‘Cautious’ Kiwi CFOs Positive about Economy

27 February 2012

‘Cautious’ Kiwi CFOs Positive about Economy

2012 is off to a good start with senior finance professionals sharing increased optimism in the market, according to research released today by finance and accounting recruitment firm, Robert Half.

Of 200 New Zealand CFOs and finance directors surveyed by Robert Half, 79 per cent shared confidence in New Zealand’s economic growth prospects in 2012. This figure compares similarly with findings across the Tasman: 77 per cent of Australian senior finance professionals reported economic confidence in the next 12 months. This optimism is mirrored in business confidence with 87% of New Zealand CFOs and finance directors showing confidence in their company’s growth prospects in 2012.

Despite the optimism, the results suggest New Zealand businesses are a lot more cautious than our Australian neighbours with 13 per cent planning to hire new finance and accounting staff in New Zealand, versus 44 per cent in Australia.

Robert Half director, Andrew Brushfield, says while both countries are decidedly more optimistic than in previous years, the low hiring predictions in New Zealand are surprising.

“Where there is currently a need for skilled people in Australia, that need is just as prolific in New Zealand. Small to medium businesses in particular who tightened their wallets in recent years to ride out the tough climate, now recognise the time is right to invest in their business and staff.”

Those who are planning to hire reported two main reasons for increasing the workforce – to tackle rising workloads (44 %) and facilitate business growth (40%).

Given the increase in business confidence, Robert Half New Zealand general manager Megan Alexander urged New Zealand companies to revisit their hiring plans and think strategically about staff levels, or risk getting left behind.

“When optimism is high, people are more open to new opportunities. Candidates create momentum and confidence is higher this year than last. The ‘churn’ (staff turnover) has already begun and we will see more of this over the coming months,” she says.

Alexander added that bosses need to both look after existing employees and plan carefully for new hires as it is currently taking up to seven weeks to fill a finance role and the skills shortage is still an issue.

The research was developed by Robert Half in conjunction with an independent research organisation and surveyed the highest-level of financial decision makers in companies across New Zealand. It was conducted from 10 December 2011 to 19 January 2012, and included 200 CFOs and finance directors in New Zealand.

About Robert Half International

Robert Half International Inc. (RHI) pioneered specialised staffing services and today is the world’s leader in the field. Founded in 1948, the company is traded on the New York Stock Exchange (symbol: RHI). Robert Half International again was named FORTUNE® magazine's "World's Most Admired Companies" list, ranking #1 in our industry in both innovation and quality of services. (March 21, 2011)

Robert Half New Zealand operates the divisions Robert Half Finance & Accounting, for temporary and permanent finance professionals; Robert Half Management Resources, for project financial professionals and Robert Half Technology, for high calibre technology professionals.

There are more than 350 Robert Half International locations worldwide. Visit us today: www.roberthalf.co.nz

ENDS

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