How buoyant is the current financial recruitment market?
In view of the much published "credit-crunch", we have been asked regularly in recent weeks by jobseekers and employers alike how buoyant the current financial recruitment market is and what the future holds. There is no doubt that there has been a downturn in the recruitment of qualified accountants in recent months, but the good news is that it has most certainly not slowed to a grinding halt!
It is our view that jobseekers need to be aware that, in general, there are more candidates coming on to the market at this time and therefore those who are actively looking for a new role are likely to face more competition. It is therefore imperative that when presented with a job opportunity that jobseekers act quickly and decisively about whether or not to apply for the role as it is likely to be in high demand.
In addition, it may help if you are willing to be more flexible in terms of location or will consider temporary or permanent work and look at a wider a range of opportunities. We are not suggesting that accountants specialising in corporate finance suddenly decide to look at statutory reporting roles for example (or vice versa) but to possibly consider other relevant roles that may be available. It is also important to be aware that a job move in the current market may not necessarily lead to an exponential rise in earnings.
However, employers with job opportunities to fill should not be complacent either when it comes to seeking out the ideal candidate by believing that the market is saturated with available personnel. Many of the high-calibre candidates will still feel secure in their current roles (even if their current employer is going through turbulent times) and are not minded to jump ship in the current market. Competition to retain key personnel has heated up as employers seek to reassure their most valued staff. This particularly applies to those accountants who are in highly specialised areas of finance such as tax, insolvency and restructuring for example.
Regardless of how "in demand" or otherwise your skills and experience are at the moment, we firmly believe that individuals need to remain focussed on identifying the ideal role both in terms of the right technical and cultural fit. It is essential for employers to be confident that as they face the challenges of the economic climate that they are equipped with technically competent and commercially proficient staff who can contribute to the overall goals of their business.
