In the past year, companies nationwide reduced their workforce or instituted hiring freezes as a response to the uncertain economy. The national labor pool increased exponentially, and unemployment rates hit record setting highs. The economic downturn, now often referred to as the “Great Recession,” cut deeper than previous recessions and affected professionals of all skill levels from management to support levels. According to the latest edition of Accountants International’s Compensation, Benefits and Workplace Trends Guide, some 57% reported the occurrence of layoffs at their companies with operations and accounting and finance departments being the most affected. Additionally, companies implemented compensation freezes and put hiring on hold, presenting many with the challenge of doing more with less.
 
Even with the vast affects of the recession, the 2010 Guide highlights executives showing signs of optimism, with almost two-thirds predicting economic recovery within the year, and over one-third plan to hire by year-end. When asked at what levels they predict hiring, 48% of respondents said they will hire at the staff level, 23% predict hiring at the support level and 10% expect to hire at the management level. “With the economy beginning to level off, companies are realizing that a qualified and experienced accounting and finance department is critical to long term growth and success,” states Michael Follin, Vice President of Field Operations with Accountants International. Follin further states, “we have seen an increase in need for specialized accounting and finance professionals such as tax accountants and auditors but have also seen a rise in demand for staff and senior accountants.”

Of the 36% of executives who anticipate hiring full-time or project employees in 2010, they indicated they would do so at the following levels:

 
Another positive sign for accounting and finance professionals is the predictions found in The U.S. Bureau of Labor Statistics’ newest Occupational Outlook Handbook. According to the handbook, employment for a number of accounting and finance specialties is expected to experience a much faster than average employment growth than other occupations in the coming years. The need for qualified professionals to handle everything from the general ledger and financial analysis to the changing financial laws and corporate governance regulations, are driving job growth. As businesses begin to emerge from the recession they are carefully expanding their workforce and are starting to invest in the hiring process.