Hays Accountancy & Finance - Financial Services
January - March 2012
Hotspots
Business Analysts, Project Accountants and Internal Auditors will be the hotspots of demand this quarter for audit review and preparations and to commence projects. Management Accountants will also be needed to provide greater analysis and cost effectiveness within finance teams.
An increase in risk, audit and assurance skills has been evident recently as companies in the financial services sector become even more risk aware given the global climate as a whole.
If organisations rebound from the challenging market conditions in 2012, we expect a greater flow of analytically facing roles as companies seek to grow their business and market share.
In Sydney, product control within the investment banks will be an area of demand over the coming months, although candidates with this prerequisite skill set are in short supply.
Overcoming skills shortages
In response to the shortage of candidates mentioned above, employers are thinking more strategically and forecasting their skill requirements three to six months in advance. Employers are also starting to demonstrate a greater openness to sponsoring candidates since many high calibre professionals from overseas are in Australia seeking employment and possess strong overseas financial markets experience.
Those employers that are rigid in their expectations are finding it very difficult to attract the calibre of candidate desired. Conversely, those that recruit candidates who fit their corporate culture and offer training to cover any skills gaps are filling their vacancies. It is not uncommon for employers to spend over two months recruiting if they are not flexible in their requirements; this time could instead be spent training a candidate who is a good cultural fit.
Candidates remain cautious about applying directly to organisations and feel they have a greater chance of success if they use a recruiter.
The coming quarter
Many financial services organisations have gone through restructures and are subsequently identifying gaps within their teams. As a result we expect temporary and permanent recruitment within financial services to increase. However as the supply of high quality candidates is sparse, employers are advised to start their recruitment processes early and show flexibility to attract the top talent and meet their demand.
We expect to see high quality candidates receive multiple offers, therefore employers need to sell their employee value proposition as effectively as possible while ensuring their salary benchmarks are in line with current market trends.
Executive recruitment
Executive recruitment activity is minimal. Following restructures there are many senior managers, heads of finance and CFOs competing for a small number of roles. Therefore employers recruiting at this level can demand to see a number of key prerequisites on a resume before they will consider a candidate.
Employer trends
Employers have put more rigorous recruiting processes in place in response to increased global cost pressures. Despite these changes they still attempt to move quickly, and many have reduced their process of three interviews down to two by bringing more than one line manager into the interview.
Candidate trends
There has been a higher than average increase in the number of overseas applications given global market uncertainty. However employers continue to prefer local skills and experience.
High quality candidates are more demanding in terms of salary. Therefore it is essential that employers understand a candidate's motivations before making an offer.
In Sydney, candidates are concerned by the quieter financial services market and many are consequently looking to Asia for their next role, where there is a greater supply of opportunities.
