Are you aware of the latest economic factors and hiring trends affecting your profession?
We’ve got you covered! As we enter the spring season, business operations are in full swing allowing hiring managers to determine if more manpower is needed for their teams. With unemployment at an all-time low, producing a tightened labor market, it’s encouraging to find that businesses continue to report a high number of unfilled positions and increased plans to hire in Q2 2018 and beyond.
According to a recent study conducted by Brilliant™ and Dr. Richard Curtin, Director, Survey of Consumers at the University of Michigan (Ann Arbor, Michigan), there’s an increase in open accounting, finance and information technology positions for the coming quarter and hiring plans are expected to continue to increase for at least the next 12 months ahead.
This information brings important insight into the future of accounting, finance and information technology professions, and the overall climate of the labor market. That’s why I thought it would be helpful to share the findings of this study with you. Take a look at the Top 3 Hiring Trends Affecting Accounting, Finance and Information Technology Professionals in Q2 2018 below.
1. High Percentage of Businesses Reporting Open Positions
For accounting and finance, 37 percent of businesses reported one or more open positions – this number was just below last quarter’s 40 percent, and below last year’s 46 percent. For information technology, 28 percent of survey takers reported one or more open positions – equal to the 28 percent in the prior quarter, and above last year’s 20 percent.
2. Open Roles Weighted in Corporate Accounting and Software & Database Administration
When survey takers were asked to identify the types of positions that were unfilled, they were then asked which job titles had the most openings. In response, the most common type of accounting and finance job opening was in Corporate Accounting roles, including financial analysts, tax and general accountants, and internal auditors. For IT positions, Software and Database Administration accounted for 12 percent of the unfilled positions closely followed by unfilled Technical Services positions, reported by 11 percent of survey takers.
3. Biggest Skillset Missing Among Qualified Candidates
Survey takers were asked to identify the biggest gap in skills of candidates for accounting and finance positions. In response, survey takers indicated that problem solving and lack of basic knowledge were the top skill gaps (28 percent and 23 percent, respectively). For IT candidates, the greatest skill gap was in the candidate’s knowledge and expertise, reported by 39 percent.
Overall, we remain optimistic that consistent and elevated numbers of open positions and plans to hire indicate continued growth despite the recent economic challenges.
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