84 Percent of Philly CFOs Are Hiring, But Many Can’t Find Talented People
Good news on the jobs front: 84 percent of Philadelphia chief financial officers say they’re hiring, but many are finding it difficult to find talented candidates.
A new study by Robert Half, reveals that 71 percent of Philly CFOs say they’re planning to hire for existing positions in the next six months (fall 2015-winter 2016), while 13 percent are adding new positions. For the following six months (spring 2016-summer 2016) 67 percent say they’re hiring for existing positions while 19 percent say they’re creating new jobs.
Just 4 percent say they’re eliminating jobs in the next six months.
But despite Philly’s robust economy and strong colleges, CFOs say it’s tough to find top talent. In fact, 58 percent said it’s “somewhat or very challenging to find skilled candidates for professional-level positions today.”
So if the talent wars are on, does that means salaries are going up? Not exactly. Just 30 percent of CFOs surveyed said they have modified their company’s compensation plan in the past 12 months as a way to enhance recruiting and retention efforts.
The analysis stemmed from interviews with 200 Philadelphia-area CFOs of businesses with 20 or more employees. Executives were asked about their hiring and business outlook, including plans to add professional-level employees in areas such as accounting, human resources, administrative, legal, marketing and information technology.
One more stat: Philadelphia area CFOs are optimistic about their company’s growth. In fact, 86 percent reported being somewhat or very confident in their company’s prospects for growth in the next six months.
“System conversions, regulatory compliance and Sarbanes-Oxley initiatives are driving hiring, particularly in the manufacturing, healthcare and nonprofit sectors,” said Stephanie Naznitsky, regional vice president for Robert Half in Philadelphia. “Local companies that recognize the tightening labor market conditions are reducing steps in their hiring process and securing highly skilled candidates over companies that prolong the hiring process.”