Andersen Alumni Association recently published partner, Jim O’Malley’s article, “The New Emerging Race for Talent…Consulting Firms, Get a Head Start – Now!” Below is an excerpt from the article. Read the full article here.
The March 2015 jobs report concluded that the unemployment rate remains unchanged at 5.5% overall – the lowest since May 2008 – for the second month in a row. We’re increasingly concerned about what these latest numbers mean for our friends and clients in professional services. That’s because the Bureau of Labor Statistics (BLS) data detailed here (source) reveals that the unemployment rate in the “Professional, Scientific, and Technical Services” sector* is now 3.3%, 2.2% percent lower than the overall unemployment rate. Our concern is twofold: already hard-to-fill jobs such as mid-level auditors will become even more difficult to fill AND talent is becoming more expensive. Back in December, Robert Half (source) predicted an average, across-the-board salary increase of 3.5% for accountants in 2015, calling this “a job-seeker’s market for many accounting and finance professionals, regardless of experience level”. Based on the latest trending numbers, we expect that salary increases in certain leadership roles and in metropolitan areas will rise even higher than that.