Quarterly Market Update
Welcome to the first edition of Goodman Masson’s quarterly client newsletter for the Management Consultancy market. The purpose of this document is to give you a succinct overview of the employment market and to identify any trends or developments across the UK.
Please scroll down to read the update in full, or use the quick links below to navigate to the most relevant sections.
As this is the first time I have sent this to you I would be keen to hear your thoughts and comments, whether or not you find it useful, and what you would like to see included in future editions. If you would like to give feedback, please reply to this email with your comments, and I will try to incorporate any suggestions in the future.
Should you have any further thoughts or queries, please don’t hesitate to contact me on genene.cooper@goodmanmasson.com or +44 (0)20 7324 0532, and I will contact you at a convenient time.
Warm regards,
Genene
Genene Cooper | Divisional Manager - Management Consultancy
Professional Services
Direct: +44 (0)20 7324 0532
Email: genene.cooper@goodmanmasson.com
LinkedIn: http://www.linkedin.com/in/genenecooper
Market Update
What a start to 2010!
After a challenging couple of years across all markets, in particular the management consultancy arena, all the leading houses are now poised to gear up for a year of recruiting. Positively we are now able to report that 80% of our clients expect to make significantly more hires than 2009 and our vacancy flow is already well up by 800%.
It is no surprise to say that 2009 was exceptionally difficult, and was a very testing time for our market place. As the economy has taken a positive turn we have found our clients are once again calling out to recruit and start to fill out those teams again.
It is interesting to outline areas that are of particular interest throughout 2010:
Services
- Finance and Performance Management
- IT Advisory
- Financial Services consulting
- Strategy
In Q1, the above areas were the first to receive sign-off although we already have clients asking for People & Change and Operational consultants too.
Sectors
- Banking and Financial Services
- Corporates, with energy, utilities and telecoms in high demand.
While we have seen a drop in the demand of Public Sector consultants, the most likely reason for this is the upcoming general election.
In 2009, the focus was on business developers and experienced senior hires. While this trend has continued in 2010, nowadays clients are more willing to consider potential hires joining at a more junior level and even coming across from industry.
Snapshots in Recruitment and Hiring
Attrition – Over the last 18 months, most of the market sat tight with nowhere to go. So it is interesting to note that 60% of candidates that we have spoken to do not expect to be in the same role in 12 months time.
Leaving the profession – Utilisation has been high and consultants have worked hard over the last couple of years, due to this fact 80% of our candidates are now happy to consider an option outside of consulting.
Buy backs – very good people are being bought back with significant increases in salary and promise of promotion. This can often cause unrest with existing team members and it is interesting to note that 60% of candidates who accept a counter offer will still move on from their company within the following six months.
The scale of the increased demand from internal clients has led to great demands on HR teams and agencies alike many of whom scaled back during the downturn.
Market Information
Throughout the year I will keep you up to date with current market information, the first of such being the 2010 Salary Guide. As mentioned, should there be anything other than what we send you that you would be interested in receiving, please don’t hesitate to contact me and we will endeavour to include this in the next Quarterly update.
2010 Salary Guide
How have salaries been affected by the economic conditions of the past 12 months? If you have not yet received a copy of the 2010 Salary Guide and would like to be sent this, please contact me.
About Goodman Masson
Goodman Masson is the largest Independent Finance and Management Consultancy, Professional Services Recruiter in the UK and has been recruiting professionals for over 15 years.
We recognise that it’s our people that make us a market leader which is why we invest heavily to attract and retain the best. With a team of over 100 we hold annual revenues exceeding £15m.
Goodman Masson covers the mid to senior level executive recruitment markets operating on a search, advertised selection, contingent permanent and temporary basis.
Our core functional disciplines are Management Consultancy, Finance and Legal and our teams are split across the Financial Services, Commerce, Public Sector and Practice markets.
Our growth has been built around our knowledge and expertise within the professional services markets and in 2008 alone we successfully worked with 1261 separate organisations, 82% of which have worked with Goodman Masson more than once. Our client portfolio ranges from the FTSE 100 (67 out of 100) to small entrepreneurial start ups and from Government bodies through to leading strategy houses.
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Web: www.goodmanmasson.com
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