Canadian employers expect a more optimistic hiring climate for the fourth quarter of 2009, and finance and insurance firms are particularly ambitious, new surveys reveal.
The Manpower Employment Outlook Survey, which recently polled nearly 2,000 Canadian employers, shows that the net employment outlook stands at 5%, indicating a cautiously optimistic hiring environment in the fourth quarter. This represents an improvement of eight percentage points from the previous quarter, when employers reported a net employment outlook of -3%.
“This quarter’s net employment outlook indicates that the sluggish hiring pace reported in the previous quarter is likely to improve in the fourth quarter of 2009, but it’s far off the pace we saw last year at this time,” said Byrne Luft, vice-president of marketing for Manpower Canada. “Employers are telling us that they plan to hire, but in a very conservative manner.”
Employers in the finance, insurance and real estate sectors are more optimistic than average in terms of hiring plans, according to the survey. Employers in these sectors reported a net employment outlook of 10%, up two percentage points from the previous quarter, but down 10 percentage points from the same time last year.
CFOs maintain conservative hiring approaches
A separate poll released on Tuesday reveals that new accounting and finance positions are less likely emerge in the fourth quarter. The latest Robert Half International Financial Hiring Index, which is based on interviews with more than 270 chief financial officers, shows that the vast majority are planning to maintain their current accounting and finance staff levels in the fourth quarter.
The results show that 84% of CFOs will take no hiring actions before the end of the year. Just 6% of respondents expect to add full-time employees, while 9% foresee cutbacks, for a net 3% decrease in employment. That level is unchanged from last quarter.
“Companies appear to be hesitant about adding full-time staff until there is more certainty about the economic recovery,” said Kathryn Bolt, president of the Canadian operations at Robert Half International, a staffing services firm specializing in accounting and finance. “Some employers, challenged with rising workloads as the result of cuts in staffing levels, are bringing in temporary professionals to help with critical projects and deadlines.”
Despite current unemployment levels, CFOs continue to report challenges finding highly skilled professionals for certain functional areas. Nearly one-third of financial executives said accounting positions are the most difficult to fill, while operational support roles was cited by 18% of respondents.
In terms of trends by company size, businesses with 50-99 employees have the most ambitious hiring plans. A net 13% of businesses this size plan to add finance and accounting staff before the end of the year, representing a level 16 points above the national average.
By industry, the wholesale industry is projected to see the greatest increase in accounting and finance hiring. A net 13% of CFOs in the sector said they plan to add staff in the fourth quarter.
Finance, insurance firms see demand for IT workers
Robert Half International also released its Technology IT Hiring Index and Skills Report on Tuesday, revealing a similarly conservative approach to hiring among technology executives.
The index found that 4% of chief information officers plan to expand their information technology teams in the fourth quarter, while 3% anticipate staff reductions, for a net 1% increase.
Managers in the finance, insurance and real estate sector forecasted employment growth above the national average. According to the survey, 8% of CIOs plan to add IT employees and 2% forecasted personnel reductions, for a net increase of 6%.
Managers planning to add personnel also appear more confident about their ongoing staffing needs, according to the index. Among those CIOs who said they will hire in the fourth quarter, 49% said they would be hiring full-time employees, up from 36% in the third quarter.
Finance, insurance firms plan to hire in Q4: survey
Hiring intentions up sharply from third quarter, but far off last year’s pace
- By: Megan Harman
- September 8, 2009 September 8, 2009
- 11:34