Why is your recruitment still so tricky?
There’s loads of candidates on the market, right? It’s a client’s market, yeah? So why are we finding it so hard to recruit this role?
This is a common conversation of the last 8 – 12 weeks.
The ONS and KPMG / REC stats show that vacancy numbers in the UK are still on the slide – thirty-seven (yes 37!!!!) consecutive months of dwindling job openings in the UK*…
(*caveat – from an all time historic high volume post pandemic)
So less vacancies – more redundancies …. Surely recruitment will be easier than last time we looked at it?
Well, maybe… maybe not is the likely and most truthful answer right now.
Helpful… helpful...
OK – I’ll jump down from the fence with some more context and detail.
Here’s the reality – if you are recruiting an FD or CFO (£120k+ salary for arguments sake) then right now I would say you have a slightly easier market to recruit in. Not simple, not awash with mega candidates who are instantly available and accessible, but easier.
The level of PE investment and activity is increasing but isn’t as frantic as it was 4-5 years ago.
There is caution amongst some areas of the SME world – and some sectors such as hospitality, leisure and tech have taken a beating in recent years.
So there are slightly more senior finance professionals on the candidate market than in previous years. But there is also caution among the job seeker market – there are macro factors (economy, politically) that cause people to sway toward ‘better the devil I know’ when they weigh up the pro’s and risks of a move right now.
If they are an FD / CFO in a decent, enjoyable and profitable business then they likely need to be prised out.
But the major challenge for employers remains recruiting in ‘mid market’ – management accountants (part qual or newly qual), finance business partners, financial accountants, finance managers… roles in that £40,000 – £65,000 level in the UK are still not straightforward to box off.
Whether you’re looking for 1st time movers from practice (ACCA or ACA) or newly qualified CIMA / ACCA from industry the search might be proving trickier than you anticipated.
And that’s largely because there is still solid demand which is outstripping candidate availability at that specific level…. Particularly if you are looking for someone with high ambition and career drive who can progress as part of your succession planning.
Candidates with that profile are typically being well looked after by their current business.
Their current employer is likely aware of their value (and mindful that they might be tricky to replace)…
So they might have recently had a promotion, a payrise or a bonus plan dropped into their package… they might have a great hybrid working model that’s been tailored to fit their lifestyle, their current FC / FD may have recently outlined their next promotion pathway and discussed the career benefit of them staying…
They are still hot property.
So if you are recruiting in that bracket at the moment and maybe finding it tough, firstly I would say take some solace that you might not be alone.
There are things you can do:
Really define what you are offering to that candidate audience:
What skills and experience are you giving them that they might not have right now? Why is that useful to them – be open. If you are giving them the skills to allow them to become FD in 3 years then spell it out.
What is the natural next career step for them if they join you (i.e. what are they doing in another 2 years) – if you can fast track them into Head of FP&A or maybe the FC role then let them know – be specific and direct with this info from the get go.
Who can they gain mentoring and development guidance from when they join and what are the credentials of those people (if they are going to be working for an award winning FC then tell them!)
Can you be creative – can you offer something that someone else can’t – an overseas secondment for example, project exposure to a new ERP install, some M&A involvement… all of this stuff creates a unique proposition when you bolt it all together.
Put the package on the table – can you offer hybrid working, is there an LTIP or bonus scheme, do you have a mega pension scheme, is there a car allowance available, do you have better than normal holidays (more than 33 days a year incl. bank) is there a comprehensive healthcare plan – thrash all this out and make is visible and as attractive as you can.
You need to be honest – don’t promise what you can’t realistically deliver — but you should also be presenting the highlights with clarity and confidence.
That and perhaps call us – because finance recruitment is our bag. Thanks as always for reading!
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