Public sector finance holding hard
Central government remains the employer with the highest demand for temporary professional and finance project staff within the public sector. The demand is brought on by the continuous changes that happen within central government; as they constantly strive to improve the efficiency of processes and streamline organisations, the need for professional workers also increases.
There are a wide range of skills required in the public sector, including SAP, Oracle, a good understanding of project accounting as well as budgets and excellent communication skills. The latter is particularly important when explaining complex financial information to non-financial staff.
As a key public sector organisation, the NHS requires quite specific skills such as knowledge of Payment by Results (PbR) and Service Line Reporting. These specific needs came as a direct response to the World Class Commissioning initiative. We also predict a far higher demand for International Financial Reporting Standards (IFRS) accountants towards the end of the year.
Moving over
Finance professionals who want a move to the public sector purely to shelter them from the current economic downturn could find that their skills sets do not necessarily match. The NHS for example would look for proven Primary Care or Acute Trust experience. Organisations such as Transport for London and the Olympic Delivery Authority are proving attractive to many industry workers, as they offer interesting projects and great benefits. However, unless candidates can demonstrate transferable skills, show service delivery and value for money experience, then the transition could prove difficult, though not impossible.
Many candidates tell us that they are surprised by the sheer size of the budgets they manage compared to the private sector. Figures for groundbreaking projects like new hospitals and clinics can reach into the hundreds of millions and the commercial processes can also dispel many negative pre-conceptions of public sector finance. We hear positive feedback from employees in the public sector, who notice how much faster financial results can be seen compared to the private sector. However, some internal processes can still prove slower. That is something the public sector is looking to improve by using more rigorous competency questions during interview. This is to ensure the best candidates are joining the organisations and, ultimately, aiming to raise the profile of public sector finance.
Skills required
There are a variety of skills that can be transferred to the private sector. Budget analysis, systems improvements and project accounting are key, as well as business case proposals, which are evident throughout the NHS. Commissioning within the health service can be directly comparable to a commercial company’s needs to deliver efficiencies through improved procurement - a directly transferable skill.
As public sector bodies will soon have to submit their accounts with the same guidelines that are in place for private companies, IFRS consultancy and implementation will become an increasingly transferable skill between the two sectors.
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