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QUARTERLY MARKET REVIEW
First Quarter 2007
Q&A Recruiting is the largest locally-based search firm in Dallas/Fort Worth specializing in Accounting, Finance, Tax, Information Technology and Human Resources. Our on-line quarterly newsletter helps you stay current with local industry news and hiring trends.
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Local Economy and Employment Trends The May seasonally adjusted unemployment rate fell to 4.1 percent, its lowest point since the current series began in 1976. The unemployment rate dropped from 4.2 percent in April and 5.0 percent a year ago. Seasonally adjusted employment in Texas grew by more than 22,000 jobs in May, with 10 industries gaining jobs from the previous month. Texas employers now have added 239,000 jobs over the past 12 months. “Sustained job growth and a strong Texas economy have driven the unemployment rate to this historic low,” said Texas Workforce Commission (TWC) Chair Diane Rath. “Texas employers are prospering which means more opportunities for working Texans.” Professional & Business Services continued to surge forward with 10 consecutive months of job growth, gaining more than 5,000 positions in May. Education & Health Services showed the largest over-the-month increase since last summer, gaining almost 5,000 jobs. The industry has now logged 38 months of job growth since January 2004. “Texas employers are making enormous strides across a wide spectrum of industries,” said TWC Commissioner Representing Employers Ron Lehman. “Our state’s annual job growth rate at 2.4 percent now outpaces the U.S. rate at 1.4 percent.” Sources: Texas Workforce Commission, Dallas Federal Reserve Bank How to Start a Confidential Job Search If you've got the job jitters or are feeling burned out, it may be time to lay the groundwork for a new employment search. For most professionals, it's likely to be easier to find a new job while you still have one. Here are ways to get the feelers out. Source: CareerJournal.com
Are You Being Paid Competitively? It's no surprise that with the strong local economy, hiring managers need to make a concerted effort to retain their best talent. More than 37% of respondents to a recent SmartPros salary survey said they are looking, or plan to look, for a new job in the next 12 months. There is a 25 percent pay gap between those looking for a new job ($72,137) and those not looking for a new job ($90,459). Most respondents have received a bonus in the last 12 months, 67 percent of whom reported a bonus of 3 percent or more. Twenty-one percent of respondents said their favorite aspect of their current position is "job responsibilities," followed by "work environment" (18 percent) and "employer/company" (18 percent). Only 12 percent said "salary/benefits." In contrast, 31 percent said what they like least about their job is the "work schedule/time commitment." Right behind at 26 percent is "salary/benefits."
As a value-added service to our candidates, Q&A Recruiting offers a free local Salary Survey. This data is specifically compiled for the Dallas/Fort Worth area in the disciplines of accounting, finance, tax, information technology and human resources. The Q&A Salary Survey is calculated through a combination of information gathered from local job searches and market input from clients and candidates. Click here to request your 2007 DFW Salary Survey.
SEC Approves New 404 Guidance The Securities and Exchange Commission unanimously approved guidance aimed at helping public companies balance their internal control over financial reporting, while at the same time reducing unnecessary costs, particularly for smaller companies. “Congress never intended that the 404 process [outlined by the Sarbanes-Oxley Act] should become inflexible, burdensome and wasteful,” said SEC Chairman Christopher Cox in a statement. “[With this new guidance] for management on the evaluation and assessment of its internal controls over financial reporting, companies of all sizes will be able to scale and tailor their evaluation procedures according to the facts and circumstances. And investors will benefit from reduced compliance costs.” SEC chief accountant Conrad Hewitt said that the guidance should allow companies to focus on risk and materiality -- the two keys to creating financial statements with integrity. The changes are especially applicable to smaller public companies, which will begin complying with Section 404 on Dec. 15 for the 2007 calendar year, and will benefit most from the scalability and flexibility of the new guidance. The SEC also approved a few other technical amendments and voted to revise the requirements regarding the auditor’s attestation report on the effectiveness of internal control over financial reporting to more clearly convey that the auditor is not evaluating management’s evaluation process, but rather offering an opinion directly on internal control over financial reporting. The full text of the interpretive guidance and rules will be posted to the SEC Web site, www.sec.gov. Source: WebCPA.com
The Art of Influencing Your Boss Knowledge workers are people who know more about what they are doing than their boss does. Many knowledge workers (especially those with technical backgrounds) have years of education and experience that enable them to come up with great ideas. Yet this same group has almost no training in how to "influence up" and ensure that their great ideas actually get accepted. Great ideas that are never implemented don't make much of an impact on the organization. The guidelines listed below are intended to help you do a better job of influencing your upper management. They won't always ensure your success, but they will definitely improve your odds! Source: BusinessWeek.com
Professional Organizations in DFWFollowing are links to both local and national networking organization sites to help you stay current in your field of Accounting and Finance:
The Institute of Internal Auditors Tax Executives Institute - Dallas Chapter National Association of Black Accountants Association of Latino Professionals in Finance and Accounting International Accounts Payable Professionals Dallas Association for Financial Professionals Fort Worth Association for Financial Professionals Institute of Management Consultants Institute of Management Accountants - Dallas Chapter
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