Job Market Effect - CPA Firm Corruption Scandal
FBI agents escort BDO Puerto Rico former managing partner CPA Fernando Scherrer-Caillet who was arrested in San Juan, Puerto Rico, Wednesday, July 10, 2019.
It is not secret that the former managing partner of the largest Certified Public Accountants firm in Puerto Rico has been arrested and the government announced the cancellation of contracts. BDO Puerto Rico who has been a fierce competitor in the local job market was forced to layoff employees.
This news has taken the local professional services and accountants job market by surprise. How will this situation change the current job market for accounting professionals in the short term and long term?
Below is our perspective on both short term and long term Puerto Rico professional accountants job market effect:
Expected Short-term effect:
Perspective on Longer term job market effect:
In summary although there may be some talent now available it should be offset in the long term by the continuous flow of talent to the states and new staffing needs by other companies. The FDIC provided a presentation at a recent Forum that Busy Season sponsored confirming both that the most recent data states that job openings have been increasing significantly in Puerto Rico and that the population continues to decrease with many professionals leaving the island. According to the data presented the trend related to a decrease in the population is expected to continue until we reach a population near 2.6 million. In our opinion the uncertainty caused by the recent events may accelerate this trend creating a long term professional staffing shortage.
A talento acquisition business partner may be key for your company profitable growth on a professional talent shortage environment. Busy Season Staffing Solutions may be your talent acquisition business partner, specializing in accounting, business administration and human resources related roles.
.
Contact us at:
www.busyseasonstaffing.com
787-918-1890
[email protected]
This news has taken the local professional services and accountants job market by surprise. How will this situation change the current job market for accounting professionals in the short term and long term?
Below is our perspective on both short term and long term Puerto Rico professional accountants job market effect:
Expected Short-term effect:
- Short term layoff creates a pool of available talent. Since the layoff relates mostly to the cancelation of government contracts, the experience and skills may not be a fit for traditional external audit, private industry accounting and tax roles. However there may be professionals who may be a good fit for consulting, internal audit and government related professional services needs.
Perspective on Longer term job market effect:
- In the long term the availability of talent may be offset by some of the professionals now available making the decision to leave to the states and contracts been awarded to other professional services firms who will need to hire staff to perform the work.
In summary although there may be some talent now available it should be offset in the long term by the continuous flow of talent to the states and new staffing needs by other companies. The FDIC provided a presentation at a recent Forum that Busy Season sponsored confirming both that the most recent data states that job openings have been increasing significantly in Puerto Rico and that the population continues to decrease with many professionals leaving the island. According to the data presented the trend related to a decrease in the population is expected to continue until we reach a population near 2.6 million. In our opinion the uncertainty caused by the recent events may accelerate this trend creating a long term professional staffing shortage.
A talento acquisition business partner may be key for your company profitable growth on a professional talent shortage environment. Busy Season Staffing Solutions may be your talent acquisition business partner, specializing in accounting, business administration and human resources related roles.
.
Contact us at:
www.busyseasonstaffing.com
787-918-1890
[email protected]
Disclaimer: The information presented above is for information purposes only and do not represent legal advice. Before making any decision you should consult your own legal advisor.