Are you aware of the latest economic factors and hiring trends affecting your profession?
We’ve officially entered midyear. Businesses are assessing their first half results while planning accordingly for the second half and beyond. The unemployment rate continues at an all-time low, and hiring trends are looking very strong—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 are double the amount of open information technology positions compared to last quarter and a relatively large amount of open accounting and finance positions moving into Q3 2017. Further, plans to hire for these open positions continue are looking to remain strong over the next 12 months.
This information brings important insight into the future of the 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 Q3 2017 below.
1. Mixed changes in open roles.
For information technology, 39 percent of human resources professionals and hiring managers who participated in the study reported open positions—this is double the amount that was reported last quarter (20 percent). For accounting and finance, 41 percent of survey takers reported open positions. This was only slightly below the 46 percent that was reported last quarter. Despite the drop in accounting and finance open positions, the numbers remain elevated compared to this same time last year—indicating a tightened labor market where top talent is in high demand.
2. Shortened length of time for positions to remain unfilled.
The data indicates that unfilled accounting and finance positions were heavily concentrated in the one month or fewer timeframe (21 percent) followed by one to three months (13 percent). For information technology, 22 percent of the open positions have been open since the start of 2017. This type of timing shows that businesses are experiencing improved conditions, resulting in the need to expand hiring.
3. Open roles weighted in Corporate Accounting and Software & Database Administration.
The most common type of open accounting and finance positions, mentioned by 23 percent (down from 28 percent last quarter), was in corporate accounting. This includes financial analysts, tax accountants, general accounting and internal auditors. For information technology, 16 percent (down from 20 percent) of survey takers indicated open roles in software and database administration. This includes data analysis, data development and software engineering. Overall, the data shows that the open roles are contained within core divisional teams and not leadership, or conversely, lower-skilled positions.
Overall, we remain optimistic that the number of open positions remain high compared to recent quarters and the strength in hiring plans indicates continued growth given the recent unpredictable performance of the economy.
Are you currently hiring for your team? Call 312.582.1800 or email [email protected] and mention this blog.
What are your thoughts on these hiring trends for Q3 2017? Share your thoughts in the comment section below!