So far this year, the jobs market for Accountancy and
Finance professionals has been one of continued evolution. Although we still operate
amidst political and economic uncertainty the strong start to the year shows
the resilience and adaptability of the profession.
The demand for flexibility, the quest for work-life
balance, and financial stability continue to shape the decisions of both professionals
and employers.
Organisations that can adapt to changing macroeconomic dynamics
will not only attract top talent but also foster a workplace culture that
reflects the values and expectations of the workforce for years to come.
In
this blog, I will pick out five trends that are currently shaping the employment
landscape for qualified Finance professionals.
1. Agile Workforce Strategies In Response to Economic
Uncertainty
Economic instability and disruptive forces are
significant catalysts for transformation and provide a chance for organisations
to reconsider not just the methods of accomplishing tasks but also the
individuals involved.
Engaging the contingent workforce provides access to
specialised skill sets that can be harnessed on a need-by-need basis. When
integrated with permanent staff, this approach ensures the development of a
workforce that is both dependable and highly adaptable.
Top takeaway: Finance
teams that strike the right balance between permanent and interim resources
will be in the best position to respond quickly to external challenges.
2. Impact of Interest Rates: Continued Focus On Cost
Cost saving remains high on the agenda in response to the
economic turbulence of recent years. Many organisations are undergoing
restructuring initiatives to enhance operational efficiency and adapt to
evolving market conditions.
And with interest rates unlikely to fall until the second
half of the year, employers remain cautious even though the demand for talent
will be as competitive as ever. This scenario can impact decision-making,
particularly for businesses that will weigh up the costs of talent acquisition
against the backdrop of projected interest rate trends. It will add a layer of
complexity to financial planning and recruitment strategies.
Top takeaway: While
employers are expecting a greater return on their investment in terms of the
value and skills candidates bring, they must nevertheless have a robust attraction
and retention strategy given the ongoing competition for talent.
3. Base Salary Prevails Amid Economic Uncertainty
The economic uncertainties of recent years have shifted
candidates’ priorities. Where bonuses and shares were once key considerations,
jobseekers now place greater importance on the stability provided by a
competitive remuneration package.
Top takeaway: Base
salary has become a primary driver for candidates, reflecting a desire for
financial security in an unpredictable jobs market.
Innovative
Benefits Packages: Beyond The Basics
Employers are
revamping their benefits packages to bolster their Employee Value Propositions
(EVPs). Traditional perks are no longer enough. Companies will have to get
creative to stand out.
Examples
include tenancy deposit loans to help employees with increasingly expensive
rental costs and earned wage access (EWA) or ‘pay on demand’ solutions allowing
workers to access their money when they need it.
Top takeaway: Initiatives
that address financial and mental well-being, demonstrating a commitment to
supporting employees in meaningful ways, will boost talent attraction and retention
outcomes.
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Our Salary Guide
Accountancy
and Finance candidates and the employers hiring them always ask for our advice
when it comes to compensation. With deep specialism and market knowledge across
different industry sectors, we are in a strong position to provide day-rate,
FTC and permanent salary guidance, for different qualified finance roles,
across the UK.
Download your
copy of our salary guide and discover complete coverage of all the key job
roles and rates, which you can use as a benchmarking tool to ensure you offer
the right level of compensation to compete in the marketplace.
We
look forward to continuing this conversation with you and supporting you with
your professional career or hiring needs.