Hays Accountancy & Finance - July 2008

Commerce & Industry

Hotspots

Tax candidates at all levels as well as financial and management accountants at the $65,000 to $100,000 level are the prime areas of candidate demand across Australia's accountancy and finance market at present. Meanwhile internal audit remains a clear hotspot of demand due to compliance procedures such as SOX.

In other areas of demand, commercial/business analysts with detailed knowledge of costing/project reporting are required across Australia as employers look towards future projects, initiatives and acquisitions. In addition, organisations require employees who can analyse information and implement process improvement strategies. The typical management accountant position has now become more operationally focused.

The need for organisations to remain compliant, plus the increase in ASX listed groups, has amplified the need for risk/compliance officers, particularly in South Australia, while continuing demand for company accountants within SMEs also reflects the buoyancy of this market.

At the support level there has been a significant increase in demand for credit control staff, particularly since this is a role many candidates wish to avoid. The demand for system-specific payrollers (particularly with Chrispay) remains, while non-degree qualified AP clerks are sought after as many employers believe these candidates will commit to a vacancy rather than use it to springboard into an assistant accountant role. Assistant accountants qualified to Australian standards are also required.

Candidates that will commit to contract work are also viewed highly, as solid candidates can secure permanent positions quickly in the current market, leaving a shortage of candidates for the temporary and contract market.

In Western Australia there has been a recent increase in the number of project accountant and cost control vacancies within the natural resources industry as employers look forward rather than focus on retrospective reporting. Candidates with a resources or associated industry background, such as engineering, remain in high demand for both permanent and contract vacancies in the state.

Meanwhile Queensland needs project accountants due to continued construction and infrastructure activity while the growth of companies either organically or through acquisition has created a need for financial controllers and CFOs with M&A experience.

Still in Queensland, the manufacturing industry is very active, requiring qualified finance professionals. The demand for management or manufacturing accountants is high as companies look for candidates with the skills to analyse costs and with exposure to WIP and standard costing.

Our national capital has seen demand increase but supply decrease for financial controllers and finance managers, creating a dramatic shortage of candidates at the $100,000 - $130,000 level for the first time.

The coming quarter

A spike in recruitment levels is expected this quarter as new budgets create the opportunity to recruit permanent staff or in some cases whole new teams. However employers will wait for their ideal candidate, which does mean the recruitment market moves slowly in certain areas, and also places pressure on existing teams internally.

Yet when an ideal candidate is identified, employers will usually act quickly to secure their skills. Those employers with psychometric testing, background checking or other processes that extend the timeframe prior to a formal offer increase the likelihood of another attractive position attracting the candidate in the meantime, so employers need to act quickly with an efficient and speedy recruitment process when a suitable candidate is identified.

Executive recruitment

The volume of senior positions in regional locations has increased for remote based mining companies, particularly in Queensland, Western Australia and South Australia, while executive vacancies within SMEs across Australia have increased. Typically these positions require a certain level of operational exposure and include CFOs, senior finance managers, financial controllers and payroll and credit managers.

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

Unsurprisingly, candidate movement is high since more options are available than ever before. We have recently seen a number of examples of candidates receiving multiple employment offers. In these cases, if an employer does not offer a salary that reflects the candidate's expectation (which is normally higher than the candidate's current salary), they will opt to either stay in their current role or accept one of the other offers that meet salary expectations.

Candidates are very ambitious and will seek a new role in order to expand their experience and progress their career if their current employer is not offering development or promotional opportunities. An obvious example of this is the proliferation of accounts payable clerks seeking assistant accountant roles.

For candidates living outside broader CBD areas, such as in the Western Suburbs of Sydney, there has been a noticeable increase in the preference for local rather than CBD roles. These candidates seek work/life balance and reduced commuting times.

Perth has experienced a steady increase in the number of candidates relocating from the Eastern states and New Zealand. In some instances, these candidates will contact us several months before their intended arrival date in order to assess market conditions and opportunities.

Candidates considering alternative employment are advised to strongly consider, and anticipate, a counter offer by their current employer and know how you would react before commencing your job search.