Hays Accountancy & Finance -
Commerce & Industry
JANUARY - MARCH 2012
Hotspots
Demand has increased for Senior Financial and Management Accountants, with organisations seeking professionals with broad experience in tax, cost modelling, forecasting and treasury. In light of the current economic conditions, employers are trying to operate more efficiently with leaner teams and are thus hiring high performing talent to fill any gaps.
Over the past 12 months, employers have placed more focus on risk and assurance, resulting in a number of organisational restructures and operational changes. As a result, the demand for strong Financial and Business Analysts has risen and there is a lot of competition to secure the best candidates in this area.
In the public sector, reducing costs has become a key priority and many government departments are placing caps on the number of full time equivalents being hired. Despite this cautious approach, the sector will continue to make a number of high level appointments and undertake extensive hiring activity.
There is a good flow of Senior Accountants in the market. This is benefitting public sector employers looking for highly experienced Accountants to help guide their business financially through unstable market conditions. Employers are offering these candidates 12 month plus fixed-term positions.
Intermediate Financial and Management Accountants with three years of financial or management accounting experience are in short supply. Many of these candidates are heading overseas to gain more experience and earn higher salaries, which is depleting the local candidate pool.
Candidates with construction experience are highly regarded, as are Commercial Accountants with high level modelling skills. The continued market growth and the need for robust management information skills will fuel demand this quarter. The opportunity for overseas candidates, particularly those from Europe, to come to Christchurch has never been better.
Overcoming skills shortages
Since employers are more inclined to wait for the perfect candidate, they are turning to contractors and temporary staff to fill roles while a permanent candidate is sourced. They are also turning to our Hays global network to source returning and new talent.
Employers are also reviewing their candidate attraction strategies and looking at how they can best access the passive candidate market. We also advise employers to move quickly on strong candidates to avoid losing them to a competitor.
The coming quarter
This quarter is already shaping up to be a busy one as organisations evaluate their future plans and success of restructures undertaken during the last few quarters. The private sector is looking to strengthen teams and will be on the hunt for dynamic individuals who have a broad range of experience and the ability to make the best of opportunities and challenges as they arise.
Ongoing restructures in the public sector and a lower number of full time equivalents will see a decrease in hiring activity until the market picks up again.
Qualified candidates with a Top 4 tier background will continue to be in demand.
Executive recruitment
Employers are actively recruiting at the executive level for experienced CFO’s, GM Corporate Services, Managers of Management Accounting and Finance Managers. We have also noted rising demand for high level accounting candidates with strong management and strategic skills and thinking. Unfortunately there is a shortage of strong managers and overarching strategic candidates available in the market.
Employer trends
At this stage, lengthy recruitment processes are still an issue. This is most obvious in the public sector, where a bureaucratic and slow process frustrates many candidates. Employers’ unwillingness to react quickly means they are missing out on qualified candidates.
We expect to see employers increasingly work with recruiters since advertising is no longer generating effective yields.
Candidate trends
The challenging market has made it difficult for some organisations to recruit due to strong competition and candidates commanding high salaries and benefits well above market expectations. This is occurring in areas that are facing particular candidate shortages. But we are also seeing the other end of the spectrum where employers in job short areas are able to get more for their money and dictate lower salaries.
Candidates are looking to move for roles with companies that will give them career progression as well as opportunities for development.
There is a slow stream of skilled professionals leaving Christchurch for Auckland and Australia and this will continue well into 2012. Many are at tipping point following the most recent Christmas period earthquakes and are becoming frustrated at the lack of progress due to the unsettled conditions.
