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It's a Small World After All: Global Employment Trends All Point in Same Direction

Dec 2007/Jan 2008 Financial organizations across the globe are feeling the squeeze of a tight hiring environment, according to Robert Half International's Global Financial Employment Monitor. The report summarizes global hiring trends in the field of accounting and finance and presents the highlights of a survey of more than 5,000 human resources and finance managers in 17 countries.

Chief among hiring managers’ concerns is the increased challenge of finding talented individuals to fill job openings. A more demanding regulatory environment as well as a shortage of candidates in roles such as operational support, financial analysis, general accounting and controller is increasing the competition among firms for skilled professionals.

In addition to the recruiting challenge, the time it takes most companies around the globe to fill an open position -- five weeks on average -- makes retention of high performing employees a top priority. Out of the 17 countries involved in the survey, only three expressed that their level of concern regarding retention was at a level below 30 percent.

Despite challenging hiring conditions, a global average of two interviews for staff-level positions and three for management posts is the norm. Respondents in Asia reported many more interviews than their global counterparts -- 37 percent said staff-level candidates are interviewed four or more times.

As a result of the stepped-up competition for top candidates, many companies are enhancing salaries, benefits and other incentives to help attract and retain the most skilled candidates for staff, management and executive positions.

The Global Financial Employment Monitor also predicts that demographic shifts in coming years, such as the anticipated retirement of millions of baby boomers around the world, are likely to deepen the need for companies to implement and maintain proactive recruiting and retention strategies in order to compete. 

2008 SmartPros Ltd. All rights reserved.

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