The Randstad Professionals' Finance & Accounting Employee Confidence Index declined to 58.0 this quarter after reaching a near seven-year high of 64.3 in the first quarter of 2014. Despite the overall decline in employee confidence among professionals in this sector, the index remained above 50, which indicates a positive reading.
The online survey of 145 finance and accounting employees, conducted by Harris Poll on behalf of Randstad Professionals, found that more than a third (36%) of finance and accounting workers believe more jobs are available this quarter. Additionally, more than half (55%) of finance and accounting workers feel confident in the future of their current employer, representing a decline of 16 percentage points from the previous quarter. This may be fueling the significant increase in the number of finance and accounting employees likely to look for a new job in the next 12 months, jumping from 24 percent to 39 percent this quarter.
Despite lower confidence levels among many of the index measurements, the finance and accounting sector remains one of the most promising and in-demand professions in the labor market. The Bureau of Labor Statistics indicates that between 2012 and 2022 nearly 167,000 more accounting jobs will be created, representing a 13 percent growth rate.
"We are seeing two significant trends that may be influencing the mindset and actions of today's finance and accounting professionals," said Rebecca Callahan, Group President, Professional Solutions. "First, more and more students are opting for accounting degrees, both at traditional brick-and-mortar schools and through online degrees. In fact, Forbes ranked master's degrees with the best long-term opportunities and finance came in at number six. With more accounting graduates entering the marketplace, competition for the most coveted jobs is beginning to heat up."
"At the same time, advances in technology are demanding new skills and competencies from CFOs and their staff," continued Callahan. "The influence of big data has required expertise and tools to support data modeling and analysis, and the ability to extract data to aid business intelligence. At the present time, there is a skills gap in the finance and accounting field, largely due to a lag in updated university curriculums that prepare these professionals to also be business strategists. Candidates that possess these skills are the most sought-after talent among our clients."
Q2 2014 Survey Highlights:
Finance and Accounting Workers Slightly Less Confident in Ability to Find New Jobs
A little over half (52%) of finance and accounting employees are confident in their ability to find a new job, dropping four percentage points from the previous quarter.
More Finance and Accounting Workers Believe the Economy is Getting Weaker
One-third of finance and accounting workers believe the economy is getting stronger, and nearly the same amount (30%) believe the economy is weakening – a 10 percentage point increase from Q1 2014.
Job Security Wanes This Quarter, But Remains High
More than seven out of every 10 (71%) finance and accounting workers feel secure in their jobs, representing an 11 percentage point decline from last quarter.
Employer Confidence Declines Among Finance and Accounting Employees
More than half (55%) of finance and accounting employees are confident in the future of their current employer, representing a 16 percentage point decline from the previous quarter.
