How are the latest hiring trends affecting your profession?
As we enter the final quarter of 2017, it’s important for individuals of all professions, to get a pulse on the outlook for the labor markets. Given the recent economic uncertainties, coupled with a tightened labor market, it’s encouraging to find out that hiring managers continue to report unfilled positions, and that their plans to hire remain somewhat strong moving into Q4 2017—especially for accounting, finance and information technology professionals.
According to a recent study conducted by Brilliant™ and Dr. Richard Curtin Director, Surveys of Consumers at the University of Michigan, Ann Arbor, Michigan, there is a relatively large amount of job openings in accounting, finance information technology and hiring managers are planning to hire as soon as possible. Further, their plans to increase their hiring look to remain strong for at least the next 12 months.
This study brings important insight into the future of the accounting, finance and information technology professions, and the overall health of the labor market. That’s why I thought it would be helpful to highlight some of the findings to share with you. Take a look at the Top 3 Hiring Trends for Accounting, Finance and Information Technology Professionals in Q4 2017 below.
1. Unfilled positions reported in accounting, finance and IT.
For accounting and finance positions, 38 percent of hiring managers who participated in the study reported open positions—this is slightly below the 41 percent reported last quarter. For information technology, 19 percent of survey takers reported open positions. This number was below the 27 percent reported last quarter. Despite a small dip in accounting and finance open positions, the numbers are still elevated compared to this same time last year—indicating a tightened labor market where top talent is in high demand.
2. Open roles concentrated in key areas.
The most common types of open accounting and finance positions, mentioned by 23 percent (same as last quarter’s 23 percent), were in corporate accounting. This category includes financial analysts, tax accountants, general accountants and internal auditors, and similar roles. For information technology, 17 percent (up from 16 percent) of survey takers indicated open roles in software and database administration. These positions include roles in data analysis, data development and software engineering. Overall, the data shows that the open roles are contained within core divisional positions, and not leadership, or conversely, lower-skilled positions.
3. Hiring plans reported for temporary professionals, too.
The study shows that hiring managers are reporting plans to hire additional temporary professionals to support their full-time, permanent roles in the coming quarter. For accounting / finance, 9 percent of businesses intended to hire temporary professionals, down from 13 percent last quarter. And for IT, 19 percent reported plans to hire additional temporary professionals, slightly above the 18 percent reported last quarter. Temporary roles are beneficial to a business who might not want or to hire professionals for full-time, permanent positions right away.
Overall, we remain optimistic that the widespread open accounting, finance and information technology positions and the robust plans to hire new talent reported by hiring managers surveyed indicates continued growth.
Are you currently hiring for your team and looking to partner with Brilliant? Call 312.582.1800 or email info@brilliantfs.com and mention this blog.
What are your thoughts on the hiring trends for Q4 2017? Share your thoughts in the comment section below!