DFN: Job market assessment by Ted Maccauley, President of Accounting Partners, and a fellow UCLA Alumnus.
From: Ted Macauley <tmacauley>
Date: Mon, Dec 7, 2009 at 11:14 AM
Subject: 2009 / 2010 Employment Observations from Accounting Partners
Good morning. My name is Ted Macauley and I am the President of Accounting Partners. As you are probably aware, we are a specialized financial recruiting firm based out of San Jose that staffs positions on a contract, contract-to-hire and Direct Hire basis.
As 2009 draws to an end, I wanted to reach out to you to wish you well during the Holidays and wish you good luck heading into 2010. Many of you have asked me for thoughts on the employment market, so I wanted to briefly share some of our observations from the front line.
Overall, as a company, we saw a very difficult 2009, culminating with a low point in demand during the middle part of the year. This was followed by a slight pick up, at the very end of Q3 which didn’t materialize into a significant recovery. Q4 has been fairly flat with some signs of improvement and with many employers still pushing off hiring into 2010. While history has taught my firm that simply changing the numbers on a calendar from one year to the next doesn’t translate into a recovery, there are many signs pointing towards a 2010 recovery. Specifically, three items stand out:
- Job Losses — In November, employers trimmed the fewest jobs since the beginning of the recession and the unemployment rate posted the bigget one-month decline in more than 3 years.
- In October the average work week increased to 33.2 hours versus 33 hours. While this doesn’t sound like much, it is important because it is a sign that employers that cut the hours of their workers were starting to restore these hours. This is the biggest jump in 3 years.
- Temporary worker increase — There was a monthly increase of 52,000 temporary workers, which is the biggest jump in 5 years. Employers will hire temporary workers back first before hiring full time employees. While 200,000 – 300,000 added monthly temporary workers are needed for a real improvement, we need to walk before we can run. According to the CEO of Adecco ( world’s largest staffing firm), these levels should be reached in Q2 2010.
Many candidates we speak with are finding jobs on their own through networking. As a company, we live and breath LinkedIn ( www.linkedin.com) If you do not have an account, I would highly advise you to set one up. It is free and it allows you to connect professionally with others in your field. Simply go to www.linkedin.com and it is easy to sign up. Once you have signed up, feel free to connect to my profile ( search on Ted Macauley ) as I have taken the time to build a network that can link me to over 14M people. Additionally when I get a search that I am working, I post it to my linkedin update as well as to twitter ( http://twitter.com/tedmacauley).
If you are a LinkedIn Member, I would appreciate it if you would vote on the employment poll on my profile as I would love to get a sense of how job seekers view the market.
Happy Holiday and I truly believe that 2010 will bring us much more joy than 2009.