Global Talent Crunch for Accounting and Finance Professionals

10/10/2007 10:43:00

Employers around the world continue to feel the effects of a shortage of accounting and finance professionals, according to the recently released Robert Half International Global Financial Employment Monitor. More than half of the finance and human resources managers surveyed - 56 per cent - reported difficulty finding skilled job candidates, and 43 per cent expressed concern about losing top performers to other job opportunities. The situation is most severe in Asia, where more than four out of five respondents from both Japan (83 per cent) and Hong Kong (82 per cent) reported finding skilled financial professionals was a challenge.

The international study was developed by Robert Half International, the world’s first and largest staffing services firm specialising in accounting and finance, and conducted by an independent research firm. The survey includes responses from more than 5,000 finance and human resources managers in 17 countries throughout North America, Europe and the Asia-Pacific region.

The report indicates widespread difficulty finding skilled candidates and significant time and effort spent on interviewing and hiring. Currently, companies around the globe are spending an average of five weeks to fill staff-level accounting and finance positions and eight weeks for management roles.

Managers in the UK reported far greater difficulty hiring for executive positions as opposed to staff level roles. On average it takes nine weeks to hire for management-level openings in the UK which is slightly higher than the global average of eight weeks. Faced with a talent shortage at both staff and management level, respondents indicated their companies aren’t drawing out the hiring process with a global average of only two interviews for staff-level positions and three for management roles.

Max Messmer, Chairman and CEO of Robert Half International said: “Recruiting and retaining top financial professionals may become more challenging in the years ahead due to increasing demand for this expertise and the potential retirement of millions of baby boomers around the world. To build effective teams, employers will need to offer attractive compensation packages, as well as programs that support professional development and work-life balance.”

When asked to identify the most sought-after attribute for executives, managers in nearly every country said experience in compliance was needed most. This underscores the increased international emphasis on corporate governance.

Phil Sheridan, UK Managing Director, commented: “There is a high demand in today’s market for senior finance professionals with not only strong regulatory and compliance knowledge but also the ability to think strategically, as well as possess solid communication and leadership skills. With this demand outstripping supply, organisations are expediting the hiring process, and offering premium remuneration packages in order to attract and retain these high level individuals.”

The Robert Half International Global Financial Employment Monitor analyses current hiring trends in accounting and finance, including topics such as the challenge of finding skilled talent, the time it takes to fill staff and management positions, in-demand executive-level attributes, and employee retention concerns.

Robert Half International has more than 350 staffing locations in North America, South America, Europe and the Asia-Pacific region.

www.roberthalf.co.uk

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