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CFOs Expect Slight Increase in Fourth-Quarter Hiring MENLO PARK, Calif., Aug. 22, 2003 (SmartPros) The hiring of accounting and finance professionals is expected to increase modestly in the fourth quarter of 2003, according to the Robert Half International Financial Hiring Index. Eight percent of chief financial officers surveyed plan to add staff in the fourth quarter, while seven percent anticipate reductions in personnel. The net 1 percent hiring increase is up one percentage point from the third-quarter forecast. Among CFOs who said they plan to hire accounting and finance professionals before the end of the year, 30 percent cited an increase in business as the primary factor driving the demand.
"The overall hiring environment remains conservative as executives wait for evidence of a sustained economic recovery," said Max Messmer, chairman and CEO of Robert Half International. "Businesses are adding staff gradually, as productivity demands increase."
CFOs in the South Atlantic region anticipate the most active hiring during the fourth quarter, with a net seven percent increase in the hiring of financial professionals forecast. Thirteen percent of CFOs in the South Atlantic states plan to add staff, and six percent anticipate personnel reductions.
CFOs in finance, insurance and real estate are most optimistic about financial hiring in the coming quarter. Thirty percent of financial executives in this industry segment expect to hire personnel, and just two percent anticipate staff reductions. The net
28 percent hiring increase is up 17 points from the third-quarter forecast and is 27 points above the national average. "The sharp rise in demand for qualified accounting and finance professionals underscores a strong level of business activity," Messmer noted. "Home buyers acting on low interest rates continue to fuel demand for residential real estate, mortgage loans and refinancing. Furthermore, many banks are responding to new government regulations, which is placing a premium on financial professionals to assist with compliance requirements."
The national poll includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.
2003 SmartPros Ltd. All rights reserved.
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