Opportunity Knocks For Financial Professionals, Short-Term
And Long
By Anne Stuart
At first blush, "contract employee" and "permanent hire" seem like polar opposites–concepts unlikely to surface in the same sentence, let alone on the same resume or in the same staffing agency.
But, as we all know, opposites often attract with mutually beneficial results. And that's just what's happening at SALO LLC, the Minneapolis-based staffing firm specializing in high-level finance and accounting placements. These days, SALO's staffing experts are just as likely to help client companies recruit and hire a permanent CFO or controller as they are to find candidates for contract assignments.
That dual focus is good news for financial and accounting professionals interested in either long- or short-term placement. There's plenty of opportunity in both worlds right now—and the horizon looks even brighter.
John Folkestad, CPA and SALO co-founder, sums up the outlook like this: "It's definitely a seller's market, and it will be a seller's market for the next 10 years."
Why? A simple matter of supply and demand, says Amy Langer, CPA and also a SALO co-founder. Demand is higher for a variety of reasons. Chief among them: the increasingly large and complex collection of accounting changes mandated by the Sarbanes-Oxley Act of 2002 and other corporate-reform legislation.
Meanwhile, the supply of skilled professionals has dwindled, especially in accounting, says Larry Revier, CPA, executive recruiter with SALO's Permanent Service Division.
Many recent college graduates now opt for degrees they can finish in four years, rather than spending the four-and-a-half or five years necessary to graduate with the CPA designation, Revier says.
Bottom line, Langer says: "There's a gap between the number of people going into accounting and the number of accountants many companies need."
So, while they may not realize it, accountants and other financial professionals are in a far stronger position now than at any time in recent memory. The SALO team offers the following three tips for using that power effectively:
1. Be Your Own Best Advocate
If you're already working, make sure your employer understands your value. "Many companies are so parochial that they don't realize just how hot the market is," Folkestad notes. "So if you aren't happy in your current job, it's up to you bring that up with your supervisor. You've got more leverage now than you've had in the past few years."
With that leverage, you may be able to negotiate a raise, a promotion or a new position that allows you to develop the skills or expertise that you want.
Not sure how to approach that discussion? Contact a SALO LLC recruiter at 617-230-SALO for expert advice on bargaining with current and potential future employers.
2. Stay Firmly in the Driver's Seat
If you can't work things out with your current employer, don't despair. Remember: You're in charge of your career. "If you don't like what you're doing, you're in the best position to change it," Folkestad says.
You might consider steering toward SALO contract assignments where you can try out new work environments and develop new areas of expertise. If you're worried about whether temporary work offers enough stability, you'll be reassured to know that this market is positively sizzling.
Overall, staffing companies have created more than 500,000 new jobs in the past two years alone, according to the American Staffing Association, an Alexandria, Va.-based trade group. And, things aren't expected to cool off anytime soon, particularly for professions such as finance and accounting, which are experiencing unprecedented levels of demand.
Or, you might head for a permanent job with another employer more familiar with the marketplace–and willing to pay the price to hire the best people.
(If you're a CPA, the price is likely to be substantially higher than for candidates without that designation. In a recent nationwide survey by finance-industry Web site CareerBank.com, CPAs reported average annual salaries of $73,295–nearly $20,000 higher than their uncredentialed colleagues. Locally, paychecks are good even for brand-new grads without CPAs: about $45,000 to $46,000 to start, the SALO team says; managers can easily command $100,000 or more.)
Employers serious about landing top talent go far beyond providing the fattest paycheck, however. "Some companies are offering midyear bumps in salary or retention bonuses," Ken Heisler, director of SALO Search, says. Others foot the bill for college tuition, help pay off school loans or give new employees laptop computers they're allowed to keep.
3. Stay Fast and Flexible
Speed and agility are two other desirable factors for landing the best finance and accounting jobs. When looking to fill such vacancies, most corporate clients want employees who can begin working "immediately, if not sooner."
So, whether you're angling for a four-month assignment on a key project or a permanent job you hope to hold for the next 20 years, remember that nearly all employers are looking for people who can start quickly and hit the ground running.
Meanwhile, if you're free to travel or even to relocate on very short notice, you'll be even more valuable to potential employers. Langer recalls one case in which a client sought an accountant fluent in Japanese for a temporary assignment in Tokyo beginning just a week or so later.
"We found someone immediately and had the whole deal locked down in four days," Langer said. A few months later, the client offered that flexible temporary employee a permanent job with a lucrative salary.
Of course, the wider you cast your net, the more opportunities you're likely to land. SALO has cultivated an enormous pool of finance and accounting contacts and resources.
"We have a network that's unparalleled in this market, and, through our affiliates, a worldwide network as well," Folkestad notes. He and his colleagues invite candidates for both permanent and contract jobs to dive right in–the water's likely to be darn near perfect for quite some time to come.
About the Author
UpSide contributor Anne Stuart writes frequently about business, workplace and career issues. A former writer and editor for Inc. and CIO magazines and The Associated Press, she is now a freelance writer based in Boston. You can reach her at Anne.S@BeTuitive.com.
Copyright © 2005 BeTuitive Marketing
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