2014 was a year of growth in the finance recruitment industry and it looks like the positive trends are going to continue throughout 2015. Companies are looking to increase headcount but are also focusing on retaining talent. Top talent has become a valuable commodity and companies are becoming more and more willing to spend time and money, recruiting and retaining the best.
In the North, there has been an increase in temporary recruitment over the past year as a result of businesses moving north for lower salaries and running costs. Often existing employees do not want to relocate so companies are hiring temps to fill the gap while recruiting permanent staff.
In the South, we have also seen an increase in temporary recruitment due to increased growth and gaps needing to be filled by temps to manage this growth. Across the country, permanent recruitment is increasing and in the South this is as a result of increased confidence in the economy and the desire to invest in top talent.
Finance recruitment: the hot topic
The growing demand for quality candidates is currently the biggest issue within the finance recruitment industry. The market is very obviously candidate driven, particularly in the part-qualified arena and quality candidates are becoming increasingly difficult to find. Top candidates are being offered incentives to stay where they are and those looking to move are spoiled for choice. There has also been a significant increase in counter offers as employers attempt to retain their best staff in a challenging recruitment environment.
Three top tips for employers looking to hire in 2015
1. Flexibility – in a candidate driven market, employers need to be more flexible in terms of what they’re looking for and what they’re willing to spend to get it.
2. Competitive packages – candidates want better packages, benefits and ultimately, more money and they know they can get it. With so few candidates on the market, companies need to be willing to offer competitive packages to the right candidates.
3. Speed – another result of a candidate driven market is the need for a speedy recruitment process. Any delays will result in candidates being snapped up by competitors. High quality candidates often aren’t willing to wait months for an offer. Companies need to be clear on what they want to assess in their interview process and who needs to be involved at the outset.
Managing your potential candidates throughout the recruitment process is key to securing top talent. Counter offers are common in today’s market and it’s important to be aware of this trend to minimise its impact.
Interviewers need to probe candidates more in terms of their key motivators. Finding out the reasons for the move and what they’re looking for in a new job means employers might be able to offer them what they’re looking for and prevent a counter offer situation. Candidates may be won over with career progression opportunities, work/life balance benefits, training programmes etc. If the candidate is simply looking for more money, there is a good chance they will choose to stay should their current employer offer them enough money.
Adding a personal touch whenever possible is a good way for companies to set themselves apart from the competition. The interview process is as much about the company wooing the candidate as it is about the interviewee proving they’re the right person for the job. Companies need to be aware that they need to sell their organisation to the interviewee.
Outlook for 2015
It looks like the market is going to continue to be candidate led throughout 2015. The demand for both temporary and permanent candidates is likely to continue to increase with companies spending more on talent recruitment and retention. Finding the right people before competitors do is going to be difficult and it’s crucial to focus on speed and flexibility when recruiting.
For more information on the current finance recruitment market or to discuss your recruitment needs, contact Rachel Campbell, operating director at Page Personnel Finance.
T: +44 175 384 9615