Well, the year is drawing to a close and it is time to reflect on the good, the bad and the ugly. With many gearing up for a busy 2015, PrideStaff Financial offers some news on the world of business—big and small, and what to expect for 2015.
Kudos to 2014
Seven out of the top ten jobs, reported by the Bureau of Labor Statistics, show that financial jobs take the win. In 2014, the demand for positions in bookkeeping, analysis, advising, accounting, compliance officers, and research grew more than 40% in 2014. Business and economic growth and a reduction in unemployment have helped the business sector exponentially. Along with this is growth in the manufacturing sector—especially in the areas of aircraft and factory work. These expanding roles have allowed new types of financial positions to stake a claim in an otherwise traditional field. Consulting roles and new research jobs were created in 2014 to meet the increased demand within these growing fields.
The need to stay competitive
While there were over 2.3 million jobs created in 2014—40,000 of which were created in the business sector—economists see a trend of low-wage earners. Long-term unemployment has come to an end for many, which means that those seeking jobs are able to undercut higher wage earners. While this may be a good thing for employers when it comes to saving a buck, it hurts long term investments. Companies need to be willing to invest in candidates with a higher education and years of experience, especially when those candidates might be dipping their toes in a competitor’s arena. Surveys from 2014 show that top-performing employees are not being picked up by businesses in the financial sector due to the demand for higher wages. Ultimately this will hurt company growth and longevity. In order to invest in your company’s future, you need to invest in your employees and future candidates. Strengthening HR practices, offering competitive wages and benefits packages, and advanced trainings and seminars will bring in and retain the best and brightest. Your employees and management teams are the bedrock of your business’s future success.
How to make 2015 an even better year
Deficit in trade with the rest of the world will cast a wider net in 2015 by as much as 10%. This is because of continuing improvement in U.S. economic performance will increase interest in U.S. markets by foreign producers. According to Business Week, an uptick in U.S. economic activity next year will spur stronger investment, expanding output to meet consumer demand. And with oil prices continuing to drop and our dependence on foreign fuel stabilizing, the financial sector has some breathing room to push forward new agendas for growth worldwide going into 2015. Another net being cast on a more global scale is cyber security/cyber fraud. Businesses will be able to capitalize on performance in this area due to the growing hacking scandals of 2014 and the increased attention to this small niche field. Studies show that in 2015-2016, graduates will leave school with concentrations and degrees geared more toward financial security and cyber intelligence. Growing your consulting or IT practices would be a good way to start 2015.
As a leading financial and accounting recruitment firm in the nation, PrideStaff Financial keeps a finger on the pulse of the business community. Contact us today to find out how we can help you have a stand-out year for 2015.