Tips for navigating the shortage of accounting and finance candidates in the NHC

Supply and demand is currently a hot topic in the world of recruitment. The post-pandemic world is a very different landscape and there have been huge changes in the accounting and finance recruitment market from both the candidate and the client side across the Northern Home Counties.

Let’s recap on where we’ve come from

Pre-pandemic, there was certainly more abundance of candidates who were looking for a move, job flow was high and competition fierce. Then the COVID lockdowns stuck, and the job markets stalled to unprecedented levels: clients were not hiring, and candidates were staying put to ensure job security, although many were furloughed and faced uncertain futures. Many businesses were running their finance functions at minimal capacity, and it wasn’t uncommon to speak to an FD or CFO who were holding the fort and getting their hands dirty in the absence of furloughed staff.

Post-pandemic, we saw a boom in activity and a huge spike in the number of roles being advertised. Many of the furloughed candidates who were subsequently made redundant were quickly snapped up and interim candidates were swiftly placed into new assignments.

How the recruitment market today has changed

Cut to today, and we have now seen the market level off slightly, but the most notable changes have been to the new expectations of candidates and the demands from clients. Many hiring companies feel we are back to normal pre-pandemic working practices, but this simply isn’t the case. In reality, processes are very different now to how they were in the past.

The market has swung into being much more candidate led, and candidates have much more choice. Many people are still favouring home working rather than being office based and they are also seeking higher salaries in a bid to combat the cost-of-living crisis. As a result, we have found that shortlists have reduced in numbers: previously, you might have six candidates shortlisted to a role, but now it’s likely to be fewer. Employers simply have less candidates to choose from.

There are now fewer factors pushing candidates to enter the job market. Better tech and more flexible working since the pandemic has meant that employers have adopted ways of working which suit their employees better. Candidates are now a lot more comfortable and if you are comfortable, why move? Employers have also got smarter in looking after their people. Candidates who might previously have left a job due to politics or poor management are dealing with this better as they are in the office less.

Traditionally we also saw more loyalty from candidates once they were engaged in a recruitment process. However, due to the higher number of roles on the market, candidates have so much choice and it’s now not uncommon for them to leave processes midway through due to receiving another offer. It’s just another factor that hiring managers have to navigate in the process of trying to recruit staff.

Tips for hiring in the current market

At SRM, we work closely and consult with our clients to keep them informed of current market conditions so they feel educated on how best to successfully navigate the recruitment market and to ensure they can attract the right individuals to their teams.

In response to the current market, we are encouraging quicker turnaround times, from shortlist to interview and from interview to offer so that hiring firms don’t miss out on their ideal candidate. Speed really is of the essence, now more than ever before in a candidate-driven market.

If you’re a firm looking to recruit accounting and finance professionals, we’d advise giving consideration to the following points before commencing your hiring process:

• Choice is limited: there are just not as many job seekers looking for roles as before.
• Good candidates are ALWAYS engaged in multiple processes.
• Working from home is hugely important to all candidates and they will favour roles with more flexibility.
• Once offers have been made and accepted, candidates will still receive calls regarding other roles – contracts must be sent out immediately to avoid the risk of a u-turn.
• Regular contact with candidates is essential during their notice periods to maintain engagement levels.
• Flexibility on the hiring company’s part is very important now – have you considered an interim candidate who wants to find a permanent role? Interims have an abundance of experience gained within many different businesses and are most often immediately available, so they could potentially start a permanent role immediately.

Here at SRM, we are all incredibly attuned to these issues and partner with our clients to give them the very best chance of hiring and retaining the best people for their businesses. The recruitment market has changed considerably and so it’s more important than ever to work with an experienced recruiter who can guide you through it.

If you need help to hire permanent or interim accounting and finance staff in the Northern Home Counties, please contact Liz Hawkins ([email protected]) or Jim Smith ([email protected]). We’d love to help.