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Jun 07
2010

CFOs signal worsening job market

Posted by Stephen Taub in unemploymentRobert HalfjobsCashCareers/Management

Stephen Taub

More bad news on the hiring front.

CFOs say they are less likely to hire people now than they were three months ago.

According to the latest quarterly Robert Half Financial Hiring Index, six percent of chief financial officers said they plan to hire full-time accounting and finance employees during the third quarter of 2010.

In the prior survey conducted three months ago, seven percent of CFOs indicated they planned to add full-time accounting and finance employees during the second quarter. At the time, the folks at Robert Half celebrated the fact this was the highest hiring forecast since the first quarter of 2009.

Well, that party was short-lived.

Meanwhile, in the latest survey, nine percent of CFOs said they anticipate staff reductions. This is up from eight percent in the prior quarterly survey.

Add it up, and CFOs are more pessimistic now than they were three months ago. Not a recipe for bringing down the nation's stubbornly high unemployment rate.

And accounting was supposed to be the good profession to go into because it is supposedly growing. Oh well.

Of course, the folks at Robert Half-an employment agency--put a positive spin on its results, asserting: "CFOs remain optimistic about the outlook for their businesses."

The reality is-the job picture in this country is bleak and possibly getting worse. There is not one report out there that suggests companies are ready to unleash their HR departments.  

In fact, the government's recent report-which President Obama inexplicably predicted several days earlier would be strong-found that nearly half the unemployed have been out of work at least six months.

Even the teaching profession-long considered recession resistant and secure-is experiencing massive layoffs nationwide. Only a wage freeze movement is preventing even more teachers from losing their jobs.

Ultimately, companies need to see a connection between hiring more people and growing their business for them to decide to add to staff.

Increasing their taxes and piling more and more regulatory and policy mandates on them is certainly not going to entice companies to hire more people.

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