|
A leading California-based recruiter of CPAs and finance executives says his business has fallen off significantly since the start of the year. Paul Herrerias, who heads the San Francisco office for Stanton Chase, says his volume of search assignments is down to a trickle, and he is having to market himself more vigorously than he has before. "I’m disheartened," Herrerias says. "A lot of people are frustrated, discouraged, worried. This is the biggest fastest freeze up in my 28 years of recruiting. There's a lot of battening down of the hatches and everyone is waiting to see what will happen."
That's a stark contrast from 2003 to 2007, when it wasn't unusual for Herrerias to juggle five or more assignments at once and entertain a steady stream of inquiries from potential customers. A CPA and former chair of CalCPA, the state's leading trade organization for accountants, Herrerias has been filling partner level CPA openings and senior finance positions for 28 years.
A Sign of the Times
While this lofty stratum of the hiring market is small - salaries are typically well into six figures – it's widely viewed as a strong indicator of larger trends. Even through the early fall, accounting seemed less hard-hit by the tremors of the mortgage crisis and stock market implosion. In recent weeks, several California accounting firms said they would be making minimal, if any, alterations in their near-time hiring strategies. Recently, tax advisors True Partners said it would add personnel in its Los Angeles office ahead of an expected rise in demand for its tax management and business consulting services.
Herrerias also forsees continued demand for tax experts, as well as controllers, areas where qualified candidates have been in short supply. He believes a few firms in better financial shape will also seek to upgrade positions, perhaps luring passive candidates - those who are settled in good positions and not actively looking for a new post - to consider better opportunities.
But those will be more the exception. Many companies are in cost-cutting mode and have either turned off the hiring spigot or are delaying new hirings until they have a better sense of whether the economy will improve. In September, Herrerias received more than double the number of unsolicited resumes that he'd received only two years ago. "I used to be able to keep up with e-mails (from candidates)," he notes.
Some resumes are from refugees of real estate and financial services. For example, he recently received a request to help a woman who'd lost her management job in escrow. While Herrerias didn't have an opening that was appropriate, he suggested she underplay her real estate experience and emphasize skills that are transferable to other industries.
RECOMMEND THIS ARTICLE
You must be logged in
to recommend articles
|
Share Article
