Increasing job opportunities and job security combined with an optimistic outlook for the economy is giving almost half (48%) of finance professionals the confidence to search for new jobs – according to recruitment specialist REED.
The new Reed Accountancy & Reed Finance Practice Salary Guide and Market Insight 2014 canvassed the views of around 2,500 workers and employers working in a variety of industry sectors and job levels. It found that candidates in the industry are more buoyant, with high satisfaction levels and a greater sense of job security (88% feel secure in their current role) than in previous years.
Rob Russell, UK Senior Divisional Director at REED Accountancy, said:
Employers have come to realise they do need to be proactive when sourcing talent and not only adhere to traditional recruitment practices. Thinking outside the box when recruiting that enhance the utilisation of a skilled workforce will benefit the employer in the long run.
Companies should depart from the “old ways” and invest more time in training and up-skill employees. Employers do need to be more flexible and offer increased training for staff to ensure their skills remain applicable with times ahead.
Retaining staff is also equally important to employers. A revolution in recruiting has transpired where accounting practices, certainly in larger consultancies, have started their continuous hunt for talent regardless whether they have a vacancy or not. This proactive attitude will be the norm in the future where talent will be in high demand and scarce
Employers in the sector are aware that this sense of job security brings a confidence which encourages workers to consider their next move, with less than half (43%) concerned about losing talented individuals. This concern is well-founded, with REED’s results showing that around half (48%) of those in accountancy practices are expected to be looking for a new role within the next 12 months.
The research also highlighted a shortage of skills in accountancy and finance practice, with more than half (53%) of businesses saying they have a skills gap in their organisation and 70% saying this gap is having a negative impact on their business. To address this through growing talent, more than half (54%) of accountancy firms are investing in training and nearly half (39%) are promoting internally.
Rob Russell, added:
2013 was a good year for big practices which led the industry with 8% growth and recent data shows there are more firms opening than closing, which bucks the trend of other professional services.
Their expansion and niche services by default provided new opportunities for those seeking employment. With an improving economy, growing job security and an increasing number of jobs available, a number of finance professionals are considering a move to gain better benefits.
In 2014, employers will see a surge in skilled candidate availability, nevertheless these accountants will be more aware of their options and precise in what they are looking for in prospective employers. Being clear with vacancies will enable employers to attract the right candidates for the right jobs.
At Reed we offer our clients relevant advice and guidance to ensure they are matched with talent who fits well into established requirements. We educate employers and guide them to source the right talent. To ensure this experience is sound, we work with employers closely, discuss the risk of counter offers, competitive rewards to attract and retain such skilful and versatile employees and those who are able to provide a return on investment of time and training dedicated by the very same employer.
The Reed Accountancy & Reed Finance Practice Salary Guide and Market Insight 2014 report is now available and can be obtained here or by visiting www.reedglobal.com