent of businesses are planning to boost their hiring of accountants and other finance professionals in the near future – the same percentage that was reported in Brilliant’s third-quarter jobs outlook. Thirty-four percent of respondents indicated they expected to hire more IT professionals.

In addition, businesses reported plans to increase hiring of temporary accounting and finance employees by 16 percent in the next 12 months and temporary IT professionals by 18 percent.

“Companies have plans to fill current open positions in the coming quarter, making a favorable environment for those individuals seeking employment – both on permanent and temporary levels,” Brilliant CEO James Wong said in the report.

Just 3 percent of all businesses believe they will decrease their accounting and finance teams in the next 12 months, down from 7 percent reported last quarter and 12 percent that was projected in the 2013 fourth-quarter forecast. No companies planned to decrease their IT staffs.

The hiring forecast found that a relatively high number of businesses have reported unfilled staff positions, most likely the result of downsizing from the recession. But across all companies, 54 percent reported that their economic situation had improved during the past year, up from 43 percent in the previous quarter – so hiring plans have been ratcheted up a notch.

According to the report, 28 percent of all businesses had open accounting and finance positions, and 33 percent had unfilled IT spots – which compares similarly with companies’ hiring plans for those jobs.

“The trend continues of more demand for accounting, finance, and IT professionals than available qualified applicants,” Wong said. “Quarter over quarter, we’ve seen this trend emerging. We can deduce that these employees are in the driver’s seat, having their choice for where to pursue their careers.”

More businesses are also using social media – predominately LinkedIn – to recruit accounting, finance, and IT professionals. According to the report, 60 percent of respondents used social media as a recruitment tool to fill open accounting and finance positions, while 54 percent used it for IT. LinkedIn dominated all other platforms, with 51 percent that use the online business network to connect with accounting and finance professionals; 46 percent for IT.

“This result is not surprising since LinkedIn is well-known for its job-search capabilities, as well as its LinkedIn Recruiter platform,” Brilliant noted in the report, adding that LinkedIn “helps display additional information about an individual, more than other [social media] platforms, allowing for better judgment of the candidates.”

About the survey:
Brilliant, in conjunction with Richard Curtin, PhD, professor and director of surveys at the University of Michigan at Ann Arbor, received nearly 250 survey responses from human resources professionals, hiring managers, and other decision-makers for its Brilliant Q4 2014 Accounting, Finance, and IT Hiring Forecast. The survey was conducted between Aug. 15 and Sept. 8, 2014.

Related article:

Hiring Forecast Has Good News for Accountants

About Jason Bramwell

Jason Bramwell

Jason Bramwell is a staff writer and editor for AccountingWEB. He has nearly 20 years of experience in print and online media as a journalist and editor.

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