As we approach midyear, we are seeing the lowest unemployment numbers in 50 years, and for accounting, finance and information technology positions the numbers are even lower. As jobs continue to get added and the economy continues to grow, the expansion is now the longest in U.S. history.
According to a recent study by Brilliant, there is an increase in the number of open positions for accounting, finance and IT professions. Further, companies are planning to increase their hiring for both permanent and temporary employees over the next 12 months.
The study uncovers important insight into the future of the accounting, finance and IT professions, and the overall health of the labor market. It seems the elevated number of openings in accounting, finance and IT, and robust plans to hire, indicate continued growth among businesses.
That’s why I thought I would share some of the highlights from the Brilliant Q3 2019 Accounting, Finance and IT Hiring Forecast. See the Top 4 Hiring Trends to Look for in Q3 2019 below.
1. Increased number of open positions
After a small dip in open positions reported last quarter, the number of open accounting and finance positions reported in this study increased from 41 percent to 43 percent. With regards to open IT roles, 28 percent of businesses reported open positions – an increase over the 26 percent reported last quarter. The increase in open roles indicates that accounting, finance and IT professionals remain in high demand.
2. The time to hire is now!
Businesses were asked when they plan to hire individuals for the open roles and nearly 80 indicated they planned to hire ahead of the third quarter. In comparison to last quarter (66 percent wanted to fill the roles asap), this number is significantly higher. With mere weeks left, accounting, finance and IT professionals who are seeking new roles should take advantage of these business needs and apply for new positions.
3. Who’s most in demand?
Much of the study showed that the needs for accounting, finance and IT professionals were heavily concentrated in two areas—corporate accounting roles such as financial analysts, tax and general accountants, and internal auditors. And for IT positions, Software and Database Administration roles including software engineer, business analyst or product manager were most in demand. These two areas have remained the most in demand for at least the last year.
4. Robust hiring plans for the next year
Even whispers of a looming recession haven’t negatively impacted the labor market as far as we can see. Hiring managers surveyed in Brilliant’s study indicate robust plans to hire accounting, finance and IT professionals from both a permanent and temporary perspective over the next 12 months. Compared to the last study, there a 44 percent increase (23 percent from 16 percent last quarter) in businesses wanting to hire more professionals in IT, specifically.
Need help hiring for your team? Email info@brilliantfs.com or call 312.582.1812 and mention this blog.