Finance sector optimistic about recovery by end of 2010

Professionals in the finance and accounting sector remain optimistic about the recovery of the economy with approximately 79% of respondents surveyed, predicting an improvement by the end of next year and a further 21% predicting economic improvement by the end of 2009.

According to a survey conducted by Robert Half Global Financial Employment Monitor, the survey did reveal the massive impact the global financial crisis was having on the sector with almost half (48%) reporting a change to the personnel structure of their departments.

Of those who reported a change to staffing, a staggering 49% of Australian professionals reported staff reductions through layoffs or redundancies, while only 18% indicated that new staff had been added to their financial or accounting teams.

"Firms have moved from a position of strength to a market that has experienced hiring freezes, pay cuts and everyday redundancies," explained David Jones, Managing Director of Robert Half Asia Pacific.

"It's integral that while getting through these more difficult times, employers pay attention to their staff, particularly their better performers, and focus on improving morale at every possible opportunity."