Market Analysis: Accountancy & Finance in Edinburgh
5 September 2017
The Transactional and Part Qualified Accountancy & Finance market in Edinburgh is going through an interesting phase. It’s currently a candidates’ market, owing to the lack of readily available candidates willing to move or pursue a different career. This can make it incredibly challenging for both recruiters and clients alike; roles can be difficult to fill and offers need to be made swiftly in order to ensure a satisfactory outcome.
The present shortage of candidates is taking the recruitment process down an uncertain route; with many stages that would normally be quick taking longer or stalling altogether. There are several different reasons for this, each with their own outcome. I’ve decided to put together a brief market analysis – as I see it – to help our clients and candidates understand the ups and downs of the current climate.
Here are my thoughts on the Edinburgh Transactional & Part Qualified market at present.
There is no real difference in salary and benefits at the Transactional level of the market. The money and perks available are pretty much a standard across the board. Owing to this, candidates are less likely to leave their current position as there is no reason to – they are not going to be offered much more elsewhere. Businesses are unwilling to offer much more in the way of salary, they tend to stick to the lower end of the scale.
I have noticed more candidates are staying with their original place of work as they are likely to be made an attractive counter offer. Clients are aware of the candidate shortage and are willing to offer extra perks or a small salary increase in order to keep their talent secure.
Right now, the ‘power’ lies with the candidates, since they are in such high demand. Owing to this, candidates are realising that they can ask for more when it comes to the job offer itself. This isn’t necessarily in terms of salary, this is also about better work ‘perks’ such as flexible working or part-time hours. If candidates don’t like what they see at one business, they know they can simply look elsewhere.
Sometimes, the recruitment process can take a lot longer than expected. However, owing to the shortage of candidates, companies who delay their response can end up losing out on some great talent. This is largely because candidates are snapped up by someone else who responded quicker or they simply got tired of waiting and looked elsewhere. My advice would be that, if you are keen on a candidate, act swiftly to ensure they join your team.
As a recruiter, it’s always important to manage client expectations and make them aware of candidate availability on the market and the calibre of job seekers currently available. Right now, as the market is candidate short, clients are struggling to find potential employees who ‘tick every box’ and are sometimes completely discounting a person based on their CV. For me, the best idea is to see which candidates would make the best culture fit, since certain skills can be learned on the job.
If you would like to speak to me about recruiting in the Transactional & Part Qualified Accountancy & Finance Market, I would love to have a confidential chat about your staffing needs. Click here to see my details and get in touch.
Written By Kate Carlaw