Maz Williams
Senior Consultant
38 Collingwood Street, Collingwood Buildings, Newcastle upon Tyne, NE1 1JF
- Specialism: Finance & Accountancy
- Sector: Commerce & Industry
- Roles: Temporary
- Location: North East
The latest
Insight in Finance & Accountancy
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How can the Finance & Accountancy sector recruit in a candidate-short market?
Typically, the finance and accountancy divisions of many organisations are finding it difficult to recruit staff in a candidate-short market. Only by highlighting the potential job prospects available and structured career development plans, coupled with more flexibility and improved financial packages, will they be able to secure the best available talent. Like many other UK specialisms, the finance and accountancy sector has seen continued growth in 2022 after overcoming many of the challenges created by the pandemic. As such, businesses are breaking from the cautious approach that they displayed over the last couple of years to take advantage of the significant opportunities in the marketplace. However, one of the main obstacles in ensuring future growth is the shortage in skilled candidates which has made it difficult for the finance and accountancy field to take on the required needs. Without taking steps to address this problem, these companies may struggle to achieve their ambitions. Here, we will look at the potential reasons why so many organisations are experiencing talent shortages at the moment, and explore some of the most important steps they can take to put themselves at the front of the queue for the best available candidates. The challenges facing the current hiring market Even though there have been signs of slow improvement since the start of 2022, the candidate shortage remains as challenging as it has been at any point in the last 20 years. As a result, businesses are more reliant on specialist recruitment support from firms such as Sellick Partnership than ever before. This is due to our extensive coverage over the last two decades, with an abundance of market knowledge and candidate/client relationships. Despite the recognised need for assistance, it’s still helpful to understand why these challenges have emerged over the last few years: Many individuals who are established in finance and accountancy roles are reluctant to leave their current positions, due to the uncertain conditions that have affected the economy in the last few years, coupled with the instability moving forward. As many businesses are thriving, employees are happier to remain in their current roles and reap the benefits with regards to internal promotional opportunities as well as receiving their bonuses, rather than moving elsewhere. Those that have established their position within a company may subsequently experience more flexibility. Therefore, they can become reluctant to move to another company where they may need to return to the office and feel they have to exceed expectations to gain the type of flexibility they previously had. As a result of all of these trends, it is crucial for businesses that are looking to hire to ensure they are creating an employment offering that provides individuals with a strong incentive to choose their business, rather than simply relying on the assumption that the talent will come to them because of their growth plans, brand or culture. The growing importance of salaries Naturally, one of the most important factors to consider for new recruits is salary and remuneration. This has always been an important factor for employers, but the challenges of the current market are making this particular issue more central for candidates than ever before. One of the key factors in this trend is the rising rate of inflation and the growing cost of living crisis, with the Bank of England recently increasing interest rates for the third time since December and the price of everyday essentials, from food and petrol to mortgage repayments, all escalating as a result of macroeconomic factors such as Brexit and the Russia-Ukraine war. These issues are impacting an entire population, regardless of salary levels - and candidates are pricing these factors into their decision-making when looking for a new role. As such, employers are acknowledging that they may have to pay the market rate and therefore put more consideration into the financial package being offered. In response to this: Businesses are now aware that they have to put pay details front and centre when it comes to the recruitment process. They have become more accepting that salary will be one of the main discussion points during the interview stage. Many companies are making the deliberate choice to overpay for candidates relative to their level, providing salaries that are significantly above the market rate, knowing that this may be necessary to secure the best available candidates when there are fewer alternatives. Acting fast has become a priority when choosing a candidate and offering a role. Remote interviews are providing speed, that on top of the pre-screening and background-checking of candidates by recruitment firms, ensures they are able to get their offer in front of the chosen applicant as quickly as possible. We have found that companies are working with recruitment businesses – like Sellick Partnership - to devise a salary structure and budget that can allow them to compete for the best available talent, without creating discord or internal issues among existing employees. The simple truth is that in the current economic climate, it’s only to be expected that financial packages will be a key consideration for skilled finance professionals, and candidates are displaying transparency around this. If two offers are otherwise equal, applicants are likely to choose the role that provides a higher salary — and employers need to adjust to the reality of this supply-and-demand model. Creating a flexible and rounded employment offering Although important, pay is not the only way for finance and accountancy departments to create an employment offering that meets the needs and expectations of clients. With more and more companies and workers now understanding the importance of a good work-life balance and a focus on mental health, businesses throughout the finance sector are adjusting to work smarter, offering greater flexibility than ever before on home working — even in sales roles, when it was once presumed that being based in the office was an essential prerequisite. Career development has also come to the forefront to a greater extent than ever before. Although this was always a key part of any recruitment offer, it has become even more crucial, as the best and most ambitious professionals are unlikely to want to change jobs unless they can step into a role that offers them plenty of scope to receive training and mentorship, broaden their skills, climb the ladder and feel valued and rewarded for their work. Are you worried about getting caught out by tough questions during your interview? Check out our list of common interview questions, with guidance on formulating the perfect answers here: https://t.co/5ujIuQjPCE pic.twitter.com/nTvy9pyg6A — Sellick Partnership (@SellickGroup) March 8, 2022 Conclusion Despite the financial package being imperative to candidates, they are also looking for flexible, forward-thinking roles that offer development opportunities that align with their personal goals. Some of the changes that have been highlighted may be more difficult for financial businesses and accountancy firms to take on than others. Companies may require the support and assistance of a specialist recruiter to help them overhaul and modernise their recruitment offering. However, only recognising the scale of the challenge will they be able to overcome it. As 2022 progresses, it is clear that there remains substantial scope for growth for the finance and accountancy sector. By modernising their recruitment infrastructure to meet the needs of candidates, they can give themselves the best chance of getting the people they need on board to maximise their potential. For more advice on how finance and accountancy firms can recruit and thrive even in the face of candidate shortages, get in touch with Sellick Partnership. Visit our Finance & Accountancy sector recruitment page to find out more about our process and services, or explore our online resources to get further insights into the current state of the sector.
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Drawing on the positives from the COVID-19 pandemic
The COVID-19 pandemic has had a huge impact on employment as a whole, however as restrictions begin to ease in the UK, we are seeing things return back to some form of normality. There have been some huge changes within most industries and whilst some will be temporary, there are others which will likely be more permanent. In this blog I will look at what has changed and the most positive aspects that have come out of the COVID-19 pandemic. Flexible working arrangements As remote working has worked well for the majority, the new norm for many after the pandemic could be a working week split between the workplace and home. Whilst this can save time and money on commute times, there have also been parallels with improved employee health and wellbeing. More and more businesses are now considering offering employees a choice, so those who do want to return to the office are able to and equally those who prefer a more flexible approach to work benefit too. At Sellick Partnership we have recently been given a similar choice in the sense that we will have three days a week in the office, with the rest being a choice of working from home or the office. From an employee’s perspective, a working week split between the office and home presents invaluable benefits. With the option of working from home resulting in additional time saved from not having to commute, the opportunity to spend more time with children before work and as soon as work finishes is an unrivalled perk. Remote working also presents other fantastic benefits allowing more time during the week to dedicate to things that historically may have had to wait until the weekend. Employers can experience higher staff morale which in turn has a positive impact on quality of work and productivity. Although it is the opinion of some and not all, some employees feel working from home allows greater autonomy, with a quieter environment that can facilitate more focused work. Interviews and onboarding virtually In the same way that flexible working arrangements for employees will become more frequent, a hiring and onboarding process consisting of both virtual and face-to-face processes will most likely become more common due to being both time and cost effective. For many candidates, interviewing within business hours can be difficult and can often result in having to request annual leave to attend. However, with virtual interviews becoming more popular, candidates are now able to interview during their lunch breaks and after work, ultimately speeding up the hiring process. For employers, a big positive with virtual interviewing is consistency. Interviewing virtually enables an employer to record the conversation at the candidate's consent. This ensures nothing is lost in the interview and can be an effective tool when comparing interviews and providing critique. Virtual interviews also offer a great deal of convenience with regards to both cost and time effectiveness, particularly in terms of access to geographically remote candidates. More meaningful working relationships Greater communication and collaboration has been a product of the physical distance imposed on working relationships. With social distancing likely to bring colleagues closer together, employees who have been working from home over the past 12 months will notice the importance of working together, team work and communication. Having more meaningful relationships in work not only helps boost confidence to employees but it has also shown to help reduce stress and increase work satisfaction, productivity and loyalty towards the business. Employees may feel more connected to a company if they develop close working relationships and the friendly relationships between colleagues may further decrease the likelihood of individuals searching elsewhere for employment. Employees have the opportunity to work within a positive team in a suitable environment, whereas employers retain staff who have more experience to help with the company’s growth. For further information or to assist you in your job search, check out our wide-ranging resources for candidates. You can also speak to a member of our Finance & Accountancy recruitment team by calling Maz Williams directly on 0191 261 8585.
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Key skills candidates need to be successful within Finance & Accountancy
Are you interested in finding out what skills are in demand across the Finance & Accountancy sector? Senior Consultant Liam Cox spoke to one of his clients who told him what skills finance candidates should be concentrating on, and offered his insight into what hiring managers might be looking for in the future. It can be hard to build a successful career within any sector, not least a sector that is becoming increasingly caudate-led. As a result, candidates looking to secure a job within Finance & Accountancy need to set themselves apart. A good way of doing this is by ensuring they develop and showcase the key skills many hiring managers look for across the sector. Finance professionals that continually build on their skills and react to the market are always the most sought after, and generally do very well throughout their career. But what skills doe hiring managers within the sector look for? Senior Consultant Liam Cox spoke to one of his key clients to find out the skills he is looking for, how candidates can showcase their experience during the application process and also what skills he thinks will become increasingly important in the future. What are the key skills you usually look for in candidates joining your team? There are a number of things we would normally look for, especially in junior candidates joining our team. One of which is confidence and how they come across. This is becoming increasingly important because of the direction that the sector is taking. The Finance & Accountancy sector is moving towards more of a “business partnering”, so we look for candidates that have a higher commercial acumen that we did previously. Candidates that have excellent communication skills, and that are able to relay financial data to stakeholders at varying levels is also highly important. We also want to try and test their team fit; how they will operate in a close knit environment and if they’re willing to help others. This is especially important to us as we have a small team and everyone we employ needs to get stuck in and help where possible. We tend to do this by asking scenario questions throughout the interview process. Experience is also a bonus. It isn’t always essential depending on the role but we can teach them what they need if they demonstrate they’re flexible and willing to learn from us. How have the skills of Finance & Accountancy candidates developed in recent years? The main difference tends to be that candidates nowadays lack “qualification skills”. We tend to find that candidates have a broader, more varied skillset rather than specific knowledge that you would likely gain through qualifications. This can swing both ways, it can be a bonus for a role that is likely going to have a lot of variety as they will have generally already had some good exposure. However, the higher up the ladder you go can have a detrimental impact as senior candidates generally need to be qualified and have some specific, niche training and experience. Having said that, I do think that the personality of some new accountants has definitely developed over the years, which is great to see. I think there is a much greater focus on soft skills now than there was when I first started my career, which will stand people in good stead moving forward. What skills is your team/the industry lacking the most? I don’t think my team is lacking a huge amount of skills, as I tend to ensure I hire junior candidates that I can develop and ensure they learn the skills we need them to have. We assess their capabilities of picking things up quickly and how open they are to learning from the interview stage and generally try and hire candidates on that basis. In terms of the sector as a whole, the biggest shortfall is the lack of qualified accountants on the market. My peers across the industry often talk to me about the struggle they have finding qualified candidates that are the full package, and have the right mix of technical ability and soft skills that they need. When looking at a CV to shortlist a candidate, what are the main things you look for? I generally look at a CV and score each section out of four in-line with the person specification and job description. This gives me a really good understanding of if the person is right for us, and usually helps me come up with a strong shortlist of suitable candidates. In terms of specifics, experience is the main thing I tend to look for, but the level of experience varies depending on the role. I then look for someone that I feel has the right personality and will be the right cultural fit for our business. To decide this I usually look to see if they have added any extra-curricular activities to their CV as this can give you a different perspective and can make one candidate stand out over another. I also appreciate that some younger candidates may not have achieved as much at work, so it can be nice to see candidates mention why they are looking to move on and what they are looking for in a new role. Generally it tends to be for progression, but it’s good to see. Are you looking for some support on writing your CV? Check out our CV guide and downloadable CV template here. What would you ask a candidate at interview to find out if they have the relevant skills/experience for your business? We would try to see if they’d done any research on both us as an organisation and the sector before the interview. With the financial pressures within the Public Sector at the moment, we need to know that a candidate is sure this is the right move for them and that they show a willingness to join us. Also, if we’re going to be investing in their long-term future, we need to know they’ve made an effort to show us they want the role. The kind of questions we would ask to find this out are: What do you know about us as an organisation? What kind of pressures do you feel the sector is facing at the minute? Who would our clients or customers be apart from the obvious? We would also ask specific personality and scenario questions related to the skillset of the role. As I’ve said, team fit is a big part of what we try to operate so we would definitely be asking about how they would see themselves working in a team environment when the pressure is on. Still not feeling prepared for your next interview? Why not head over to our Candidate Resources page for interview advice and common interview questions to prepare. What do you think the future holds in terms of skillsets and candidates joining the market? I think we will continue to see a drop in the number fully qualified candidates on the market, which is why we are trying to put more emphasis on training people who show an interest in becoming qualified. The training and programmes we provide are really beneficial for all parties. Hiring finance professionals in this way also means that we get qualified accountants that know how we work. Candidates are also going to want to work for businesses that will invest in their future, something that has become synonymous with the sector. So although I think the number of qualified candidates may drop, I think the number of candidates that will want to pursue a career in the sector will continue to increase. Employers will therefore need to be able to show candidates what they can do to invest in their future in order to continue attracting the best talent on the market. Do you think you have the skills required to pursue a job opportunity within Finance & Accountancy? If so we would love to hear from you. Get in touch with our team today, or check out our latest live vacancies here. Alternately, you can find more advice, blogs and resources specifically written for Finance & Accountancy professionals on the insights section of our website.
