2. 04 London
08 West Midlands
10 Northern Home Counties
12 East Midlands
14 Midlands Executive
18 East of England
20 South East
22 North East
Contents
Accountancy & finance
Our accountancy & finance
team is a trusted partner within
the market, providing insight
and expertise across our
specialist sectors.
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Despite budget constraints within some of the softer industries, the current
accountancy & finance market is continuing to show positive and steady
signs of growth from most sectors, particularly property, construction,
infrastructure, media and retail. Consistently high job flow and market demand
have characterized the accountancy and finance sector during Q4 2014 and
early 2015.
Skill sets in demand
Tight budgets have fuelled a preference across all
industry sectors for hiring on fixed-term contracts
rather than on daily rates. The trend, accounting
for more than 50% of non-permanent roles, has
decreased the candidate pool for many companies,
allowing more flexible businesses to acquire the best
talent.
Due to a high demand for technical accountants,
the construction and property sectors tell a slight
different story - a 25% increase in roles for daily
rate contractors with fixed-term contracts remaining
steady.
Candidate applications remain high for available
roles, but with clients taking their pick of ‘A grade’
shortlists, applicants without the required industry-
specific skills remain left behind. Moving into 2015,
the demand for niche sector experience has become
even more prominent, with more than 65% of all
roles taken requiring an industry track record.
London
We’ve seen a notable increase in
candidates entering the market from the
following industries compared to the
same quarter last year:
Media
increase of
22%
Technology
increase of
214%
Property
increase of
18%
Candidates
Media
Legal
Practice
Oil & Gas
FMCG
Technology
Property
25% increase
in roles for
daily rate
contractors
with fixed-term
remaining
steady
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Jobs outlook
Across all industry sectors, newly-qualified accountants have
been consistently sought after throughout 2014 and 2015, with
candidates from top 10 accountancy firms achieving premium
salaries and multiple opportunities. Similarly, part-qualified
candidates in the fiercely competitive temporary market can take
their pick of roles where pay, benefits and increased security
outstrip typical market rates.
But the recruitment drive doesn’t stop there. 2015 has shown a
sharp increase in demand for finance expertise at all levels - from
part-qualified accountants to senior strategic finance roles within
the professional services sector. And while in-house recruitment
teams continue to handle a large proportion of their own hiring,
many businesses have looked to specialist recruiters to pinpoint
hard-to-find candidates, such as technical senior accountants.
In our part-qualified market, clients are particularly interested
in offering candidates temp to perm opportunities, due to the
new ‘need for speed’ when recruiting. The most sought after
candidates are not on the market for long, and handover periods
are becoming more paramount than ever.
Looking ahead
While reduced oil prices may
bring about a reduction in roles
across the oil and gas industries
over the next six months, we
expect a rise in opportunities
in professional services. With
organisations continuing to go
through acquisitions, investments or
mergers, we anticipate an increased
hiring across project-focused teams,
and for businesses with private
equity-backed or group investors to
maintain a steady incline.
Job flow has remained high across most industry
sectors, with most significant increases in the
following industries compared to last year:
FMCG
increase of
24%
Technology
increase of
44%
Property
increase of
10%
Jobs
Media
Legal
PracticeOil & Gas
FMCG
Technology
Property
London
Current highly competitive market conditions means time to hire is
continuing to decrease with the average placement taking 10% less
time to fill than this time last year.
In our part-qualified market, clients
are particularly interested in offering
candidates temp to perm opportunities
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West Midlands
The improved economic climate has boosted salary and hourly/daily rates and
increased confidence, giving rise to a self-sustaining job creation economy,
which is reflected in the latest figures.
We have experienced job surges across a number of sectors,
including an upturn in automotive manufacturing in the West
Midlands, including growth within Jaguar Land Rover, and
an increase in the property market as a whole, as occupancy
in commercial units rises and new developments are built.
Challenger banks are on the rise as growth returns to the financial
services sector, and expansion continues within the construction
market.
An optimistic economic outlook has also fuelled the trend for
blue chip companies using shared service centres for accounting,
driving demand for transactional staff with relevant experience
of processes. As business units are near-shored and off-shored
into existing shared services, European language speakers in
transactional functions are in high demand, as companies balance
the needs of a centralised accounts function and a localised
customer and supplier communication strategy.
As expected, as we come out of recession, there is upwards
pressure on salaries and rates due to an imbalance of supply and
demand. Permanent salaries grew in February and the rate of
growth has been constant going through Q1 2015. According to
the KPMG/REC report on jobs released on 6 March, “temporary/
contract staff hourly pay rates also rose further, with the latest
increase stronger than seen one month previously”. As the market
further improves, there is no reason to doubt that this trend will
continue.
Client pressures
As market confidence improves, our finance clients
are struggling to retain talent. Permanent staff who
sat tight during the recession are now venturing
into the jobs market, finding multiple opportunities
with higher pay and individually tailored benefits
packages.
But despite the generous rewards on offer,
companies are still battling budgetary concerns, and
purse strings are bound tightly when recruitment
budgets are set. To keep pace with a rapidly
recovering market, firms must be quick to adapt by
allowing some flexibility, not just in overall budgets,
but also in specific roles. Projects that could be
beneficial to businesses are often hampered by line
managers not having budgetary sign off to increase
head count, pushing top talent to seek progression
opportunities elsewhere.
In the race to secure skilled applicants, time-to-hire
has dropped dramatically, with companies struggling
to maintain protracted recruitment practices.
Permanent candidates are offered as early as first
interview stage, while some companies sidestep the
process completely, taking on temporary candidates
after a simple CV review or phone conversation.
New topics / industry press
A number of planned changes around UK GAAP will be coming into
force later this year, mirroring the FRS 102 adjustment at the end
of 2014. Companies are preparing current staff for the revisions,
pushing demand for specialist contractors with knowledge of the
adjustments.
Skills in demand
We have recently seen a number of industries – manufacturing and
retail in particular – demanding more detailed analysis of sales and
margins to help with future bids and pricing strategies, pushing
the need for candidates with solid FP&A and decision support
experience. Recently qualified ACA candidates are also being
snapped up, especially those who boast experience of complex
modelling using Excel / VBA.
Business Partnering remains a hot topic, with companies
increasingly using the title for generalised management accounting
positions involving limited, but not strategic, stakeholder
engagement.
And as more companies expand their existing shared services or
near-shore them to Birmingham, candidates with experience in these
environments and their processes are very much sought after.
In financial
services we
are seeing
an increase
in challenger
banks and
growth
returning to
that sector
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After a quiet start to the year, job flow increased dramatically mid quarter.
Compared to the same period last year, Q1 2015 shows the number of permanent
roles registered has increased by 20%, while interim roles rose by only 5%.
This follows a similar pattern to Q4 2014, demonstrating investment in
permanent hires, longer-term growth plans and continuing business confidence.
Opportunities have sprung from a variety of sectors, with larger organisations
recruiting multiple roles at similar levels - and many competing for the same
candidates.
Northern Home Counties
Looking ahead
Over the next six months, we anticipate continued competition
for candidates with 1-3 years post-qualification experience and
an increase in roles at the transactional level. We also expect
to see companies prepared to hire staff at a more senior level
(both in salary and responsibility) where the candidate can
demonstrate proven experience to make a genuine impact on
the business.
At the more junior end of the market, candidates continue to
move between positions that offer them a better rate and work/
life balance. We expect this to stay on track as job roles increase
and more permanent opportunities become available.
The interim market in 2015 has seen increased demand from a
large number of the region’s larger blue chip employers and this
looks set to continue into Q2. Organisations who, in the past,
have restricted growth of their workforce due to lack of economic
Client pressures
Demand for top applicants is still high, with upper quartile
candidates receiving multiple offers from prospective employers.
As such, it is important for companies to move quickly in the
recruitment process, offering a flexible ‘out of hours’ approach to
interviewing to suit candidate availability.
Jobs outlook
We have noted a marked contrast in the level of roles registered,
with part-qualified, transactional roles and £50k+ roles outstripping
last year’s demand for £35-£45k level positions. Businesses are still
on the lookout for first time movers from practice, and candidates
from top 10 firms are becoming as sought after as big 4 trained
professionals, particularly in the technical accounting areas such as
audit and financial reporting.
increase in part-qualified
& transactional roles
£50k+ roles outstripping last year’s
demand for £35-£45k level positions
Generally the interim market is buoyant
and the number of roles has increased
markedly on last year.
stability are now increasing headcount to relieve pressure on
their existing team, ensure retention of good people, and to
allow their business growth to continue.
Generally, the interim market is buoyant and the number of roles
has increased markedly on last year. We are now beginning
to see return to genuine interim or daily rate contractors as
employers consider more specialist solutions, not available on a
fixed term contract basis. While many businesses were pushing
back on costs and perceived the fixed term solution to be more
cost effective, they are now realising the demand for top talent is
giving professionals with niche skills the opportunity to charge a
premium for their services again.
This interesting scenario will continue to play out over 2015 as
a candidate-driven market results in the daily rate/timesheet
solution emerging once again.
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East Midlands
Q2 2015 continues to see an increased demand in the market, with Q1
achieving a 48% increase in jobs compared to Q1 2014, and a 10% increase
in vacancies compared to Q4 2014. The growth is dominated by permanent
vacancies, particularly in the part-qualified market, and especially for
Assistant Management Accountants at the £23-28k mark, with 42% of jobs
registered in Q1 at this level.
While 40% of roles registered in Q1 came from the
manufacturing and construction sectors, we have also
witnessed an upturn in retail roles, and a boost in the
banking and financial services sectors due to new
regulations and IFRS.
The interim and temporary market continues to grow,
with employers enjoying stronger trading and profits
and a more positive economic outlook. Our own
interim business is dealing with a surge in demand for
support on commercial projects such as mergers and
acquisitions, business unit integrations, restructuring,
and systems/process upgrades.
As competition for top talent heats up,
employers must become more agile and
flexible in their approach to recruitment
Client pressures
Employers must become more flexible in their approach to
recruiting top talent; such as offering out of hours, telephone or
Skype-based interviews to suit candidate availability. And with
only one chance to secure their candidate of choice, businesses
must engage with applicants positively from the start and position
their package in the most competitive light.
With top candidates fielding multiple offers, effective on boarding
and regular contact during applicants’ notice periods are becoming
ever more vital elements of the recruitment process.
Looking ahead
As the market has become more buoyant, we have seen
increased activity from previously passive job seekers
who are now more confident to take the next step in their
career - either for progression or to gain wider experience
from a different sector, business or role.
This trend is forcing employers not only to focus on
attracting the best talent, but also to retain their best
performers. Strategies such as salary benchmarking and
enhancement of broader benefits offering are driving
increases in remuneration packages across the region.
increase in jobs
compared
to Q1 2014
of roles registered
in Q1 came from the
manufacturing and
construction sectors
48% 40%
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Midlands Executive
The general uplift in demand and business confidence that marked the end
of 2014 has continued into Q2 2015. The senior market (£60,000+) has seen a
15-20% increase in new jobs compared to last year, with clients more willing to
commit to offers, rather than simply testing the market.
Over the last 12 months, candidates who
have postponed a career move when the
market was less buoyant are now actively
looking for new opportunities.
Jobs outlook
Still considering it a ‘buyer’s market’, clients
continue to pick and choose candidates with a
specific mix of qualifications, sector knowledge
and ownership structure (such as PLC, VC backed or
private) experience. This can prove frustrating for
individuals with varied backgrounds and transferable
skills, who are often edged out by applicants
matching the client specification more closely.
Skill sets in demand
Technical expertise is taken as read in the senior market, but
those candidates with additional skills in business turnaround,
acquisition/disposal, restructuring, commercial finance,
business partnering and decision support are in particularly
high demand. Clients are also seeking professionals with the
ability to influence strategic decision making and add genuine,
tangible value to their business.
While the executive market continues to be job short and
candidate rich, there is still a degree of latent demand. Over
the last 12 months, candidates who may have postponed a
career move when the market was less buoyant are now actively
looking for new opportunities.
Clients are
seeking
professionals
with the ability
to influence
strategic
decision
making.increase in the senior market (£60,000+) in
new jobs compared to last year
15-20% Looking ahead
The outlook is generally positive but tempered by uncertainty
around the general election result, with the strong possibility
of a hung parliament, challenges in the eurozone and the
possibility of deflation in the economy and its effect on
interest rates.
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East of England
Business in the region is booming following the unveiling of a blueprint for
growth that could see 250,000 jobs created in the East of England by 2020.
Looking ahead
Stansted Airport has also unveiled a jet-heeled
growth strategy that will make the airport a growth
powerhouse in the East of England, East London and
along what is known as the “the burgeoning London-
Stansted-Cambridge corridor.”
This investment in the region’s transport links opens
up countless opportunities and cements a bright future
for the wider region. The strategy will play a key role
in the region’s long-term success by providing the
international connectivity needed to make this part of
the UK a great place to live and work.
Skill sets in demand
Underpinned by billions of pounds of investment, the growth
across the region looks set to spread east of Cambridge to the
rapidly expanding Port of Felixstowe where a new £200 million
development of the docks was recently announced. Growth areas
such as this are key to our own plans in the region, where our team
specialising in the Transport & Freight sector have seen a
50% increase in new vacancies.
Job outlook
Also within East Anglia, a new £15 million technology centre was
launched at Cambridge Science Park. The move adds further proof
that Cambridge has the highest future growth potential of all areas
outside London, according to financial and business advisers Grant
Thornton. The findings show that, although London tops the overall
rankings with nine of the top 10 dynamic growth areas, Cambridge
leads the way outside the capital.
This enormous growth across the region is attributed to the large
number of high-value, knowledge-intensive businesses in the city
and a supportive environment for enterprise. Cambridge’s young,
diverse and economically active workforce, coupled with strong
transport and IT links, also contribute to a robust, economically
resilient location.
A new
£15 million
technology
centre was
launched at
Cambridge
Science
Park.
Investment in the
region’s transport
links has created
new opportunities.
development of the Port of Felixstowe
docks was recently announced
£200
increase in the Transport & Freight
sector new vacancies
50%million
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Q4 2014 and Q1 2015 have delivered consistent growth, both in permanent and
contract roles. Compared to most of last year the notable shift is in the marked
improvement in interim requirements.
Clients are recognising there is a war for talent in the South East. Competing with
London (as it is commutable) means the increase in demand is not matched with the
volume of high calibre candidates, especially in the permanent market for Finance.
Given that this level of competition has not shown any sign of subsiding, the level
of interim roles has increased by 20%, whilst permanent candidates are recruited
typically with a 3 months’ notice period.
Client pressures
Hiring clients have been caught unawares in two areas
- the challenge of dealing with multiple offers and the
painful experience of candidates taking counter offers.
Clients should demand longer shortlists in order to
make an offer to a second candidate, rather than start
a new process.
Creative interview techniques, such as supporting
our clients in better ‘selling’ their opportunity at first
interview, and a “managed interview process” which
gives our client the opportunity to run an interview
process in our offices, feeding back in real time, have
dramatically reduced the speed to recruit and the
chance of other offers being made during a delayed
selection process.
Skill sets in demand
There has been a 15% increase in roles requiring ACA newly/
recently qualified accountants, whether moving into internal audit/
compliance or into a more traditional group reporting structure.
In the senior space, there has been a 20% increase in Executive
roles (£80k+) – of which 75% of these came from the SME markets.
At the opposite end of the spectrum, clients have seen an increase
of 25% increase in Part-Qualified roles (of which 75% were
permanent in blue chip, corporate clients).
Unfortunately, candidates are not readily available – similar to
our newly qualified market – but our long-term ethos in managing
strong candidate relationships early in people’s careers has proved
successful.
South East
Areas of growth (QoQ)
Technology Travel Insurance
Construction &
Infrastructure Pharma
20% 22% 33% 15% 12%
Within the accountancy & finance sector,
we have seen a marked increase in demand
for the following skills:
Technical/Financial
Reporting
Finance Business
Partnering/FP&A
Internal Audit
& Compliance
Consolidation in many of these industries
is planned for 2015/2016 however this
only highlights the importance of finding
outstanding talent which is going to add
value during turbulent times.
Looking ahead
The insurance market is heavily regulated and with the
Solvency 2 pillar increasing workload across this sector,
there has been an increase in interim roles (30% more than
last year) and we expect to see this continue
throughout 2015.
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North East
The conditions in the North East have been positive since the beginning of the
year. We have experienced strong job flow within both the non-qualified and
qualified finance markets with over 40 vacancies registered in January and
February. Demand within the permanent market has increased showing a 30%
increase from 2014; on the other hand temporary job flow has been stagnant.
Candidate sourcing
There has been a considerable step change in our candidate
sourcing strategy. Fewer candidates are applying to live
advertised vacancies. The biggest market change is that of the
move from a client led to candidate driven market. This has
put pressure on salaries within the local market place and our
clients’ expectations of salary package.
As a result employers need to focus on the passive candidate
pool now more than ever. The recruitment drive which we saw
in H2 2014 in the North East has reduced considerably the
immediately available pools of talent. Clients need to look
beyond the basic salary; showcasing their benefits packages,
working flexibility, culture and professional progression to
entice the passive candidate into taking the next career move.
Client pressures
Employers need to focus on retention strategies, as market
confidence grows candidates are now focusing on their next
logical progression steps. With SMEs now willing to pay a
premium to secure highly desired skills, the focus needs to
shift internally to keep top talent rewarded and engaged.
Skill sets in demand
Quarter one skills in demand include; Analysts,
Management Accountants and Financial Controllers
as our clients gear up for growth. We have seen a
demand in Audit with our top 10 firms increasing
jobs in the North East region and expanding their
portfolios and creating new divisions.
Looking ahead
The landscape over the next 6-12 months is
extremely positive as we have seen significant
investment into the NE. The government has signed
a £350million growth deal to boost the local
economy. Nissan has plans to expand throughout
2015, with the continued success of the Qashqai
and electrical vehicle market. This has had a knock
on effect to Nissan’s supply chain with an increase
in demand and therefore the need for talent. Oil &
Gas and Service industries remain strong and we
expect the demand in the A&F permanent market
to remain strong in these sectors.
The government
has signed a
£350million growth
deal to boost the
local economy.
Employees need
to look beyond
basic salaries,
and consider
their wider
benefits and
flexible working
package.
increase of the demand
within the permanent
market form 2014
30%
