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Accountancy & Finance

Market overview 2008

Despite the hovering spectre of the 'credit crunch' and its marginal effect on some employers, recruitment across the accountancy and finance sector remains buoyant with no signs of a projected slow-down.

Burgeoning temp/interim market

As the fall out from the 'credit crisis' begins to unravel, potential headcount freezes could impact on levels of permanent recruitment as employers turn to the interim/temp market to meet their skills.

Companies have remained focused on attracting the best talent while the number of jobs will continue to outstrip the candidate volume. The retention of qualified talent has noticeably intensified within the 'Big 4' accountancy firms.

Total rewards - empowering the employee

Salary remains the main enticement for candidates and despite the obvious lure of remuneration linked to performance (improved bonuses), candidates continue to place great store in their career progression and development.

Typical benefits include stock options (especially for senior level appointments), life assurance, family-friendly policies, healthcare and a company pension scheme (final salary schemes being phased out). Some employers include a car allowance as part of the salary provision.

Employers are increasingly moving towards a total rewards package based on a benefits model. This gives employees a greater say in determining their preferred trade-off between salary, core and more flexible benefits. Examples include buying holiday time.

Skills shortages in candidate-led market

Permanent qualified and part-qualified candidates are the most in-demand candidate groups across the UK but there are very apparent skills shortages in a candidate-short market.

Salary and monetary benefits remain the dominant motivators but organisations have generally improved their 'employee value propositions' as part of their talent management programmes.

While employers do need candidates that can bring the right skills set to their vacancies, they need to be creative if they want to attract the best. Non-monetary benefits and work-life balance are paramount and this is where some SMEs can steal a march over their larger counterparts.

The outlook for the UK economy throughout 2008 remains upbeat with strong growth predicted - the spotlight will be on London and the banking sector in particular, which despite the sub-prime problems, still retains a comparative advantage over other cities and industries.