A new salary survey and market guide, produced by financial recruitment specialist Sellick Partnership, reveals the high level of competition financial professionals across the UK will face in the second half of 2014 when looking to switch jobs. The survey found almost half of all respondents within the finance and accountancy sector (43%) will attempt to find a new job in the next six months. This demonstrates a new found confidence in the job market, which is in line with the 35% increase in job flow that the recruitment specialists have seen in 2014. These findings demonstrate the importance that employers should be placing in their retention strategy. With an influx of candidates in the market, employers will need to do more to differentiate themselves if they want to attract the very best, in terms of both their recruitment process and their offering to prospective employees.
The survey showed that jobseekers in the finance industry are looking for the full package when it comes to their next employer. In addition to a competitive salary, they also consider companies’ corporate social responsibility policies, bonuses and holiday entitlement particularly important. However, only 26% of employers are planning to recruit during this time and it is to be seen whether businesses are planning strategic growth or to simply replace those who have left the company.
Jo Sellick, Managing Director, commented: “People in the financial and accountancy sector tend to be very ambitious, so it is no surprise that many are planning to switch jobs as they look to climb the career ladder. But, as the survey shows, the number of people hoping to change jobs in 2014 currently exceeds the number of firms looking to hire. This may create a bottleneck, which can prevent some of the best candidates from landing a job that would otherwise be perfect for them. We therefore recommend that companies focus on both the packages they offer and the overall talent strategies they follow. By doing so, they can make sure they attract the best candidates and give themselves a better chance of getting the right person first time round. There are lots of top candidates entering the market at present, so it is essential companies move fast to make sure they don’t miss out when top talent becomes available.”
The sector salary and market guide is compiled every year by Sellick Partnership and gauges the salary and employment prospects for the financial and accountancy sector in various parts of the UK.