New Study Highlights CPA Lateral Hiring Trends
Koltin Consulting Group (KCG) lately studied the pattern of hiring in accountancy field..The study has shown that during the first six months of 2014 organizations tend to hire talented personnel from competing entities for the purpose of business growth and expansion.
Koltin Consulting Group discovered that the fifty of the biggest hundred organizations, other than Big four firms, lately made hiring at partner, director or senior manager level from the competing firms during the first half of 2014.
Koltin Consulting Group considered hiring of one hundred and sixty partners, directors and senior managers by two hundred topmost financial consultancy and public accounting organizations, other that Big four, all over the United States of America from 1 January 2014 to 30 June 2014.
Other main discoveries from the research ware as follows:
- Due to increase in clients and related complexities the firm wants to hire more experts and strengthen their profile to ensure the quality of service provided.
- Recentappointment of tax specialists by entities with hundred to two fifty million dollars in yearly net revenues has improved by sixty two percent as compared to last quarter of 2013.
- Eighty percent of tax hiring was specialty tax experts (e.g., international, trusts and estates etc.).
- Transaction services expertsformforty percent of all advisory hiring.
- Entities with thirteen to twenty five million dollars in yearly revenues improved their hiring of advisory experts by eighty five percent as compared to last quarter of 2013.
- State and local tax, international tax experts and transaction advisory were at the top of the list of hiring wish of the services department.
The top two hundred organizations were selected on the basis of their revenue. Any hiring made or increase in staff through the process of business combinations was not considered in the study.
Managing director of KCG's Executive Search Practice, Geremy Cepin, stated that the trend of hiring from competitors has grown over the last ten years and organizations benefit from it to expand their business and build new expertise. Such hiring also helps in succession planning.