Hays Accountancy & Finance - January 2009
Commerce & Industry
Hotspots
The key drivers of demand this quarter have been the increased focus on process improvement and increased efficiencies. Across the board, candidates who possess these skills and who can offer strategic value to a company will find themselves in demand over the next quarter and beyond. Analysts of all types, for example, will be needed to support decision-making.
Management, systems and financial accountants are therefore required, as companies look to upgrade accounting systems and tighten procedures to make sure they are fully utilising their ERP and OLAP reporting tools. In addition, quality payroll officers are needed to cover the increased workload created by the growth and acquisition of leading companies. Specific system and skill requirements in this area are a must, with employers now becoming clearer about their needs.
Qualified candidates often relocate offshore, creating a shortage of management and financial accounting candidates. With the March year-end approaching, strong financial accountants have therefore become popular.
The coming quarter
Indications for the coming quarter have been mixed, however permanent and temporary recruitment are both ongoing, particularly within professional services. This recruitment is largely focused on the refilling of existing roles, with minimal new job creation. Temporary hiring is particularly prominent where companies have budget restrictions on permanent staff, and the demand for temporary staff is expected to increase in January and February.
Employers have sharpened their focus on recruiting the right person for the role, and in the current climate there is more choice, with highly qualified candidates being more flexible and accepting lesser roles. In this situation, employers are advised to take advantage of the opportunity to gain increased experience and skills and avoid viewing the candidate with scepticism and assuming that they will become bored and leave.
In New Zealand there is a trend towards taking on less experienced accounting support candidates with a view to internal training and development to reduce costs.
Overall, hiring intentions for 2009 are relatively positive, with most looking to revaluate their position over the coming quarter having "held off" in the last months of 2008.
Executive recruitment
Turnover at the senior level has decreased and where roles do exist they are often filled internally. Candidate availability however remains high and salary expectations are being adjusted in response.
On the other hand, in some sectors employers have put increased focus on recruiting at the senior level, particularly for candidates who possess process improvement and strategic skills to see the company through current market conditions. Change and project management skills are similarly in demand.
In New Zealand, a number of corporate restructures have contributed to rising active candidate numbers.
Salaries
Higher candidate availability and consequently higher competition amongst candidates has created a levelling effect on salaries. Nevertheless, good candidates are still hard to find and those with the best skills may be able to secure higher rates of pay.
Candidate trends
Candidates are becoming more strategic regarding their next move, and long-term factors have now grown in importance. On the other hand, candidates have also increased their flexibility with regard to the non-core elements of a role, and employers will find it easier to secure top candidates on their own terms. This is thanks to an influx of candidates across most areas and an increase in competition for open roles. Returning expatriate candidates are also available in greater numbers, further intensifying this competition.
Increasing numbers of candidates who originally would not consider contract opportunities are now more willing to go down this avenue as a way to ride out the current market without giving long-term commitment to roles that may not be ideal. The intention in many cases is to resume a permanent job search in the next quarter. There has also been a shift towards candidates wanting to work within the public sector where there is a perception of greater job security.
