Retention of Key Talent Top Concern Among Hiring Mangers in Accounting, Finance, and IT for 2014
CHICAGO (December 30, 2013) — As the economic uncertainty of 2013 lifts, and HR professionals and hiring managers prepare for an accelerated pace of hiring in the year ahead, the worry about losing key talent due to increased competition is at the forefront. This, among other findings of the Brilliant™ Q1 2014 Hiring Forecast, co-conducted by Brilliant and Dr. Richard Curtin, professor and director of surveys at the University of Michigan at Ann Arbor, indicate cautious optimism among businesses in the accounting, finance, and IT industries heading into 2014.
“Notable statistics include a planned increase in hiring by 23 percent of the surveyed firms, an increase of 15 percent from last quarter and 14 percent over the same period in 2012.” notes Dr. Curtin.
This increased hiring, while positive for the sector, means organizations will have to be progressive and engaged in order to keep and recruit top talent. Twenty-three percent of respondents in the survey reported concerns about potential loss of key employees in the first three months of the year.
“The across the board anticipated increase in hiring shows renewed confidence in the rebound of the economy.” comments Jim Wong, CEO of Brilliant, “HR professionals and hiring managers know they are competing for top candidates with the expertise and skill sets needed to help them take advantage of the favorable business climate predicted for 2014.”
Details in select categories reinforce the sense of optimism respondents are feeling.
Economic Growth Remains Unchanged
As 2013 draws to a close, 36 percent of respondents state their organizations have grown, versus 33 percent last year. Furthermore, economic conditions are expected to continue to improve in 2014.
The survey shows that 28 percent of firms anticipate increasing their total number of employees in the fourth quarter, and only 12 percent expect reductions. The data also indicates the pace of hiring in accounting, finance, and IT should in-crease next year.
Unfilled staff positions remain high, with 47 percent stating they have vacant positions in accounting, finance, and IT. Furthermore, firms are not hiring quickly. Only 15 percent are filling positions in less than 30 days and 12 percent are filling them in 30 to 60 days.
Retention of Key Talent
Retention remains an important consideration in the sector, and 65 percent of firms report no change among their top talent. About 15 percent of firms report retention rates have increased and 20 percent report retention of key employees has declined.
Assessments of the Talent Pool.
The most important characteristics HR professionals and hiring managers look for in candidates includes experience in the field, skills and expertise, and how well the person fits the culture. This is relatively unchanged, but another criteria is emerging, with 34 percent of all firms reporting the ability to problem solve as an increasingly important trait.
Social Media Usage in Recruiting
The survey found a slight majority (52 percent) of firms use social media in their recruiting. However, referrals and word-of-mouth remain the top hiring tool, with 46 percent citing this as most successful.
About the Brilliant Hiring Forecast
The Brilliant Hiring Forecast, established in 2012, is a quarterly survey of human resources professionals and hiring managers in accounting, finance, and IT from a broad range of industries, including manufacturing, distribution, healthcare, consumer products, service, financial services, professional services, retail, real estate, and non-profits. It is conducted by Brilliant and Dr. Richard Curtin, professor and director of surveys for the University of Michigan at Ann Arbor.
The Q1 2014 Brilliant Hiring Forecast includes responses from 174 professionals, surveyed from November 2, 2013- December 5, 2013.
Brilliant specializes in professional temporary and permanent staffing, as well as management resources for accounting, finance, and information technology positions in Chicago and Ft. Lauderdale. Using a unique consultative approach to develop a heightened awareness of both client hiring needs and candidate talent, Brilliant delivers a higher value and the right candidate every time. Brilliant represents large publicly traded Fortune 500 companies and leading privately held entities from a broad range of industries including manufacturing, distribution, health care, consumer products, service, financial services, professional services, retail, real estate, and not-for-profit. Complete information about Brilliant is available online at www.brilliantfs.com.
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