Searching for a safe haven
It’s fair to say the public sector has traditionally been seen to be less affected by blips in the economy. Many accounting and finance professionals look to organisations within the public sector in times of uncertainty but we’ve been seeing an increase of private sector experienced candidates for some time.
The public sector is recruiting at the same rate as this time last year.
While we see the need for accounting and finance professionals drop off in some other markets, the public sector is recruiting at the same rate as this time last year, as funding levels remain steady. This is set to continue as we’re already seeing the annual increase of roles required now for interim and contract roles in the NHS, local and central government as organisations prepare for year end budgets in Spring 2009.
Traditionally for many of these roles, clients have often asked for candidates with specific sector experience; taking advantage of the ‘hit the ground running’ approach this type of background can bring – particularly on an interim basis. However, we are seeing some of our clients look to candidates with backgrounds from the wider public and third sectors and the private sector. In fact 84% of the 130 NHS accountants we asked at a recent Healthcare Finance Management Association conference believed private sector experienced candidates can add real value to their accounts department.
So why is the public sector extending its pool of candidates?
Clients are demanding a broader set of skills particularly at the senior level. A proven track record of a commercial approach with the experience of managing projects are skills we are regularly asked for when recruiting.
We are starting to see the flow of accounting and finance professionals from within the public sector slow down as, like many professionals, they are considering the real risk of moving roles at this time. With a reduced number of public sector accountants actively looking to move roles, other avenues will need to be explored to fill those jobs available.
As public sector organisations such as Primary Care Trusts, local authorities and schools all work to undertake initiatives at the same time it’s only natural that similar organisations will be competing for the same talent at the same time. This is when identifying those with transferable skills from different backgrounds is key to getting the job done.
So what does this mean for accounting and finance professionals?
It could be said that due to the economic downturn and the drivers for looking further a field for talent, we expect to see more private sector experienced candidates look to the NHS, local and central government for a potentially more secure environment. However this can be affected by the colour or the positioning of the incumbent government in the polls, so there’s no guarantee this trend will continue long-term.
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