84% CFOs unlikely to start hiring before yr end: survey

Jobseekers in accounting and finance sector may not get a positive response this year, as many chief financial officers(CFO) of companies in the US do not plan hiring before the year end, says a survey.     

According to the report by staff services provider, Robert Half International Financial, most of the top financial executives plan to maintain their current accounting and finance staff levels in the fourth quarter of 2009.     

The report said, 84 per cent of the chief financial officers (CFOs) will take no hiring actions before the end of the year. About four per cent of respondents expect to add full-time employees, while 10 per cent foresee cutbacks.     

"Organisations appear to be exercising caution before adding full-time staff until there are signs of a sustained recovery.     

"At the same time, companies recognise that carefully chosen accounting and finance professionals are critical to their efforts to manage what remains of the recession and also to take advantage of growth opportunities once conditions improve," Robert Half International Chairman and CEO Max Messmer said. 

Despite the current unemployment level, CFOs continue to report challenges in finding highly skilled professionals in certain functional areas.    

The Robert Half International Financial Hiring Index which was conducted among more than 1,400 CFOs found that 25 per cent of financial executives said accounting positions are the most difficult to fill, while audit and operational support roles were each cited by 19 per cent of the respondents.     

On the basis of industry wise recruitment — finance, insurance and real estate industry is projected to see an increase in accounting and finance hiring. About six per cent of the CFOs in the sector said they plan to add staff in the fourth quarter.     

"Some firms are finding they have cut staff levels too deeply in an effort to reduce costs and are bringing in temporary professionals to help meet business demands," Messmer said.