Quarterly Market Update
Welcome to the first edition of the Goodman Masson Public Practice quarterly update. The purpose of this document is to give you an 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 future.
Should you have any questions, please do not hesitate to contact me.
Kind Regards,
Ronan Farrelly | Manager
Public Practice
Direct: +44 (0)20 7324 0565
Email: ronan.farrelly@goodmanmasson.com
Market Update
State of the market for Q1
The Public Practice recruitment market has seen a significant increase in vacancy flow since the start of 2010 which is hugely positive, given that last year was an enormous challenge for accountancy firms across the UK. Large firms downsized, resulting in a flood of candidates onto the market and all firms faced fee pressure from their clients and it took longer for these clients to pay.
It was therefore refreshing to start to see initial recovery towards the end of last year which has continued in the first three months of 2010.
- The Big 4 firms have recruited significant numbers of newly qualified ACA’s into their audit groups which has not been seen since early 2008. The Financial Services groups targeted candidates from Top 20 firms whilst the middle market audit groups specifically targeted ACA’s who had trained in small and medium sized firms.
- As a result many independent firms found themselves with gaps on their planning board going into the ‘busy season’. These firms have been in competition with each other to fill these Audit Senior roles with many firms being disappointed losing out to rival firms.
- The banking and industry sectors are recovering ahead of practice and there are numerous roles for newly qualified accountants in these areas. Initially, they targeted Big 4 trained accountants but clear evidence has emerged in Q1 that they are now recruiting ACA/ACCA’s who have trained within the smaller firms.
- The market for Director and Manager candidates remains quiet. This is consistent with Q1 patterns of previous years as Partners focus on their considerable workload and leave strategic appointments for later in the year
The increase in the number of roles and an overall faster “pace” to recruitment has resulted in the employment market returning to a number of pre credit crunch issues; notably:
- An increase in the volume and size of counter offers proposed to employees, in order to retain talent and experience in businesses. These offers have taken the form of promotions, salary increases and guarantees.
- Speed of movement. Some employers are missing out on preferred candidates due to a lack of urgency as the misconception still remains that there is a glut of candidates.
- Lack of flexibility on notice periods. During the dip last year, we saw professional services firms shortening notice periods significantly; this is no longer the case.
Looking ahead
The general perception of Partners is that the war for talent is over, which has resulted in firms holding out for the perfect CV or waiting for a candidate who ‘ticks all the boxes’. Whilst it was true that there was an excess of candidates in the market in 2009 this excess pool has severely depleted and once again top tier candidates remain as much in demand as ever. Good candidates once again, continue to receive multiple offers both internally and externally and clients that go slow will often lose their preferred candidate.
Events
ACA Evening
Goodman Masson is pleased to announce that we will be holding our annual ACA careers evening on Thursday 13th May.
This evening provides a fantastic forum to present your brand to the ACA community, and is open to clients seeking to proactively add to their team or to increase their brand awareness amongst the ACA community. Historically attendees have included line managers, human resources, recruitment teams or a combination of the above.
All candidates attending will be ACA qualified with the majority having qualified in 2009 or 2010.
If you would like more information about this event or you would like to discuss some opportunities at your firm ahead of the event, please contact me on 020 7324 0565 or email ronan.farrelly@goodmanmasson.com
Market Information
Throughout the year we will be keeping you up to date with current market information such as the 2010 Salary Guide. Should there be anything other than what we send you that you would be interested in receiving, please do not hesitate to ask and we will endeavour to source this material for you.
2010 Salary Guide
How have salaries been affected by the economic conditions of the past 12 months? Good candidates still demand a premium, especially if they have specialist knowledge, or if they are moving into a difficult to fill role.
If you would like to receive a complete copy of the guide, including salaries and market commentary, please contact me.
About Us
The Goodman Masson Public Practice Team
The Goodman Masson Practice team has an exceptionally experienced team of consultants who each have an average of over 10 years Practice recruitment experience. We have detailed knowledge of the Practice market and this enables us to partner with our clients and candidates and keep on top of the most pertinent issues being faced at any period of time.
About Goodman Masson
Goodman Masson is the largest Independent Financial Recruiter in the UK and has been recruiting professionally qualified accountants and other finance professionals for over 16 years. With a team of over 90 we hold annual revenues exceeding £15m. Our growth has been built around our knowledge and expertise within the Finance markets and in 2009 alone we successfully worked with 991 separate organisations. Our client portfolio ranges from the Big 4 firms to small independents and the FTSE 100 (67 out of 100) to small entrepreneurial start ups.
Goodman Masson | 7th Floor | 120 Aldersgate Street | London EC1A 4JQ
Main: +44 (0)20 7336 7711 | Fax: +44 (0)20 7336 7722
Web: www.goodmanmasson.com
We take great care to ensure that all of our communication is relevant. Should this email prove to be unsuitable please accept my apologies and contact me so that I can update our records. |