Companies that are growing are starting to hire again. Yet, hiring remains measured. When companies add full-time roles, they're hiring for positions that support and guide growth. Many prefer to also work with professionals on a project basis to address workload concerns, access specialized expertise and evaluate prospective full-time employees.

Following are other trends shaping the hiring environment:

Resumption of key initiatives – Companies are moving forward with systems implementations and upgrades, especially enterprise resource planning initiatives to help manage diverse business functions.

In addition, some organizations are undertaking projects to review and reconcile financial statements and verify regulatory compliance. In select cases, these reviews are done as a precursor to possible public and private-equity offerings or merger and acquisition activity.

Girding for growth – The hiring of financial analysts who can prepare growth strategies is improving. Firms also are enhancing their infrastructures to support growth by adding operational staff in areas such as accounts receivable, accounts payable, collections and payroll.

Tightening talent market – The market for skilled professionals is more competitive than it has been in several years. Skills shortages are emerging in some specialty areas.

In this environment, employers are losing out on the best applicants by moving too slowly or failing to promptly extend their best offer. Top candidates for high-demand positions are starting to see multiple offers and counteroffers.

Compensation beginning to rebound – Companies are restoring raises, though they remain moderate. Still focused on keeping expenses down, many businesses have yet to reward employees to the extent loyal workers feel is justified. In turn, employee frustration and the risk of voluntary turnover has risen.

Improving market for entry-level professionals – Recent college graduates are seeing expanding opportunities. Large public accounting firms, in particular, have enhanced their on-campus recruiting initiatives.