Finance firms optimistic
about hiring, survey finds
Financial executives in the Pacific states, including Hawaii, are the most optimistic in the country about hiring personnel in the second quarter of this year, according to a recent study conducted by financial staffing firm Robert Half International.
The study found 11 percent of chief financial officers in the Pacific region -- which includes Alaska, California, Oregon, Washington and Hawaii -- plan to add accounting and finance professionals during the second quarter.
Just 2 percent anticipate staff reductions.
CFOs from the mid-Atlantic states were almost as optimistic, with 9 percent anticipating more hiring during the second quarter while none anticipated reductions.
At the national level, 7 percent of executives surveyed said they planned to hire in the second quarter while 1 percent anticipated reductions.
The poll included responses from 1,400 chief financial officers nationwide from companies with 20 or more employees. The exact Hawaii sample size was unavailable at press time, but Robert Half spokesman Sean Pate said it was slightly less than the per-state average of 28.
Of CFOs nationally who said they planned on hiring accounting and finance professionals in the second quarter, 46 percent said their primary reason was business expansion, a 9 percent increase from the first quarter of 2003.
Business expansion also was cited by Hawaii employers, especially among industries that have been booming, such as construction and real estate, said Sean Knox, branch manager for Robert Half in Honolulu. He added that he first noticed increased demand for financial and accounting professionals in the construction and real estate sectors at the beginning of last year.
"We found more of a spike in the first and second quarters of 2003 in the placement of financial professionals for the construction industry when projects were being developed," he said.
As a result of the real estate boom, supporting industries such as finance and mortgage companies and, more recently, property management firms have added staff, he said.
Knox noted that with an improved economy in Hawaii, there has also been increased demand for professionals with expertise in collections.
About a quarter of executives surveyed nationwide cited issues such as turnover and need for specialized expertise as the reason for the anticipated hiring, while 15 percent said they were hiring to cope with heavier workloads.
Compliance with rules and regulations was another reason cited by firms for increased hiring. The passage of the federal Sarbanes-Oxley Act and related guidelines for accurate financial reporting led a number of firms to add financial professionals, Knox said.
"Organizations are looking to be compliant, whether or not they are required to be by law," he said.
With the improvement in tourism numbers, local hotel and travel industry executives also have reported a need for financial professionals, Knox said.
