The accounting and finance employment market in many parts of the world may be in a state of transition, a new study suggests. Financial leaders surveyed for the fifth annualRobert Half Global Financial Employment Monitorreported difficulties finding skilled staff and growing concern about their ability to hold on to their best employees.

Globally,67 percentof respondents said it is either very or somewhat challenging today to find skilled accounting and finance professionals for certain jobs. Those surveyed also are more worried about keeping top performers than they were a year ago.Fifty-six percentof financial leaders said they are at least somewhat concerned about retaining their staff in the coming year, up from45 percentin2010.

TheRobert Half Global Financial Employment Monitorwas developed by Robert Half International and is based on surveys conducted by independent research firms. The study, focusing on hiring difficulties, retention concerns and business confidence, includes responses from more than 6,000 financial leaders across 19 countries.

Key Findings

• Two-thirds,67 percent, of financial leaders reported at least some level of recruiting difficulty. Approximately one out of five (19 percent) respondents said it is very challenging to find skilled accounting and finance professionals today.
• Retention concerns are rising. Globally,56 percentof executives said they are either very or somewhat concerned about losing top performers to other job opportunities in the year ahead. This is an 11-point jump from the 2010 survey.
• Inthe United States,43 percentof executives cited worries about keeping their best people. This is up from28 percentin 2010.
• Eighty-nine percentof respondents reported being at least somewhat confident in their organization's growth prospects for the coming year.

For additional information, view theresearch highlights, as well as thedata tableswith the comprehensive results by country.

"Many firms are concerned about their ability to build and retain the accounting and finance teams they need to support the demands of the business," saidMax Messmer, chairman and CEO of Robert Half International. "Finding skilled professionals has become increasingly challenging, and candidate shortages are emerging in some regions and specialty areas."

Recruiting Difficulties Surface

The majority of financial leaders surveyed noted recruiting difficulties.Sixty-seven percentof respondents said it is either very or somewhat challenging to find skilled professionals today. InBrazilandSingapore, virtually all respondents (97 percentin each country) reported hiring challenges.Ninety-five percentof executives inItalyand93 percentinHong Kongagreed.

The most severe shortage for a specific functional area was cited inItaly, where45 percentof respondents cited difficulties filling finance jobs (such as controller and financial analyst). In theCzech Republic,42 percentof executives said accounting roles (e.g., tax accountant and cost accountant) are the most challenging to staff. Globally, the areas identified as the hardest to recruit for are finance, accounting and operational support (e.g., accounts payable and payroll positions).

Retention Concerns Return
The number of financial leaders worried about employee retention is on the upswing. More than half of executives,56 percent, said they are very or somewhat concerned about losing valued employees to other opportunities in the coming year. This compares to45 percentwho cited retention concerns in the 2010 survey.

In some countries, the results were much higher. The number of executives worried about keeping key employees is up 16 points inSingapore, for example;91 percentof respondents there said they see retention as an issue. InHong KongandBrazil,88 percentand85 percentof financial leaders, respectively, noted retention concerns.

Even in areas where a stronger recovery has yet to take hold, worries about keeping staff on board are on the rise. Inthe United States,43 percentof executives said they are at least somewhat concerned about losing key personnel, up 15 points from the previous year's survey.

"As job opportunities expand for top performers, they are more likely to explore these career options, making staff retention a higher priority for businesses," Messmer said. "Especially at smaller firms, the departure of even a single employee can result in lost skills and organizational knowledge that are difficult to replace."

Finance Leaders Confident in Their Companies
Globally,89 percentof financial leaders said they are either very or somewhat assured of their firms' ability to grow in the next 12 months. Respondents fromBrazilare the most optimistic:97 percentof executives there cited confidence in their companies' prospects.