2011 CFO Hiring Trends Survey
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2011 CFO Hiring Trends Survey

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2011 CFO Hiring Trends Survey 2011 CFO Hiring Trends Survey Document Transcript

  • 2011 CFO HIRING TRENDS SURVEY Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636
  • 2011 CFO Hiring Trends Survey | Executive Summary TABLE OF CONTENTS CONTACT .............................................................................................. 3 OVERVIEW............................................................................................. 4 SURVEY RESULTS Trends ......................................................................................... 5 Factors......................................................................................... 9 Organization/Business Outlook ........................................... 13 Financials.................................................................................. 15 CONCLUSION ..................................................................................... 18 METHODOLOGY ................................................................................ 19 ABOUT THE RESPONDENTS........................................................... 20 ABOUT THE INTERSECT GROUP................................................... 23The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 2
  • 2011 CFO Hiring Trends Survey | Executive Summary CONTACT MEDIA CONTACT: Kayla Payne OrgPR LLC kayla@orgprllc.com 404.989.0785The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 3
  • 2011 CFO Hiring Trends Survey | Executive Summary OVERVIEW Over the past few years our country has experienced a deep recession during which 7.9 million jobs were lost. In Atlanta alone, 24,400 financial sector jobs were lost from April 2008 to April 2011 according to the U.S Bureau of Labor Statistics. Atlanta was outpaced in number of jobs lost in this sector by only the financial powerhouses of New York, Los Angeles’ and Chicago. However, as our economy gradually recovers jobs are being created and made available, many of these within the finance and accounting function as indicated by the results of this survey. This survey explores whether the finance and accounting functions of Atlanta companies are increasing finance and accounting employees, the types of positions being created and the characteristics of employees filling those positions. In addition, the survey looks into the finances of respondent companies. For example, whether or not respondent’s companies saw an increase in revenues or profits compared to 2009, or whether the finance and accounting function will increase spending and staffing in comparison with 2010.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 4
  • 2011 CFO Hiring Trends Survey | Executive Summary SURVEY RESULTS TRENDS By the end of Q4 2008 it was obvious that the financial services crisis had transferred into a jobs crisis leaving many unemployed. Today, while the economy is improving, there are still many left without jobs. The National Employment Situation for June 2011 indicated a national unemployment rate of 9.2% while the June unemployment numbers for the state of Georgia stand at 9.9%, higher than the national average. Throughout the job crisis, companies cut back in all areas and one of the hardest hit was the finance and accounting function. This cut back was primarily due to the flow of deals, IPOs and other equity-based transactions that slowed to a near stop throughout the recession. Research conducted during Q2 2010 indicated that the number of IPOs filed by companies in the U.S. tripled when compared with the same period in 2009. During June 2010 the number of IPOs filed increased from 12 in June 2009 to 39 with a value of $5.1B. Today the macro-economic trends are shifting and we are seeing more transactions and equity-based events occur. For example, in Q2 of 2011 58 IPOs were launched or announced. The results of this survey indicate that companies are once again hiring within the finance and accounting function and are doing so in a big way with 47.4% of respondents indicating that they are increasing finance and accounting staff in 2011; a result found surprising by Keith Ordan, staffing partner at The Intersect Group. “To have 47% of Atlanta CFOs saying that they are hiring is surprising because that is above both the national and local market levels. However, if this is the case than it is great news for the Atlanta market as well as the Accounting and Finance Community.” The results of the survey suggest that the majority of companies will hire between one and five employees and these employees will be staffed by senior level, permanent hire employees as opposed to contract hire or contract-to- permanent hire. In addition, Q2 2011 was a stronger hiring quarter for finance and accounting jobs. This proves to be an interesting trend, as May and June traditionally tend to be slow hiring times in the hiring cycle.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 5
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 6
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 7
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 8
  • 2011 CFO Hiring Trends Survey | Executive Summary FACTORS As our economy improves, finance and accounting functions are once again growing because triggers for growth, including transactions are picking up. Companies are seeing an increased need for staffing that is being driven by mergers and acquisitions or the upgrading of new talent. Historically, companies in these situations would increase staff to meet growing needs, however today some are choosing to meet their needs by building internally and using current resources, stretching employees thin, rather than hiring or outsourcing.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 9
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 10
  • 2011 CFO Hiring Trends Survey | Executive Summary With the increase of telecommuting in recent years, it is important to note how this trend is affecting the finance and accounting function. Survey results indicate that most finance and accounting new hires will not work from home.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 11
  • 2011 CFO Hiring Trends Survey | Executive Summary When increasing staffing, companies look at a variety of factors, including the cost of providing health care to employees; as a result companies sometimes opt to staff with contract employees rather than hire permanent employees. The survey suggests that this is not the case within the finance and accounting function.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 12
  • 2011 CFO Hiring Trends Survey | Executive Summary ORGANIZATION/BUSINESS OUTLOOK As we come out of the recession companies will increase staffing, requiring talented and qualified candidates to fill new positions. In this situation, companies can turn to staffing companies to provide them with the best talent. However, the valuable resources that staffing companies provide are not being fully realized, as indicated by survey results. The survey results suggest that the majority of companies will not spend more money in 2011 on staffing companies to help them find finance and accounting resources.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 13
  • 2011 CFO Hiring Trends Survey | Executive Summary As indicated by this survey, when choosing to use a staffing company, CFOs are looking for quality. The Intersect Group is well positioned to provide companies with the quality employees they seek through The Intersect Group’s Flexible Delivery Model, providing the right resources, at the right time, and the right price.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 14
  • 2011 CFO Hiring Trends Survey | Executive Summary FINANCIALS The 2011 CFO Hiring Trends Survey also focused on how well respondent companies are doing financially as we transition out of the economic recession. The survey found that the majority of respondent companies have seen increased revenues and profits in 2010 as compared to 2009. Additionally, most companies will increase their finance and accounting spending and sales budgets in 2011 as compared to 2010.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 15
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 16
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 17
  • 2011 CFO Hiring Trends Survey | Executive Summary CONCLUSION As we continue to see an uptick in our economy and as more companies regain confidence and begin hiring there will be an increase in the number of jobs available in all areas, but most specifically in finance and accounting. An increase in the number of IPOs and mergers and acquisitions is driving this increase and creating a positive overall picture of the future of the finance and accounting function. The Intersect Group found some of the results within this report surprising; specifically regarding the percentage of companies who are hiring within their finance and accounting function during 2011. However, The Intersect Group hopes that the results presented here will spark discussions around finance and accounting hiring trends and the future of finance and accounting hiring in Atlanta.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 18
  • 2011 CFO Hiring Trends Survey | Executive Summary METHODOLOGY OrgPR LLC (www.orgprllc.com), a national communications and research company, created and conducted The Intersect Group CFO Hiring Trends Survey. The survey, which was conducted through an online application, was launched in the field May 2011 and was concluded in June 2011. Five hundred forty one Atlanta-based CFOs comprised the sample pool, which was created based on a third-party database. Fifty-eight CFOs responded to the survey for an 11 percent response rate. The CFOs represented small, medium and large companies. We are pleased with this response rate given that CFOs are extremely difficult to reach and that this is an inaugural study. We anticipate that as the survey is conducted in future years, more CFOs will look forward to participating.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 19
  • 2011 CFO Hiring Trends Survey | Executive Summary ABOUT THE RESPONDENTS The survey was distributed among CFOs of some of Georgia’s leading companies. Most of those companies surveyed were privately held companies with fewer than 5,000 employees and headquartered in Georgia with a national focus.The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 20
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 21
  • 2011 CFO Hiring Trends Survey | Executive SummaryThe Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 22
  • 2011 CFO Hiring Trends Survey | Executive Summary ABOUT THE INTERSECT GROUP Founded in 2006, The Intersect Group is a different and better business partner, creating unparalleled value for clients by combining industry-leading consulting capabilities with comprehensive staffing and recruitment services. Clients trust The Intersect Group to deliver results based on deep expertise and proven resources within finance, accounting, and information technology. Through The Intersect Group’s flexible delivery approach, clients get the right solution, at the right time to accelerate success and achieve all mission-critical objectives. Since inception, The Intersect Group’s revenue has grown 800 percent, posting $3 million in revenue in its first year and a record $27 million in annual revenue at the end of 2010. The Intersect Group is one of the top 500 fastest growing privately held companies in the United States, as determined by Inc. magazine. In addition, The Intersect Group was recently named a Georgia Fast 40 company. The Intersect Group’s 420 employees serve clients nationwide from offices in Atlanta, GA, Chicago, IL, and Dallas, TX. ###The Intersect Group | 10 Glenlake Parkway Suite 300, South | Atlanta, GA 30328 | 770.500.3636 23