ATLANTA, Nov. 10, 2014 /PRNewswire/ -- The Randstad Professionals' Finance & Accounting Employee Confidence Index declined for the second consecutive quarter to 57.5, slightly lower than 58.0 in second quarter of 2014.
The online survey of 125 finance and accounting employees, conducted by Harris Poll on behalf of Randstad Professionals, found that less than one-quarter (24%) of finance and accounting workers believe the economy is getting stronger, a decline from one-third (33%) last quarter.
Additionally, fewer finance and accounting professionals believe there are more jobs available this quarter, declining to 28 percent this quarter, from more than a third (36%) in the second quarter of 2014. Also, fewer finance and accounting employees believe it is likely they will look for a new job. Only one-quarter (25%) of workers say it is likely they will seek new employment within the next year, a decline of 14 percentage points from 39 percent last quarter. Meanwhile, their confidence in the future of their current employer grew substantially, rising from 55 percent in the second quarter of 2014 to 64 percent in the third quarter.
Industry experts have noted that accounting firms are struggling to attract and retain younger talent, especially Millennials. In a recent PwC report, "Millennials at Work – Reshaping the Workplace in Financial Services," more than two-in-10 Millennials (21%) said they do not want to work in financial services. Of those surveyed already working in the profession, the report found that:
- 69 percent felt that rigid hierarchies and outdated management styles failed to get the most out of younger recruits.
- 29 percent in the banking sector indicated they were dissatisfied with the level of recognition they receive for their work.
- And, 34 percent expect to have six or more employers during their career.
"The financial services and accounting industries have a reputation for being traditional and relatively old-school," says Rebecca Callahan, Group President, Professional Solutions. "Firms and companies simply can't underestimate the importance of shifting this image and culture of our field to appeal to a younger demographic. The impending retirement of senior-level executives within our industry is going to require companies to do all they can to attract and retain Millennials. Yet, as our survey indicates, a quarter of workers are likely to jump ship and many feel there are fewer jobs available for them to pursue."
"We know that more and more students are pursuing accounting degrees, which is good news when it comes to preparing for demographic gaps left by Boomers," continued Callahan. "The real test, however, will be to keep these workers engaged, satisfied and more loyal by understanding generational differences in values, motivations and what they seek from employers."
Q3 2014 Survey Highlights:
Finance and Accounting Workers Believe Fewer Jobs are Available this Quarter
- Little over one-quarter (28%) of finance and accounting workers believe there are more jobs available this quarter, a decline from 36 percent last quarter. Half (50%) of finance and accounting employees are confident in their ability to find a new job, a slight decline from the previous quarter (52%).
Fewer Finance and Accounting Workers Believe the Economy is Getting Stronger in Q3
- Declining significantly this quarter, only 24 percent of finance and accounting workers believe the economy is getting stronger, compared to 33 percent in the second quarter 2014.
Job Security Extremely High Among Finance and Accounting Workers
- A mere one-in-10 finance and accounting workers believe it is likely they will lose their job in the next 12 months, a decline of eight percentage points from second quarter 2014. A full three-quarters (75%) feel secure in their jobs this quarter.
Employer Confidence Rebounds among Finance and Accounting Employees
- More than six-in-10 (64%) finance and accounting employees are confident in the future of their current employer, representing a nine percentage point improvement from the previous quarter.
This survey was conducted online within the United States by Harris Poll on behalf of Randstad Professionals from July 8-10, August 4-6 and September 9-11, 2014 among 3,144 adults ages 18 and older, of which 125 are employed in finance and accounting. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact [email protected].
About Randstad Professionals
Randstad Professionals is a leading professional placement firm that specializes in recruiting for positions in finance and accounting, human resources and sales and marketing. The firm provides recruiting services to Fortune 500 and small- to mid-sized companies through its extensive network of offices across the nation. For more information, please visit www.randstadusa.com.
About Randstad US
Randstad US is a wholly owned subsidiary of Randstad Holding nv, a $22.0 billion global provider of HR services. As the third largest staffing organization in the U.S., Randstad holds top positions in permanent placement, office and administrative, IT and accounting and finance. From professional services, commercial staffing, recruitment process outsourcing, to managed services and more, Randstad delivers a comprehensive range of temporary, temporary-to-hire, permanent placement and outsourced placement services. With its 5,324 employment experts, Randstad puts an average of approximately 100,000 people to work in the U.S. each week, through its network of nearly 1,000 branches and client-dedicated locations.
Learn more at www.randstadusa.com and access Randstad's panoramic U.S. thought leadership knowledge center through its Workforce360 site that offers valuable insight into the latest economic indicators and HR trends shaping the world of work.
SOURCE Randstad US