Hays Accountancy & Finance - July 2008
The Profession
Hotspots
Business services seniors and supervisors at the near and newly qualified levels are hotspots of demand since they continue to be attracted to commerce vacancies. But in addition to this ongoing trend, some mid-tier firms are growing their business services divisions while others are beginning to specialise in superannuation, creating new specialist divisions or building on their existing superannuation talent pool. As this is a relatively new market they have to attract candidates from the traditional business services arena and build upon their existing experience, which is further depleting the candidate market.
Another hotspot exists for experienced insolvency candidates. Small firms continue to compete for high calibre candidates, who are favouring larger firms with international branding, market notoriety and larger teams. Candidates with outstanding soft skills such as excellent written and communication are considered for entry-level insolvency positions, and are receiving higher salaries in comparison to their peers within business services, audit and tax. Insolvency candidates are also being very selective in terms of the firms they wish to interview with, and they commonly select a firm based on the reputation of the partners.
High calibre qualified and part qualified candidates within tax are also in strong demand, ranging from candidates at the senior level, right through to Managers and Principals. Tax specialists are increasingly being drawn to other sectors by attractive salary packages on the basis of their comprehensive training and knowledge.
Finally, auditors at all levels remain in short supply, but particularly at the senior and manager levels. Many candidates at the qualified level are attracted from overseas by relocation and sponsorship packages and employers are increasingly accepting of candidates with overseas experience, especially from countries such as Hong Kong and China. We may also begin to see an increase in the number of antipodeans returning home due to economic climates in other countries.
The coming quarter
The recruitment market certainly maintains its activity, particularly for the aforementioned candidates for which there is always an ongoing need. Our strong economy continues to drive steady jobs growth, and there are no signs of any overall slowing of recruitment needs.
While candidate levels have declined due to improved retention strategies and a focus from many firms on work/life balance and flexible hours, employers are increasingly demonstrating more flexibility regarding the level of candidate required. They will now employ candidates with the suitable attitude and additional softer skills rather than exactly matching experience and technical skills, which can be taught.
Executive recruitment
Executive vacancy activity over the coming quarter will be positive since firms are focusing on succession planning and growing their practices by recruiting at the senior manager and partner levels.
Salaries
The 2008 Hays Accountancy & Finance Salary Survey, released in June, includes hundreds of Accountancy & Finance roles and reaffirms the solid base upon which Australasia's business strength is built. Steady jobs growth is still the dominant feature of Australasia's recruitment market and there are plenty of examples of significant salary increases that testify to its ongoing strength. Logically, the highest salary increases over the year have occurred for roles where the need for candidates is highest.
The Hays Salary Survey can be viewed at www.hays.com.au/salary
Candidate trends
The traditional movement from professional practice to commerce continues to affect the supply of experienced candidates. We do however have some return movement at the manager/senior manager level as candidates seek work/life balance. This is particularly evident in audit and corporate finance.
