It's a Changing Economy
The Bureau of Labor and Statistics reported that accountant and auditor jobs are expected to increase 19% by 2010, including temporaries.

With the increasing demand for accountants and auditors, we think it is important for you to consider the following trends that may impact the supply of possible staff:

• The increase of government regulations on internal controls (Sarbanes-Oxley)
• The impending retirement of" Baby Boomers"
• The declining enrollments of Accounting students
• Higher turnover rates in companies

The demand for accounting and financial talent in New Hampshire and Massachusetts has been growing in recent years. According to the Massachusetts Department of Workforce Development, as well as the New Hampshire Economic and Labor Information Bureau, statistics show the financial activities sector has one of the highest growth rates in both states, while entry-level candidates are continuing to decline in both states.

NH job growth is expected to continue at 1.1% through 2010 and finance jobs will grow at 2.7%. Both are the highest rates in New England.
NH is the 19th fastest growing state since 1990, much of it as a result of incoming baby boomers and older demographic groups.

The number of Entry level candidates have declined dramatically. Since 1990, NH residents age 24-35 have dropped 28%. That is nearly one less entry level applicant in 2007 for every 3 in 1990. Rockingham and Merrimack counties have been hit particularly hard since 1990 with 38% and 32% drops respectively.

Neighboring Massachusetts is not a source of replenishment for 24-35 year olds as its population has dropped 25% since 1990.


Where will your company find qualified accounting/finance professionals?

Web-Based Recruiting Has Its Limitations
It is common for companies to turn to the Internet for a quick placement fix. Although recruiting on the web has been somewhat influential, it is still extremely overwhelming and counter-productive. The sheer magnitude of the web creates logistical hurdles. Bombardment of candidate resumes and instantaneous clutter are inevitable. The truth is, a sole reliance on web recruiting does not save you money.We ask you to consider the following:

• Do you have access to the full range of applicants on the web? Passive or confidential job seekers and those currently employed looking for career advancement usually do not post their resumes on the Internet. They are however, extremely interested in hearing about opportunities.
• What are the costs of internal recruiting?
  
  • Additional headcount of recruiters
  • Productivity lost sourcing, screening and scheduling prospective employees for recruiters and hiring managers
  • Replacement costs of bad hires
• Can you see market trends when spot recruiting? If you are looking for hard-to-find skill sets, KBW can recommend alternative solutions.
• What are the effects on turnover from lengthy candidate searches? Someone still needs to do the work and current employees can only burn the candle from both ends for so long. Consider temporary interim staff as well.

The need for a partnership with a reliable staffing firm is clear. Contact KBW Financial Staffing & Recruiting and let us assist you today.