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Contract workers with financial skills will be in high demand as annual leave bites, recruiter says.
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Payroll staff on wanted list over holiday period
29 November 2023
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9 minute read
A majority of employers will cover gaps over the holiday period by hiring contractors with financial staff in most demand, research by recruiter Robert Half finds.
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Its study found that 53 per cent of businesses planned to hire contract staff between the start of December and January 3 to fulfil year-end commitments, with CFOs highlighting the shortage of payroll and reporting specialists.
Most in demand were financial planning and analysis staff (17 per cent), tax and treasury (17 per cent), budgets and analysis (24 per cent), financial reporting (25 per cent) and payroll (27 per cent).
Robert Half director Andrew Brushfield said there were opportunities for those with the right skills.
“Companies are determined to operate at an optimal level to ensure their business offerings are on track through the end of the year and into 2024,” he said.
“Hiring contract staff is a cost-effective strategy to secure the skills needed to keep business moving while full-time workers take time off. Businesses can tap into a wide range of talent without committing to long-term employment contracts, which is valuable for short-term projects or for tapping into specialised skills.”
“Opportunities abound in the holiday period for contractors who are nimble, and particularly for those who hold stellar analysis and reporting skills in finance.”
The recruiter said January was the peak month for annual leave, holidays, flex time or long service leave. ABS data showed that last January, 43 per cent of employees worked fewer hours than usual – the highest proportion since 2018.
“With 60 per cent of employees rolling over annual leave days from 2022 into 2023, and vacation deprivation rates on par with those experienced towards the end of Covid-19 lockdowns in 2021, a similarly high proportion of staff is expected to want to take leave in January 2024,” it said.
However, December was a busy month for many businesses with year-end activities or a seasonal spike in operations.
Worker requirements would be most evident in NSW, where 47 per cent of employers would rely on contract staff, Victoria (53 per cent), Queensland (55 per cent) and Western Australia, where almost six out of 10 would hire short-termers.
“The employment market is recalibrating during the holiday period and companies are making opportunistic, selective hires to ensure they bring in the strongest talent, Mr Brushfield said.
“Before hiring contractors, employers should carefully assess their needs, the nature of the work, and the potential benefits and drawbacks to ensure that it aligns with their overall workforce strategy.”
The research was conducted online in June 2023 by an independent research company and involved 300 hiring managers, including 100 CFOs and 100 CIOs, from across Australia.
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