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California execs see little hiring ahead

November 9th, 2009, 9:30 am · 5 Comments · posted by Mary Ann Milbourn

Only 29% of chief financial officers and senior comptrollers in California expect to do any hiring over the next six months, according to a new survey by Grant Thornton LLP, the U.S. accounting and business advisory firm.

About 46% said they expect their headcount to stay about the same while 26% foresee layoffs.

Workers still on the payroll can expect to see less in their pockets as 47% of  those surveyed think raises will be reduced and 58% will provide fewer bonuses.

Controlling health care costs is also becoming a major issue at California companies, with 39% planning to reduce employee benefits.

California employee benefit changes
Increase Reduce
401(k) match 1% 26%
Bonuses 9% 58%
Disability benefits 2% 12%
Health care benefits 6% 39%
Life insurance benefits 2% 14%
Pay raises 9% 47%
Stock options 12% 32%

Source: Grant Thornton LLP

As far the recession goes, 33% of the California executives think the economy will start growing in the last six months of next year, 29% believe the turnaround will come in the first half, but 22% think it will take until 2011.

The results echo economic forecasts released by Cal State Fullerton and UCLA last month.  CSUF thinks Orange County will see job growth in the second half of 2010.  UCLA doesn't think the economy will regain its footing that quickly and forecasts local job growth in 2011.

Grant Thorton's survey results were based on responses from 846 CFOs and senior controllers nationwide including 99 in California.  The companies contacted were both public and private.

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 5 Comments

  • ocobserver says:
    November 9, 2009 at 11:03 am

    This is what we've been trying to tell you!

    NO JOBS IN THE FORESEEABLE FUTURE!!!

    Without jobs people can't buy stuff which makes economic recovery impossible. What is so hard to understand about that??? 70% of our economy is driven by the CONSUMER!!! Hello???

    This effects EVERYTHING!!! Housing (sales), tax revenue, retail sales, home improvements, charity contributions - EVERYTHING!

    And the federal gobblement can only try to make up the difference with more spending for a limited time until it hits a brick wall! Sooner or later the gobblement give-a-ways MUST END!!! California is looking for a bailout. DON'T COUNT ON IT!!!!

    And don't be surprised when Arnold wants to tax you more for money you don't have!!! That's coming next!!! WATCH OUT!!!

    Post Reply
  • RepublicansAreLiarsandThieves says:
    November 9, 2009 at 11:18 am

    there will be NO JOBS untill we kill all of the trade agreements we have been suckered into. There are jobs being created across the third world globe while the American worker that people like carly fiorina hate so much stand and watch. They have maxxed out on the number of walmarts and mcdonalds that can be built.

    Post Reply
  • TheJekyl says:
    November 9, 2009 at 2:35 pm

    The same CEO's that deny they are outsourcing thousands of jobs overseas ... 80% of these clowns have zero credibility within the confines of their own walls and OCR listens like a 1st grader looking for a smile from the Teacher.

    Post Reply
  • joe says:
    November 10, 2009 at 5:27 am

    Thank Obama, he said when the stimulus was passed UP would not go past 8%, in real numbers it's 22.1% nationally.

    What do you expect when this liar bails out BofA,other banks,Ins companies,GM, and ON AND ON. Nothing for small business owners.

    Now this guy is trying to increase the debt for our children with healthcare. He is an utter disaster.

    Post Reply
  • Tex says:
    November 11, 2009 at 3:51 pm

    The 15 Easiest Places To Find A Job
    http://www.businessinsider.com/the-15-easiest-cities-to-find-a-job-2009-11
    # 1 Logan, UT
    # 2 Lawton, OK
    # 3 Ames, IA
    # 4 Boulder, CO
    # 5 Houma & Bayou Cane & Thibodaux, LA
    # 6 Iowa City, IA
    # 7 Ithaca, NY
    # 8 Grand Forks, ND
    # 9 Manhattan, KA
    #10 Waterloo & Cedar Falls, IA
    #11 Bismarck, ND
    #12 Fort Collins & Loveland, CO
    #13 Burlington, VT
    #14 Harrisonburg, VA
    #15 Sioux Falls, SD

    Post Reply

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