Accountants are confident that salaries and recruitment will pick up this year, according to recent research from Morgan McKinley.
The global professional recruitment consultancy surveyed 350 HR and senior accounting professionals and discovered that 52% of them expect recruitment to commence at the beginning of this year.
Just under half (48%) said they expect to see their salary increase, and a further 14% expect salaries to increase in other areas of the business. When it comes to bonuses, 58% are anticipating around 20% of their base salary.
The COO of accounting, finance and support at Morgan McKinley, Chris Leeson, said this cautious optimism illustrates the beginning of the recovery we witnessed in the jobs market for professionals in accounting, finance and business support last year.
He went on to explain that commercial organisations increased their demand for accounting professionals last year, compared to the two previous years. Firms specialising in professional services also appear more willing to recruit new staff, particularly in advisory-related and specialist roles.
However, on the down side, the public sector has dramatically slashed hiring activity because of the government’s spending cuts.
Despite private sector optimism, the final quarter of 2011 saw an increase of 61% in the number of professional services firms in critical financial difficulty, when compared to Q4 2010, according to the latest Red Flag report from Begbies Traynor. Furthermore, the travel and tourism recorded a 56% year on year increase, support services – 36% and general retailing – 26%.
Things might be improving in certain sectors but we’re definitely not out of the woods yet!