Now that summer is over and vacations are becoming a faint memory, it’s time to buckle down and finish 2009 strong. For those out there who have filed two extensions for their 2008 income tax returns, you have about a month to complete and file them. But that’s personal stuff.
Here’s what’s ahead on the work calendar.The time period from September first through mid-November usually coincides with preparing next year’s operating plan; working on the annual audit plan; doing audit prep and reviewing bonus plans and computing pension plan contributions. Lot’s of work to finish in a little less than thirteen weeks from today. Plus, three month end closes and a quarterly report filing will help fill the work day from now until the end of December. And, M&A activity is expected to be strong throughout the rest of 2009. But, this level of work means employment for us accounting types! Speaking of employment, it’s also time to fill those open positions and get new employees ready for the New Year.
All of us at Kula are busy performing search assignments and are seeing an increase in demand for the technical accounting and tax professionals we recruit and place. Our biggest deadline for the remainder of 2009 is Friday, November 20th. That’s the last day in 2009 our clients can make employment offers and expect the candidate to start work in 2009. The date could flex to Monday, November 23rd, but it would be pushing a new employee start date to December 14th. A December 14th start date would give a new employee eleven or twelve days to get up to speed before the year end close begins in January, 2010. Offers made after Thanksgiving (this year the 26th and 27th), usually have a January start date (in 2010 the first work day is January 4th), due primarily to the impact of year end holidays on work schedules.
The November 20th deadline means Kula and our clients have about nine weeks left to get offers made and accepted, finish background checks, and have new hires give adequate notice to their current employers in order to fill the remaining open reqs for 2009. Why is it important to fill open reqs by year end? Here are three reasons to consider: Candidates considering a move from a Big 4 firm often want to make a move prior to the start of “busy season” and take themselves off the job market from January through April 15th; a December start date (or October or November) gives a new employee time to become acclimated to their new job and be more productive at year end close; and, at some companies, unfilled employment reqs at year end are canceled and must be reviewed and re-issued. Oh, here’s a fourth one: Annual bonus plans, and most employee benefit plans are triggered by employee start dates. A 2009 start date helps attract candidates when they know they may earn full bonuses and pension plan matches in 2010.
I’ll leave you with this last thought. Now that the Great Recession appears to be ending, competition for top flight accounting talent will become more intense than it is right now. Now is a great time to attract and hire the technical accounting and tax talent needed to meet next year’s challenges.