CFOs say hiring will be stable in early 2003

The hiring of accounting and finance professionals is expected to remain at its current pace in the first quarter of 2003, according to the Robert Half International Financial Hiring Index.

RHI announced Nov. 25 that 8 percent of chief financial officers surveyed plan to expand their accounting and finance departments, and 4 percent expect staff reductions. The majority of respondents, 86 percent, anticipate no change in hiring.

The net 4 percent hiring increase is the same as the fourth-quarter forecast and is one point above hiring projections for this time last year. Robert Half International has been tracking financial hiring activity in the United States since 1992.

The national poll includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees. It was conducted by an independent research firm and developed by Robert Half International Inc.

"Employers are making judicious hiring decisions as they await stronger signs of economic recovery," said Max Messmer, chairman and CEO of Robert Half International.

"Many companies are resolving their pent-up need for finance and accounting staff by strategically adding professionals with in-demand skill sets, who may be more difficult to recruit once the market improves."

CFOs planning to hire additional accounting and finance personnel in the first quarter of 2003 reported that the primary factor driving the need for more staff is anticipated business growth (67 percent).

This was followed by executives who are adding accounting staff as a precautionary measure to ensure the integrity of their companies' financial reporting (15 percent).