Glimmers of hope for accounting and finance
Candidate needs have changed
Whilst firms were constrained and had conservative hiring plans, the risk appetite among candidates for a new role, company, or location change surprised us - this has no doubt been triggered by the enormous lifestyle changes that we’ve all been contending with recently. Many people have decided to escape that city in search of open, more green spaces, and the vast majority of candidates we speak with are expecting a new level of work flexibility to support their personal and family interests.
A large dichotomy between company attitudes to hiring!
The overwhelming message that we are receiving is that accountants are feeling jaded, given they are working harder than ever with less moral support and fewer resources. Now businesses are starting to see cracks appear and recruitment is back on the agenda. "
It has largely been an employer’s market lately, where candidates have very realistic expectations and businesses have been able to secure strong candidates quickly. We are also seeing a fresh demand for niche skillsets, such as: Regulatory Reporting, IFRS 17, and Technical Accounting, which has led to competing offers and a shortage of candidates with the right skills. The projects that were put on the long finger are now back in focus.
In contrast to the 2008 crisis, we haven't seen many redundancies within financial services firms. Nevertheless, businesses are reassessing what skillsets they require from senior finance leaders in this uncertain environment. Unfortunately we have seen some cost cutting at the very senior end of the market with opportunistic or knee-jerk removal of CFOs and Directors who may have been seen as an expensive luxury in a stale economy, however these people will be an absolute necessity to have in place when businesses return to growth mode.
We’re expecting risk appetite to accelerate
Going into spring 2021 we fully expect that positive news on a vaccine will spur a newfound confidence, and risk appetite will accelerate the need for additional resources and new expertise, leading to a war on talent. Our advice would be to really look after those star employees who you want to keep as they will be approached by other companies! If you are thinking about growing your team or department, it may be worth getting ahead of the game and kicking that process into action before you lose out, or have to pay salaries over the odds.
If you are considering recruitment options, or want to discuss your own personal circumstances, then please feel free to call me for a chat on 079 6337 0126, or drop me an email.
