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Hiring Outlook Both Promising and Challenging For Accounting and Finance Industry
Lucas Group, a respected leader in professional recruiting, today announced results from its annual accounting and finance hiring manager survey, which reflect positive hiring projections for the next 12 months. Lucas Group is one of the nations largest executive search firms.
Atlanta, GA (HRmarketer/PRWEB ) June 14, 2005 -— Lucas Group, a respected leader in professional recruiting, today announced results from its annual accounting and finance hiring manager survey, which reflect positive hiring projections for the next 12 months. Lucas Group is one of the nations largest executive search firms.
The search firm predicts strong employment and business growth trends for the next 12 months. According to the survey, hiring needs are attributed to both company growth and attrition. More than 47 percent of participants feel company growth will increase this year, a significant increase from last years 36 percent.
Growth in hiring is attributable to a growing economy and an increase in positions needed to meet Sarbanes Oxley compliance," said CPA and Managing Partner Bill Kuchar for Lucas Groups Houston Accounting and Finance division. Our placements for accounting and finance professionals have substantially increased from last year, and we expect the increase to continue."
Nearly 50 percent of industries that predict the strongest growth in accounting and finance employment opportunities include banking/finance, consulting, distribution, healthcare and high tech software companies. Additionally, 100 percent of high tech software companies expect company growth, which aligns with the U.S. Bureau of Labor Statistics (BLS) report that show software publishers as a leading industry with one of the fastest wage and salary employment growth from 2002-2012.
The BLS also reports financial activities employment reached an all-time high in 2004. With more than 67 percent of hiring managers planning to hire during the next year, accounting and finance professionals can expect ample employment opportunities.
The outlook is promising, but the industry also faces its challenges. Of the participating hiring managers, 77 percent feel their workload has increased in the last year, and 72 percent feel their staff is working harder. These results reflect nationwide surveys that show 60 to 70 percent of employees are planning to seek alternate employment. Coupled with the need for additional resources to cover anticipated growth and Sarbanes-Oxley requirements, the next year will pose challenges for employers looking to attract and retain talent.
The new accounting legislation has compelled companies to pull their audit function inside," said General Manager Andrea Jennings for Lucas Groups Accounting and Finance division. Companies are also seeking candidates to strengthen their S.E.C. departments and fill technical accounting positions. Our division has seen a 96 percent increase in revenue in the past year, which means more positions are opening and creating a greater demand for qualified candidates."
We are finding the primary challenge in accounting and finance hiring stems from this increase in demand," Kuchar said. There have been fewer new graduates for the last several years, and the baby boomers are beginning to retire, which leaves a void to be filled. The opportunity for accounting and finance professionals is vast, as companies are expanding their departments and seeking more talent."
The survey represents a broad cross section of industries, including banking/finance, consulting, distribution, healthcare, high tech software, manufacturing, real estate and more. Overall company revenue varied; however, nearly 57 percent of participating companies collect more than $1 billion in revenue.
About Lucas Group:
Lucas Group, a respected leader in professional recruiting, is one of the nations largest non-franchised, executive recruitment firms. Lucas Group has built a reputation for successfully providing human capital placements in multiple markets and industries. In a partnership with The Wall Street Journal and CareerJournal.com, the search firm has grown and increased its reach, while maintaining a commitment to high performance and unsurpassed industry knowledge. Lucas Group focuses on recruiting top executives in management, advertising/marketing, sales, accounting, manufacturing, legal, military personnel transitioning and technical positions across all major industries. With offices nationwide and its expansion into Europe, Lucas Group performs search assignments for Fortune 100+ companies, as well as regional businesses and entrepreneurial firms.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.
Contact:
Alicia Wasson
404-239-5620
marketing@lucasgroup.com
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