- By Cody
- With No Comments
- On 20 Jan | '2015
A New Job Market Emerges
Anyone graduating with a degree in accounting has a much brighter future than they have had in the decade past. Most companies and large corporations have completely recovered from recent recessions and are facing the future with bright plans for expansion. The new possibilities have led to plenty of openings for accountants, IT specialists, and finance managers.
Among these booming fields, corporate accounting is poised to be especially lucrative. The new forecast of the job market comes at the beginning of 2015 from the Brilliant staffing firm that is based out of Chicago. The survey was conducted with the assistance of the University of Michigan at Ann Arbor, utilizing roughly 300 surveys in order to attain their results.
Getting the Numbers
These surveys were distributed to human resources offices and hiring managers throughout the country in order to gather information for analysis. The CEO of Brilliant reports that their findings count out any lingering repercussions of the financial downturn that had such widespread consequences in 2007. This dark period for economic success also marked a record high for unemployment in most job markets as well.
Today, however, above 30 percent of companies are reporting vacancies in accounting positions that need to be filled nearly immediately. This figure is up from a 28-percent vacancy in the last quarter of 2014. The deeper one delves into the numbers, the better the horizon looks for jobs related to finance.
At least 22 percent of the companies surveyed reported one to three openings in accounting and finance. Two percent of the companies had four to six positions that needed to be filled while one percent of those reporting claimed to have at least seven unfilled positions. Additionally, a stunning five percent of the companies involved in the study reported more than 10 vacancies in finance and accounting departments.
The Plan to Move Forward
The majority of companies participating in the study revealed the fact that the majority of the openings were in the corporate capacity. These job opportunities include staff accountants, financial analysts, internal auditors, and other traditional accountant positions. Despite the number of new positions and past economic trends, the majority of companies offering these positions have revealed no new plans related to the structure or hiring processes that they currently employee.
Most companies are simply developing hiring plans that will allow them to reintegrate the positions that they were forced to downsize during sparse economic times. The expected openings for this type of work does not necessarily mean that additional hires to meet the demands of business will be out of the question. The data simply indicates that the current growth in this aspect of the industry will remain unchanged from the perspective of new hires.
The majority of sources in the corporate world are indicating that human resource managers and hiring professionals have correctly anticipated the numbers for a growing need in account and financial services. The study has also indicated that nearly 15 percent of the companies concerned are also planning on increasing the number of contract accounting positions that they offer. Such positions will also include temporary and seasonal positions as well.
The Business Implications
What the trend indicates overall is that businesses once again have the confidence and the financing that they require to venture forward with new projects. Companies are expecting growth over the coming year, and they are not afraid to invest in this possibility through new hires in their financial departments. There is one surprise to strike analysts as the new trend in job openings emerges.
There is an unexpected decrease in the use of social media when it comes to new hires in the IT, financial, and accounting sector. Over the previous year, social media was used as a tool for recruiting in nearly 60 percent of the new hires being made. That percentage is down to 53 percent at the beginning of the year. In terms of the social media platforms being used in this capacity, LinkedIn consistently leads the way.
Understanding the Boom
The executive CEO of Brilliant, Jim Wong, also had some explanations for the new job openings the extended beyond the economic slumps of the past. According to Wong, companies have maintained a false belief that there are more accounting graduates coming out of universities than there actually are, leaving a gap between the number of positions that need to be filled and the qualified personnel that exists to fill them.
Studies have revealed that there has been considerable fluctuation in the number of individuals perusing this kind of academic career despite the relatively steady demand for their services in the marketplace across the globe. Many companies have acknowledged and addressed these concerns in order to better meet their own needs when it comes to hiring in these capacities. A large majority of corporations are offering better on-the-job training while also relaxing the candidate requirements that bring graduates into their firm directly after graduation.
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