A ‘war for talent’ is raging among businesses looking to employ experienced finance professionals, new research suggests.
According to the 2014 Robert Half Salary Guide, the job market for finance experts has tightened dramatically and UK companies are struggling to find candidates with the right skills and experience to deliver growth strategies.
As a result, the most ‘in-demand’ professionals are getting multiple job offers and counter-offers. Employers must also pay more for the brightest and best candidates, with qualified management and financial accountants securing the greatest increases. Those within SMEs were moving for 3.8% on average while candidates in larger businesses were rewarded with rises of 4.1%. Overall, 87% of UK CFOs surveyed said it is challenging to find skilled finance professionals, up from 79% last year.
The shortage of suitable candidates means that finance departments are now being asked to do more with less. So voluntary staff turnover is on the rise as employees look to boost their salaries by moving. This is creating morale and retention concerns.
Phil Sheridan, senior managing director of Robert Half UK, said: “Many companies continue to be challenged with recognising the efforts of their employees with balancing cash flow issues, making it difficult to award annual increases. As such, retention fears are growing. Companies that delay hiring in search of the ‘perfect match’ or that subject candidates to lengthy rounds of approval may find their top choices accepting offers from competing organisations.”
Sally Percy is editor of The Treasurer