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Good News – CFO’s Say Hiring Should Be Up in 2012

Good News – CFO’s Say Hiring Should Be Up in 2012

Feeling like you're riding a roller coaster?

Hiring Uptick Could Spell Wild Ride For Employers & Employees Alike

If it seems like things have started to feel a bit more positive, you’re not alone. ? According to a recent survey of CFO’s from around the globe, there appears to be an almost unanimous expectation that hiring will increase in 2012. ? More than two-thirds of U.S. CFOs said they are actively trying to fill vacant job slots in multiple departments at their companies. ? While this is good news for everyone, the enthusiasm appears to be particularly strong in the US and Asia, which led the survey in terms of the expectations that CFO’s in those respective areas. ? The news comes by way of a press release dated Wednesday, March 7, 2011, a link to which appears at the bottom of this post.

Survey respondents expect U.S. employment to increase by 2.1% over the next year, up from 1.5% they predicted? last quarter. ? A t that rate, national unemployment should decrease to under 8% by the end of the next 12 months. ? These are some of the findings of the most recent? Duke University/CFO Magazine Global Business Outlook Survey. The quarterly survey, which concluded March1, asked 873 CFOs? from a broad range of global public and private companies about their expectations for the economy. (See end of release for survey methodology.) ? The survey has been conducted for 64 consecutive quarters, making it the world’s longest running research on senior finance executives and one of the most comprehensive surveys of its kind.

While this is good news for employees and job seekers alike, it poses some unique challenges to Employers who have aggressively cut labor costs over the past few years in an attempt to minimize the bottom-line impact of the economic downturn and subsequent recession. ? In doing so, those who were laid off may have less than kind things to say about their former employer, which can create challenges when recruiting really ramps up.

Making matters worse, many employees who may have survived the cutbacks may have done so but have had to forgo salary and wage increases, annual bonuses or simply remained on the job because there were no alternatives. ? As the job market heats up, the preference for hiring those who are currently employed places these employees in the enviable position of being in the driver’s seat for the first time in a while.

Those looking for work or looking to make a change may want to be more targeted in their search and leverage connections they may have made with previous companies that weren’t hiring previously. ? Circling back to a recruiter who may have reached out with a potential opportunity to let them know that you may be open to new opportunities.

Whatever the case, increased hiring and lower unemployment means better times are ahead. ? After the last few years, good news about the economy is a welcome change of pace.

SUMMARY OF FINDINGS

  • Earnings and capital spending are both expected to rise more than 7 percent.
  • U.S. finance chiefs plan to expand their workforces by slightly more than 2 percent on? average over the next 12 months, a staffing increase that would bring the unemployment? rate below 8 percent.
  • Sixty-eight percent of U.S. CFOs say they are actively trying to fill vacant job positions,? and many firms are recruiting more aggressively to fill the slots.
  • Nearly 40 percent of U.S. CFOs say their firms will be active in mergers and acquisitions? this year.

 

To view the press release announcing the survey results, visit this link.

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