According to the second annual Robert Half Global Financial Employment Monitor, which includes responses from more than 4,000 finance and human resources managers across 20 countries, employers around the world face significant challenges hiring and retaining experienced accounting and finance professionals. For the second consecutive year, more than half (56 percent) of the those surveyed – including 72 percent of U.S. respondents – reported difficulty finding skilled job candidates.

Hiring patterns fluctuated somewhat among continents and countries. For instance, according to the study, Asia continues to face some of the most significant challenges, with Hong Kong (89 percent), Singapore (76 percent) and Japan (65 percent) all reporting above-average rates of difficulty locating skilled professionals. Other countries reporting acute talent shortages include Brazil (82 percent), Luxembourg (72 percent, up from 65 percent last year) and the United States.

Retention Worries

The survey also found that retention concerns have risen significantly in the last year, with 58 percent of respondents worldwide and 73 percent in the United States expressing concern about losing top performers to other opportunities, up from 43 percent and 46 percent, respectively, in 2007. Not surprisingly, concerns about keeping top performers are highest among managers in Asia, where skilled candidates are especially hard to locate. Respondents from Singapore (94 percent), Hong Kong (92 percent) and Japan (71 percent) cited retention as a major issue.

An apparent response to staffing challenges is employers' increasing reliance on temporary or project professionals, particularly at the senior levels. Almost one-third (31 percent) of those who have hired interim professionals in the past said they had further increased their reliance on these workers in the last three years. Asked to name the chief benefit of using temporary professionals, access to special skills that may not exist internally was cited most frequently. Another draw identified by respondents was the ability to handle sudden changes in workload – an important advantage during unpredictable economic periods.

Making the Right Hire

Employers also are spending significant time and effort interviewing job candidates in an effort to ensure a successful hire. Respondents reported a global average of three interviews for staff-level positions, compared to two last year. Many managers in the United States reported a very extensive interview process, with 18 percent indicating an average of five or more interviews for staff positions and 21 percent reporting five or more for management roles. However, companies that prolong the hiring process risk losing the best candidates to other opportunities.

Companies around the world also indicated a shift in preferences in terms of executive-level qualifications. Nearly two-thirds (65 percent) of those surveyed cited industry knowledge and experience as the most important attribute for executive candidates. Although last year's most highly valued attribute, regulatory compliance experience, remains a priority, the growing emphasis on industry expertise suggests a renewed attention to improving fundamental competitive performance.

While the job market has become more competitive in some fields, the Global Financial Employment Monitor indicates that demand for highly skilled staff is holding steady or even rising in some countries. For accounting and finance professionals at all levels, the overriding long-term outlook is a positive one.

DeLYNN SENNA, CPA, is the executive director of permanent placement services for North America for Robert Half International. Founded in 1948, Robert Half is the world's first and largest specialized staffing firm. The company's financial staffing divisions include Robert Half® Finance & Accounting, Accountemps® and Robert Half® Management Resources, for full-time, temporary and senior-level project professionals, respectively. For more information about Robert Half, please visit www.rhi.com.