Recruitment tends to be a cyclical process for most organisations with particular times in the year that are more suited to taking on new staff and initiating the recruitment process. These usually occur during January through to June, however this year has seen some very important factors that have made it difficult for some companies to carry out their finance and accounting recruitment needs - and may continue to impede it without some forward-thinking insight and ingenuity. There are also trends impacting finance and accounting recruitment that have been developing over the last couple of years.
3 factors affecting finance and accounting recruitment:
Factor 1. The lasting impact of Brexit
Although the UK is still in the transition phase of its decision to leave the EU, there has been uncertainty towards the future and what that means for accounting and finance departments. Naturally, certain EU regulations like IFRS 9, 15, 16 and 17, in which the UK adheres to will need to be reviewed, however considerations like tax and audit are equal considerations as the UK plans to leave the EU. Other considerations for finance departments include:
Ensuring international terms and conditions of service and whether you are an international exporter or importer are reflected in contracts
Corporate reporting to disclose how the business will handle uncertainties resulting from the UK’s departure from the EU
Considering audit implications in the case of a deal/no deal situation
Preparation of UK GAAP FRS 102 accounts, reflecting an uncertain Brexit outcome
Financial management and cash flow projections if any disruption due to Brexit
A review of international tax considerations to support new market penetration
A review of pricing models to assess costs within new customs duty regulations
Change and transition management as the business adapts to the new environment
Factor 2. The financial uncertainty caused by the unexpected COVID-19 outbreak
The COVID-19 outbreak has caused the global markets to fluctuate wildly over the last couple of months with the threat of a downturn looming on the horizon. Large to medium-sized businesses are having to adapt quickly to set up remote working for the majority of their employees whilst many small businesses, especially in the hospitality and events industries, have had to lay off workers.
There is some relief with the Chancellor Rishi Sunak’s welcomed announcement that the government will pay up to 80% of employees’ wages for up to three months, and further relief with the ‘VAT holiday’ and delay of VAT payments until June, enabling businesses to retain cash and keep afloat. Many businesses can also apply for grants from the government, and high street banks are offering loans to businesses that are interest-free for the first year.
When it comes to recruiting in the face of this crisis, it can seem like a daunting task. However, it is because of this uncertainty that businesses need to maintain their finance and accounting recruitment plans to ensure the future growth and financial security for the rest of the year.
Factor 3. A shortage in new technical skills
Technology in the financial sector has skyrocketed since 2016, and many are finding it hard to recruit staff with the right technical abilities. Being academically qualified with an ACA, ACCA or CIMAcertification won’t cut it anymore: companies are looking for talent with hands-on experience with some of the sophisticated software and technology that is currently available.
Finding our way forward
There has been a rapid change in many businesses to cope with the recent COVID-19 outbreak and it has impacted recruitment processes significantly. The solution is to amend your traditional recruiting process, find a recruiter with the capacity to source appropriate candidates remotely, and revolutionise your own interviewing process. Online video call software is available and a viable option for conducting your interviews online and remotely, thus ensuring the safety of your candidates and your current staff.
At Edward Mann, all of our consultants are fully mobile and able to offer you remote support in this high-pressured time. We are not chained to our desks but able to work wherever we have hand sanitiser and a Wi-Fi connection. With our database and deep networks, we are able to source high-calibre candidates to suit the specific needs of your business goals to make sure you don’t miss out in the future. We actively look for the most technically proficient candidates and have an international mindset to ensure you get the best possible skillsets to suit your needs.