A market shift for accounting and finance professionals
The market has shifted considerably since 2007 - candidates are just not able to control the recruitment process in the same way as before. There have been no significant changes since the last quarter and the main areas of recruitment remain in product, risk, and regulation.
Caution is still the word of the day. Contract roles are taking longer to fill and clients are less willing to take the plunge and take a chance on a contractor, without some guarantee of stability and a possibility of temp to perm. Rates are being cut in a number of the larger institutions and it is making everyone slightly jittery.
“The interview process is being drawn out”
With the slowdown in permanent recruitment we have noticed a slight shift towards temps/contractors. However employers want to ensure they get the best deal possible for the money. The temp/contract interview process now consists of a number of candidates all competing for the same job and, in some cases, second and third round interviews.
We are often seeing employers asking for comparisons at interview stage and are becoming more reluctant to offer a role after seeing just one candidate, no matter how strong a match that person might be. The interview process is being drawn out in the hope of getting a comparison to the first candidate interviewed.
While most candidates can understand this caution, it is giving mixed messages and further fuelling the fear that the market is slowing down. Candidates have been known to panic when this happens and will take the first job offered to them for fear of losing out. The knock on effect is that clients miss out on their first choice candidate and end up taking the second choice. Similarly candidates miss out on the job they may really want because the client is looking for another comparison. With clients not getting the candidates they want for the money they want to pay, rates have started to decline across the board.
For candidates, there are still exciting roles out there and they should not be afraid to investigate the market place. It is at times like this when employment levels are leaner that companies need the best possible skill set and they will still pay well for strong matches.
Our message for employers continues to be to manage candidate expectations by clarifying the process at the outset, and be as quick as the process allows you to be.
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