Finance and accounting hiring intentions decline
The financial services sector, and accounting and financing are lagging behind other professions in terms of hiring intentions due to employers cutting costs as Australia transitions from a commodities-based economy to a knowledge economy.
Recruitment firm, Hudson, released the ‘Hudson Report', which showed only 31 per cent of employers in financial services were looking to increase headcount in the second half of 2016.
Figures illustrated Australia was well under way in transitioning to a knowledge economy, with 42 per cent of the technology sector looking to hire permanently, while 41 per cent of employers in this sector sought to increase headcount this year.
However, only 32 per cent of the financial services/insurance sector had permanent hiring expectations.
Only 21 per cent of employers in the accounting and finance profession were looking to increase headcount in the second half of 2016.
"Many companies are yet to transform their accounting teams into true business intelligence units and, as a result, are unwilling to invest significantly in them," the report said.
"Opportunities exist here for smarter hiring."
The report showed a healthy outlook for professional services (40 per cent permanent hiring expectations), reflecting the way services were steering the economy away from resources and mining.
AUTHOR
Malavika Santhebennur
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
