Hays Accountancy & Finance -
Commerce & Industry
January - March 2012
Hotspots
Financial and Management Accountants are in short supply, while Financial Analysts are sought by companies that want to identify further cost savings or analyse additional revenue streams for 2012.
Mid-level financial and management accountants are sought for temporary assignments. The use of temporary assignments will be high early in this quarter as employers use them as a way to keep their permanent headcounts low while still ensuring work is completed and cover annual leave. The focus will turn to permanent recruitment from February.
Auditors are needed from part-qualified through to manager levels. Employers believe part-qualified candidates are good value for money and can grow with the business, while managers are needed to take on statutory focused roles within commerce.
Lower than expected bonuses have led to an increase in the number of Financial Controllers looking for their next opportunity and this movement is fuelling a need to backfill departing staff.
A shortage of Credit Controllers remains; many candidates take such roles while they complete their studies then move on. Demand is also high for full function Accounts Receivable candidates. A lack of candidates has created high demand for experienced Payroll Officers and Accounts Payable Officers.
Western Australia needs accountancy and finance professionals with mining and construction industry experience. Employers are very particular in this requirement and demand candidates with like-for-like industry experience and relevant systems skills. Pronto and SAP are often requested. Both the global mining organisations and smaller mid tiers are keen to secure corporate head office accountants who can communicate with operations staff on site.
Also needed are experienced Site Accountants who can commit to a FIFO roster or a residential role. Project-related Cost Administrators are also required due to the increased number of projects and the requirement for businesses to review project claims.
Overcoming skills shortages
Some employers are doing very little to overcome skills shortages. They look at the global economic outlook and are sticking to a rigid set of criteria. Yet others recognise that skills shortages are still a factor in Australia, and are becoming more flexible by considering candidates with transferable skills and then using training to overcome any skill gaps. For example, some employers seeking a Payroll candidate will consider Accounts Payable or Data Entry Clerks who can assist and be moulded into a Payroll role. Others are becoming more competitive with salary packages.
Those employers who are also showing flexibility when it comes to industry experience are successfully recruiting top talent. Many employers are also becoming more flexible regarding systems knowledge, and will offer training if necessary.
Some employers began their search in late December. They contacted us and registered their requirements well in advance of the desired start date, rather than waiting until mid February when a large number of companies will be recruiting and competing for talent.
Another solution that is working for many employers is to second internal staff to areas where skills shortages are impacting recruiting success and then backfilling with contract staff.
In Western Australia, employers are offering flexible FIFO rosters and are ensuring they provide a quality camp environment.
The coming quarter
From mid February we expect permanent vacancy activity to rise strongly. Many employers held off recruiting new permanent staff or replacing departing staff until the New Year, and teams are now under pressure and need additional resources. For the most part, much of this activity will be to replace those who have moved on, rather than new job creation.
Temporary assignments have been a very popular alternative to a permanent hire. They provide employers with headcount flexibility and allow a business to cope with fluctuating workloads. There are also a growing number of candidates who seek such roles for their own work/life balance flexibility.
In Western Australia, the increased number of projects within the mining, oil & gas and construction sectors is creating a continuous demand for back office staff. The market is very active in the West.
In Canberra, many businesses will be impacted by the announcement in November 2011 of an additional efficiency dividend for most government departments and agencies. This dividend will force departments and agencies to find savings in their administrative budgets by spending less with their suppliers, which will impact those Canberra businesses that support the Government.
Executive recruitment
After a strong 2011, activity at the executive level is expected to recommence post-New Year, particularly for financial and statutory management roles across a range of medium to large companies.
Employer trends
The private sector continues to have an advantage over the public sector in terms of the speed of the recruitment process. When competing for the top talent, a succinct process is an advantage.
As noted above, some employers still demand an exact match and expect the market to be flooded with candidates. However others are becoming more flexible in industry or systems experience to avoid the associated retention risk of an understaffed team managing workloads.
Those employers who demand stronger skill sets are also offering more competitive salaries in order to attract the appropriate candidates.
Candidate trends
Global economic conditions have persuaded some candidates to hold off looking for their next permanent role. In particular, the number of passive jobseekers has reduced. Many of the candidates that are looking for their next role are showing increased flexibility in terms of salary and location expectations.
However we have seen a rise in candidate levels in the tax area, where there has been a lot of candidate movement, from entry-level Tax Accountants through to Tax Managers. There are also a large number of candidates from professional practice who are looking to make their first move into commerce.
There is also a constant stream of applications from overseas candidates, particularly in Western Australia as people want to take advantage of the mining boom. For similar reasons, the state is also experiencing a lot of interstate candidate interest.
Candidate levels in the Brisbane market have dropped since employers are securing people on medium term contracts.
Canberra is expected to see a rise in candidate levels in 2012 as people relocate for work/life balance or because their partners have secured work there.
