Think Global Recruitment

VACANCIES ACROSS THE UK RISE AT THE FASTEST PACE SINCE MAY 1998

KPMG and REC’s Report on Jobs’ for January shows a strong growth in permanent vacancies and increase in shortage of candidates available. December’s report also showed a six year peak in salary growth.

Think Global Recruitment has been assisting firms across the globe recruit accountancy and finance professionals for over 14 years.  In that time Think Global Recruitment has seen the 2000/2001 down turn and now the World Wide Global Recession.   The findings of this survey have not surprised Abigail Stevens, Managing Director.  However, she is delighted that this is a sign that the economy is strengthening.  Abigail herself has over 18 years recruitment experience and commented ‘Banks and Professional services companies often study our industry’s performance to gauge what is happening in the economy.  We were amongst the first to see the recession coming, as companies started to put recruiting new staff on hold and now we are seeing a sharp increase in the number of vacancies available, indicating the economy has to be improving.  We literally watched as it went into recession, country by country and now I am delighted we can see a similar reverse effect in most locations throughout the globe.’

  

Commenting on the latest survey results, which is carried out by Markit, Bernard Brown, Partner and Head of Business Services at KPMG, said:

“Employer confidence continues to grow, with the thirst for new staff hitting a fifteen-and-a- half year high in January. In a week showing improvements to UK construction figures and growth across the Eurozone manufacturing industry, it shouldn’t come as a surprise if other sectors begin to report peaks in performance.

“Yet no one should be fooled into thinking that the road ahead will be easy to travel. Earlier this week markets across the globe fell as investors were rattled by weak data. It’s unlikely to herald a crisis, but should serve to ensure employers remain vigilant to business threats.

“The warning has been noted by employees because, although jobs are being created, January saw another decline in the number of people putting themselves on the jobs market. The preference seems to be for temporary roles, suggesting that employees are adopting a ‘try before you buy’ mentality before committing to long-term roles.”

The main finding for January are:

Further sharp rises in permanent placements and temp billings

Permanent staff placements continued to increase strongly in January, although the pace of expansion eased from the 45-month high recorded in December. Similarly, temp billings

rose at a rate only marginally slower than December’s 15-year peak.

Strongest growth of demand for staff since May 1998

Overall job vacancies rose at a sharp and accelerated rate in January. The pace of expansion was the fastest in over fifteen- and-a-half years.

Permanent salaries continue to increase markedly...

The rate of growth of permanent staff salaries remained elevated at the start of 2014, holding at a pace broadly in line with December’s six-year peak.

...amid declining availability of candidates

Further falls in staff availability were signalled in January. Both permanent and temporary candidate numbers declined at marked rates, albeit the slowest in three months.

Abigail has pointed out the last summary fact is one that we should all be aware of.   It is great news the economy is picking up.  However, this will mean more competition for good quality staff and a smaller pool to choose from.   Abigail said ‘although firm’s have learnt a little from the 2000/2001 down turn and tried hard to not decrease staff numbers, in particular trainee’s, with this recession going on so long, they had no choice.  This means that between 2014 and 2018 I am predicting demand for qualified accountants to get higher and higher and those available to decrease.’  

The good news for those using Think Global Recruitment is that, being one of the longest established international accountancy and finance recruitment consultancies, we have predicted this pattern and therefore put into place a strategy to ensure that we continue to have the best available professionals for our clients requirements.   We are also creative and always happy to talk to organisations regarding ways they can attract those hard to find accountants to join their teams.