Quarterly Market Update
Welcome to the first edition of Goodman Masson’s quarterly client newsletter for the Retail & FMCG 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 Retail Sector across the UK.
From feedback I have received over the past few months, many of you have suggested it would be interesting and beneficial to provide you with market/employment trends from a recruitment and resourcing view point. I will therefore endeavour to keep you abreast of any employment and company trends.
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 email@example.com or +44 (0)20 7019 8801, and I will contact you at a convenient time.
Robert Baker | Senior Consultant
Industry & Commerce
Direct: +44 (0)20 7019 8801
The optimism that crept back into the market in December caused a positive effect for hiring within the Retail and Consumer markets during the early stages of 2010. This was a welcome change after a turbulent 2009. Apart from the heavy snow in January, many clients were boosted by consumer confidence and cautious enthusiasm in Q1 and we witnessed an overall increase in budgeted head count. The consequence was a distinct uplift in the amount of live roles in Q1 compared to any quarter last year and a 27% increase from the same period last year.
Since the start of 2010, we have seen the candidate population increase dramatically with a lot of movement at every level creating gaps and vast opportunities for candidates. Choice has also returned for the strongest candidates with many receiving multiple offers. It is worth reiterating that at this time last year this situation was nearly unheard of.
A significant proportion of the increase in candidate flow has come from the part-qualified population, many of whom have told us that they had become disillusioned or felt underpaid, often by pay freezes over the past 18 months. The volume of movement at this level has created demand for immediate replacement hires which has significantly increased the speed of appointments. At the moment, it is not uncommon to see these roles turned around in two weeks compared to the two months, which was the situation only 12 months ago.
The demand for middle management financial professionals remains low as businesses continue to feel the lingering effects following the economic decline from October 2008, when companies aggressively managed their cost base and looked to eliminate inefficiencies within their finance function. Interestingly, when companies have looked to hire these roles again, they have realised they have divided the responsibilities with so much success they often decide to dilute the level of hiring. For example, Financial Controller positions are often pitched at Finance Manager level or Senior Finance Manager to Senior Analyst roles.
A common theme through conversations with CEO’s and CFO’s is the feeling of the need to refresh their senior management teams with many business examining the need and acting on the desire for fresh impetuous at the top. One notable role at the senior level is the Deputy CFO role re-appearing with clear succession planning in mind.
From a client perspective, retailers are certainly doing better than others. In specific areas, supermarkets seem to be grabbing the headlines at the expense of suppliers with their positive numbers. This is being reflected in the elevated level of hiring we have seen in this area during Q1.
Fashion retail is still hiring in both the luxury end and lower end of the market. FMCG and manufacturing companies are feeling the big squeeze but certainly having to be more innovative and we have seen this need translate in to an increase in the volume of commercial finance roles.
Within the leisure industry, travel companies in particular are seeing better times and this has had a knock on effect on their recruitment needs. Interestingly, online retail is still growing and maintaining its popularity but its level of growth is levelling off. Nevertheless, hiring still continues.
The habits of the consumer have shifted in recent years and price conscious, bargain hunters with very little thought for much are here to stay for the short term. This will continue to play a direct role in the volume of hiring demanded from our client portfolio.
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? Good candidates still demand a premium, especially if they have specialist knowledge, or if they are moving in to 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 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.
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Main: +44 (0)20 7336 7711 | Fax: +44 (0)20 7336 7722
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