Seeking out credit crunch’s silver lining
Savvy employers have been eyeing an opportunity brought about by the current economic uncertainty. While some organisations are making redundancies, others are making strategic hires to snap-up the very people that are vital if they are to come out of the recession with a fighting chance.
Employers use a market downturn for different reasons. Some use it as an excuse to trim excess fat. Others use it as an opportunity to pick up employees that they may normally be unable to attract. Either way the credit crunch is threatening to have a major impact on the accounting & finance industry.
Looking ahead
When the UK wakes up from the current economic downturn, it will be the employers who have strategically hired many of the sectors’ best finance professionals who will reap the rewards. We are witnessing the savvy employers planning their staffing requirements for the next three years plus, which means that the selection criteria not only include ‘can you do the job today?’, but also ‘where can you take us (and your career) tomorrow?’
Finance professionals want to know that their employer is well positioned to survive the challenges that the market throws at it and their career is in safe hands. Around half (44%) of accounting and finance professionals anticipate changing jobs by the end of the year, and it seems finding a clearer career path is a major driver behind the trend. Organisations with a strategic long-term approach to their recruitment will naturally attract the star performers and be in a position to offer exciting opportunities and reward them financially when the market recovers.
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