Six out of 10 CFOs in the UK believe that the war for finance talent has increased over the past year, new research suggests. This is particularly true for those businesses based in the Midlands (68%) and within the public sector (65%), where it’s the most difficult to find candidates who have suitable skills and experience.
According to recruiter Robert Half, the vast majority (84%) of finance directors believe the UK has entered a ‘two-speed’ jobs market where demand for highly skilled professionals in areas such as finance and accounting is outpacing the general employment market.
The latest employment figures from the Office for National Statistics show that the number of people in employment increased by 459,000 over a year, reaching 30.19 million in the period between November 2013 and January 2014.
Competition for skilled finance professionals is intensifying, with 64% of CFOs keen to increase their headcount if they have additional budget. This figure climbs to 72% within larger companies. Over half (55%) of those surveyed said they would ideally like to employ between 11% and 25% extra staff in their finance and accounting teams, while a healthy 14% of respondents indicated that they would employ 26% or more staff if finances allowed.
Over a third (34%) of CFOs anticipate their company’s growth will come from international expansion. This is particularly true for medium-sized businesses (40%) followed by large (38%) and small (29%) companies. Meanwhile, 29% of CFOs predict that their business will grow through M&A activities or domestic expansion and 24% expect capital investment (long-term investment in plant, machinery, property etc.) to drive growth.
Phil Sheridan, managing director at Robert Half UK, said: “Increased economic confidence, coupled with job creation and declining unemployment rates, spell opportunity for UK businesses.”
He added: “Many are challenged with finding the budget to hire the requisite staff to drive business growth, yet when funding prevails, facing a shortage of niche specialists. This is resulting in higher remuneration and a virtual ‘war for talent’ within UK industry as businesses compete for skilled professionals.”
Sally Percy is editor of The Treasurer