2008-2009 robert half global financial employment monitor

8/14/2019 2008-2009 Robert Half Global Financial Employment Monitor

1/12

Global FinancialEmployment Monitor2008 2 009


2/12


3/12

3Robert Half Global Financial Employment Monitor 2008 2009

Executive Summary

While the job market has become more competitive in a numberof elds, demand for highly skilled accounting and nance

professionals with the right mix of talent and experience is holding

steady. Accounting and nance are core business functions vital to

an organizations success in any economy. For many key positions,

employers are experiencing difculty nding qualied job candidates

and also are concerned about retaining their top performers.

Experienced nancial staff are needed worldwide to support

initiatives related to general accounting needs, growth initiatives and

compliance. Firms seeking to improve the management of company

resources are placing a premium on job applicants with provensuccess identifying cost efciencies and controlling expenses.

While rms in Asia continue to experience some of the most

acute stafng challenges, businesses all over the world are facing

issues in recruiting and retaining talented nance and accounting

professionals. They are performing more extensive interview

processes to make sure they hire the best people.

Now that regulatory-compliance efforts are better established,

businesses are again focusing on fundamental competitive

performance and seeking leaders who can help them in this effort.

Increasingly, companies are looking for executives with deep industry

knowledge, rather than specialized regulatory or legal expertise.

To address stafng challenges, rms are beginning to rely

more heavily on project professionals and temporary-to-hire

arrangements, even for senior-level positions. Companies report a

wide range of benets from this approach.

Key Findings

Talent shortage: Fifty-six percent of

respondents reported difculty nding

skilled staff, unchanged from the 2007

report. Thirty-one percent reported not

having difculty.

Staff retention: Fifty-eight percent of

respondents reported being concerned

or very concerned about retaining top

performers, compared to 43 percent in2007.

Flexible stafng: Nearly one-third of

respondents (31 percent) currently

employing interim professionals reported

increasing their use in the last three years.


4/12

Robert Half Global Financial Employment Monitor 2008 2009 4

A shortage of qualied accounting and nance professionals

continues to affect employers around the world. More than halfof all survey respondents 56 percent reported difcultynding skilled job candidates. This strong demand, in line with lastyears results (56 percent), is spread across a wide range of jobcategories.

Hiring challenges remain elevated in Asia, with Hong Kong(89 percent), Singapore (76 percent) and Japan (65 percent)all reporting above-average rates of difculty locating skilled

professionals. Other countries reporting acute shortages include

Brazil (82 percent), Luxembourg (72 percent, up from 65 percentlast year) and the United States (72 percent, up from 55 percent).

In eight of the 20 countries surveyed, respondents citedaccounting as the functional area most difcult to staff. Globally,10 percent of respondents named accounting and nancialmanagement as the most troublesome areas, followed bynancial/business analysis at 8 percent and controller positions at7 percent.

Talent Shortage

IRLCZE NEDFRACANBEL SIN SUIBRA HKG NZLLUXGER ITA UAEJPN USAGBRESP

Percentage of managers having difculty nding skilled accounting and nance job candidates

Widespread Demand

In the United Kingdom, nancial

management was by far the mostchallenging functional area in which to ndqualied candidates. It was also the topresponse in Ireland, Hong Kong and theUnited States.

Managers in the Czech Republic cited thegreatest need for any single job categorywith 22 percent of respondents reportingdifculty nding accounting professionals.

Germany and Hong Kong reported anespecially high demand for controllers, at17 percent and 16 percent, respectively.

Tax and treasury professionals are indemand in Luxembourg (17 percent),Singapore (15 percent), Brazil (13 percent)and Japan (13 percent).

HAvING DIFFICULTy

NoT HAvING DIFFICULTy

GLoBAL AvERAGES

100%

80%

60%

40%

20%

RoLL ovER A FLAG ICoN To SEE THE AREAS EXPERIENCING THE GREATEST SHoRTAGES IN THAT CoUNTRy DISPLAyED To RIGHT oF CHART.u

AUS


5/12


In addition to recruitment challenges, keeping existing top-

performing nancial professionals on board is an increasinglyworrisome issue. More than half (58 percent) of the surveyedmanagers said they were very concerned or somewhatconcerned about losing valuable team members in the nearfuture, a notable increase from last years 43 percent.

The heightened level of concern includes a substantial rise inthe number of very concerned respondents from 10 percentin 2007 to 19 percent in 2008. This increase may be attributed

to several factors, including baby boomers growing retirement

rates and a talent shortage caused in part by several years ofheightened demand for nancial professionals.

Even in countries where unemployment has risen in recentmonths, accomplished nancial professionals appear to have noshortage of viable employment options, a cause of worry amongtheir employers. In the United States, for example, 73 percent ofmanagers reported retention concerns.

Retention Concerns

IRLCZE NEDFRACANBEL SIN SUIBRA HKG NZLLUXGER ITA JPN USAGBRESP

Percentage of managers concerned about losing top nancial performers to other job opportunities in thenext year

A Growing Challenge

Unease runs especially high in Asia.

Respondents from Hong Kong (92 percent),Singapore (94 percent) and Japan(71 percent) reported that retention was amajor stafng worry.

In Spain, a higher number of veryconcerned respondents, from 16 percentin 2007 to 47 percent in the latest data,contributed to an extremely high level ofconcern regarding retention 87 percent.

Even countries with a moderate levelof concern about retention reportedincreases over last year. Italys rate ofconcern, for example, rose from 42 percent

to 62 percent, while Irelands rose from43 percent to 53 percent.

Germany and Switzerland, the countriesleast concerned about retention last year,also saw big increases. Germanys rateof concern doubled, from 16 percent to34 percent. The Swiss rate jumped evenfurther, from 16 percent to 43 percent.

vERy CoNCERNED

SoMEWHAT CoNCERNED

GLoBAL AvERAGEAUS

100%

80%

60%

40%

20%

RoLL ovER A FLAG ICoN To SEE2007 DATA FoR THAT CoUNTRyDISPLAyED To RIGHT oF CHART.

u

UAE


6/12


In an effort to increase the likelihood of a successful hire, many

rms are performing more follow-up with candidates beforeextending an employment offer. Respondents reported a globalaverage of three interviews for staff-level positions, compared totwo last year.

Since last year, when Hong Kong was the only country to reportan average of four interviews for either staff or managementopenings, interview processes have become more extensive. This

year, six countries reported an average of four interviews per new

hire at either the staff or managerial level.

For staff and management positions alike, results were fairlyuniform around the world. No country reported an average offewer than two interviews or more than four. For managementpositions, every country reported an average of at least threeinterviews.

Interview Process


Number of times job candidates are interviewed for accounting and nance positions before a nal hiringdecision is made

Ensuring the Perfect Fit

Hong Kong, Italy and Spain reported

the most interviews overall, requiringan average of four for both staff andmanagement positions.

Many managers in the United Statesreported a very extensive interviewprocess. Eighteen percent of U.S.respondents indicated an average of veor more interviews for staff positions,while 21 percent reported ve or more formanagement positions.

Globally, respondents said that one in every10 staff-level hires is made after a singleinterview.

MANAGEMENT LEvEL

STAFF LEvEL

GLoBAL AvERAGES, MANAGEMENTAND STAFF

4

3

2

1

u

AUS UAE

RoLL ovER A FLAG ICoN To SEE2007 DATA FoR THAT CoUNTRyDISPLAyED To RIGHT oF CHART.


7/12


As the previous results concerning the interview process suggest,

companies are expending signicant resources to nd the rightprofessional for the job. The most effective way to evaluate ajob candidate, according to the managers surveyed, is to assessperformance on a temporary basis before making a permanentemployment offer.

While many respondents cited interviews or reference checks

as valuable tools, on-the-job performance measured throughtemporary or project work was the top choice in 17 of the20 countries surveyed. Overall, it was cited seven times as often asthe evaluation of resumes and cover letters.

Candidate Evaluation


Most effective means of evaluating whether a nancial professional is qualied for a job

Performance is Proof

Managers in Luxembourg were the most

emphatic about the value of evaluatingcandidates through temporary positions.Nearly three-quarters (73 percent) called itthe best evaluation tool.

Respondents in the United Kingdom(46 percent) and Canada (48 percent) alsochose performance in an interim role asthe most effective method for evaluatingcandidates.

Even in countries where the interviewranked as the top response the CzechRepublic, Germany, Hong Kong and Japan temporary performance was the second- or

third-ranking response.80%

60%

THE REFERENCE CHECK

PERFoRMANCE oN TEMPoRARy BASISBEFoRE FULL-TIME oFFER

THE RESUME AND CovER LETTER

GLoBAL AvERAGES

THE INTERvIEW

40%

20%

AUS UAE


8/12


Companies around the world are seeking nancial executives

who are fully versed in the competitive realities of their respectiveindustries. Nearly two-thirds (65 percent) of the managerssurveyed cited industry knowledge and experience as keyexecutive attributes. This valuation appears to be global: Industryknowledge and experience was the leading response in 16 of the20 countries surveyed.

The dramatic increase in the importance of industry expertise an attribute cited infrequently by last years survey respondents may be viewed as a renewed emphasis on fundamental businessperformance. After a period focusing on regulatory and legal

challenges, rms are demanding experienced leaders who can

help them achieve and maintain a competitive edge within theirindustries.

Last years most highly valued executive attribute, regulatorycompliance experience, remains a priority at 44 percent. But asrms compliance efforts have matured, specialized regulatoryprociency has taken a backseat to industry-specic expertise.Attributes such as a legal background and public companyexperience also declined from last year, though they remain valuedqualications.

Executive-Level Attributes

IRLCZE NEDFRACANBEL SIN ToTALSUIBRA HKG NZLLUXGER ITA JPN USAGBRESP

Most important attributes when hiring executive-level nancial professionals

Wanted: Industry-Tested Leaders

Highly valued in nearly all countries,

industry knowledge and experience wasthe overwhelming response in the CzechRepublic (86 percent), the United ArabEmirates (79 percent), New Zealand(76 percent), Germany (75 percent),Luxembourg (73 percent) and theNetherlands (72 percent).

In Canada, one-third of surveyed managers(33 percent) cited public companyexperience as a key executive attribute,compared to just 21 percent globally.

Respondents in Hong Kong again thisyear valued both an understanding of

international markets (39 percent) andexperience working abroad (26 percent) morethan respondents from any other country.

The demand for regulatory complianceexpertise plummeted in Germany, from80 percent last year to just 17 percent this year.

AUS

RoLL ovER A FLAG ICoN To SEE 2007 DATA FoR THAT CoUNTRy DISPLAyED To RIGHT oF CHART.u100%

80%

60%

40%

20%

UAE

GLOBAL

2007 Comparative Data:

Regulatory compliance expertise

Legal background

Public company experience

INDUSTRY EXPERIENCE

REGULATORY COMPLIANCE EXPERTISE

LEGAL BACKGROUND


9/12


In response to nancial stafng challenges, companies are

increasing their reliance on temporary or project professionals.Almost one-third (31 percent) of those who reported hiring theseindividuals at some point in the past said they had increased theiruse of interim professionals in the last three years, while onlyabout one in ve (21 percent) reported a decrease.

When asked to name the chief benet, managers most often citedaccess to special skills that may not exist internally. Respondents

from Australia and New Zealand, at 43 percent and 41 percent,

respectively, led all respondents in valuing this benet, but thosefrom other countries were not far behind, including Belgium, theUnited Kingdom and Ireland.

Another frequently cited benet of project professionals, at17 percent globally, was the ability to handle sudden changes inworkload an important advantage under shifting economicconditions.

Use of Temporary or Project Professionals


Companies use of temporary or project professionals today compared to three years ago

A Growing Solution

Singapore reported the highest net increase

in the use of project professionals at35 percent, followed by Italy at 31 percent.

Managers in France also indicated adramatic trend toward increased relianceon project professionals, as 31 percent ofrespondents indicated an increase and only7 percent reported a decrease.

United Kingdom respondents cited anespecially broad spectrum of benets tousing highly skilled interim staff: accessto special skills (39 percent), a freshperspective (23 percent), evaluation fora permanent role (13 percent), keeping

human resources costs variable (13 percent)and the ability to accommodate workloadpeaks (12 percent).

In Canada, nearly one in four respondents(23 percent) identied the ability toaccommodate workload peaks as a keybenet of using interim professionals.

60%

50%

40%

30%

20%

10%

MoRE

FEWER

GLoBAL AvERAGES

AUS

uRoLL ovER A FLAG ICoN To SEE THE ToP BENEFITS oF USING TEMPoRARyPRoFESSIoNALS IN EACH CoUNTRy DISPLAyED To RIGHT oF CHART.

UAE


10/12


Survey respondents indicate that the approach to the use of

project professionals is evolving worldwide. Companies arenot only hiring these individuals more frequently, but alsotrusting them with greater responsibility and relying on them formore advanced functions. In 17 of the 20 countries surveyed,respondents reported that they have become more likely to hireproject professionals at more senior levels in the past few years.

Rather than being conned to a specic region, this trend is

evident around the world. A truly diverse group of countries Singapore, Brazil, Ireland and Australia reported the highest netincreases.

Senior-Level Project Professionals


Companies likelihood to use senior-level project professionals today compared to three years ago

Senior-Level Expertise on Demand

Businesses in Singapore reported the most

dramatic increase in the use of projectprofessionals in higher-level positions,with 46 percent of respondents reportingan increase and only 13 percent reporting adecrease.

Respondents in Ireland also indicatedgrowing use of project professionalsat more senior levels, with one in three(33 percent) indicating they had becomemore likely to do so.

Even in countries where the trend wasless pronounced, many respondentsindicated a shift toward higher usage

rates. For example, 22 percent of Canadianrespondents reported an increase and14 percent reported a decrease.

50%

40%

30%

20%

10%

AUS

MoRE LIKELy

LESS LIKELy

GLoBAL AvERAGES

UAE


11/12


Conclusion

Businesses worldwide are facing difculty nding highly skilled nancial professionals, performing increasingly lengthyhiring processes and dealing with concerns about losing their most valued employees. The continuing shortage of skilled,

experienced professionals magnies the importance of efcient stafng processes.

The use of temporary project professionals can be a key part of such a strategy, helping companies to efciently evaluate

candidates for permanent positions, ll skills gaps and accommodate changing workloads. Managers appreciate the

benets of using project professionals, often relying on them to ll senior business roles.

Impending demographic shifts, such as the anticipated retirement of millions of baby boomer professionals, promise to

only intensify competition for top candidates. Companies best positioned to compete will be those that address hiring and

recruiting challenges actively and strategically.


12/12


About the Company

Founded in 1948, Robert Half International is a global leader in specialized consulting and stafng services and has anetwork of more than 400 locations worldwide. The companys nancial stafng divisions include Robert Half Finance

& Accounting, Robert Half Management Resources and Robert Half Financial Services Group, for full-time, senior-level

project, and nance and banking professionals, respectively. Robert Half International is also the parent company of

Protiviti, a global consulting rm specializing in risk and advisory services and internal audit.

In addition to the Global Financial Employment Monitor, we offer hiring managers a number of complimentary advice

booklets, white papers and resource guides that can help them recruit and retain the most talented professionals, as well

as grow their own careers. To obtain copies of these materials or learn more about our industry-leading service, please visit

www.rhi.com.

2008 Robert Half. An Equal Opportunity Employer. RH 0608
http://www.financejobsabroad.com/http://www.financejobsabroad.com/

2008-2009 robert half global financial employment monitor

Documents