Market Update: Where are we Post-Brexit?

The results of Markit’s recent PMI (the Purchasing Managers Index) survey has the put the minds of the British public at ease (for now) as the unexpected rebound of the service sector adds to a string of positive market news on exports, jobs and houses.

Markit recorded the biggest month on month increase in the survey’s history and shows figures increasing from 47.4 in July to 52.9, far exceeding the 50 mark needed for growth.The service sector makes up a staggering 80% of the UK economy

 

From these results it is now clear that Britain will avoid the expected recession many thought would follow after the June's historic vote.

"The services PMI completes a triple-whammy of good economic data for the UK in the last three trading sessions and indicates that businesses are returning to normal after the initial shock of the vote rocked confidence," said Neil Wilson, a financial market analyst at ETX Capital.

 

Britain’s economic situation is looking brighter with the value of the pound going up on a seven week high against the value of the dollar - $1.3375, and the value of the pound beginning to steady.

Credit Suisse and Morgan Stanley have both 'rowed back' on their predictions after the better than expected results. Bank of England Governor, Mark Carney, has described himself as feeling 'absolutely serene' with the banks preparations and actions which he says allowed Britain's economy to 'sail through' the shock impact following the referendum.
 

The City of London, however, is not sitting on its hands and has already stepped up lobbying efforts with the new Chancellor Philip Hammond to ensure that processes are not rushed and to stress the importance of access to the single market. The Financial Services industry accounts for more than 12% of the UK's exports, contributing £60 billion in tax and employing 1 million people.

How are the Big Four after the Brexit vote?

Deloitte

Deloitte’s UK revenues have grown at the fastest rate in a decade, according the latest figures.The company experienced a “landmark” year in Scotland, strengthened its Transaction Services practice in the North of England and Group revenue for Deloitte has increased by 11.2 per cent for the year to May 2016 to £3.1bn.

Managing Partner, David Sproul, has suggested that the government should not reduce hiring skilled migrants: “The government must recognise that further restricting skilled migrants could be detrimental to the UK’s ability to attract global investment and the diverse pool of international talent that has supported our country’s growth”.
 

KPMG
 

KPMG continues to be the preferred UK's auditor for stock market clients, having created six new contracts in the last quarter. The Head of KPMG's deal advisory practice in the Midlands has stated that there is still a healthy appetite for deals in the region describing the environment as conducive.  

 

PWC
 

PWC remains in second place behind KPMG with 369 total clients and has come out confidently stating that London's dynamism means that it would remain agile and resilient to any potential fallout from Brexit and that the City had managed to  'pull away' from other global rivals this year.
 

EY
 

 EY has noted the opportunities for businesses that will come as a result of any renogiations and has stated that due to UK's strong performance in the past year it has retained it's spot as the number one place in Europe for foreign investment.

 

The future is looking a lot brighter than many experts initially thought, we now await to see how the new government intends to take Britain forward.
 

If you'd like to hear more about our market updates then register for our newsletter by emailing pmcloughlin@thinkgr.com.

All the world’s an office - the millennial generation that yearns to work abroad

Millennials are fast becoming the most important workforce segment in the global market and are therefore, not surprisingly, the most popular to study. The figures observing the patterns and behaviours of this generation have suggested a proposition of a simple change in the recruitment practice which could potentially save employers many future headaches.

Life without borders 

 

Where older generations may have saved travelling for retirement, millennials have accepted that they might not have that guaranteed in the future and have expressed this through their own extensive travel habits. They are not intimidated by the prospect of moving for work either. KPMG International highlighted in their study of business students from 23 different countries that 89% said that they ‘would be prepared to move regularly to a different country for the right job opportunity’. Not only that, but 80% of those asked also said they expect to live in 3-6 countries throughout their career. MoveHub’s study found that employment was the primary motivation for those making a move overseas with another study in the US finding that 55% of the generation was currently considering changing countries.

Some savvy businesses have already caught on to this trend by incorporating policies that enable staff to take time out to travel. However, this can be an expensive option with temporary workers required to fill the gaps and the unpredictability of staff returning.

 

Loyalty-lite

According to Deloitte’s international 2016 survey of 7,700 Millennials, 25% said they would leave their current job if offered another one. PwC’s study highlighted that the same figure expected to have six or more employers. The harsh reality of these studies is that an employer could look at their staff and know that two thirds will be gone in four years. This results in a lot of wasted time and resources. It would be fair to presume that due to the attitudes and preferences of this generation a high percentage of those leaving will be seeking some form of international experience. Which leaves you to wonder: what is it that employers can do?

 

The simple solution

To combat Millennials potential lack-of-loyalty and to repel the travel bug, employers need to adopt a different approach to their recruitment strategy. In order to win the war for attracting and retaining talent, the answer lies within shifting the focus from recruiting locally to internationally. Here are the top four reasons why this could be your winning formula.

Investment on both sides

It is true that making a move to work in another country is an investment for both parties, but it can be considerably more of an investment for the employee. They will have had to make commitments that possess a certain level of determination to move. This personal investment encourages loyalty and the drive to succeed in their new life.

The opportunity to learn & develop

The desire to develop oneself and learn new things ranks highly amongst this generation, however this can be difficult at times for a businesses to achieve. The truth is sometimes the employee needs to do the ‘boring basics’ and get the job done. However, if you have an employee coming from outside the country, as the case studies on our online blog illustrate, even starting the same job in a different country comes with an array of different learning and development opportunities. These extra stimuli are free of cost to an employer and ensures the employee constantly feels a sense of self-development.

Citizenship & passport opportunities

Many countries allow employees to apply for citizenship after spending a number of years within their country. This can be a motivational tool for employees within an organisation and allows the opportunity for the employer and employee to develop a closer bond through assistance in the process. 

The lure of a different location

How do you stem wanderlust? Become the destination. Local weekend excursions and cultural activities will excite a new arrival much more than somewhere who has always lived there. Providing this generation with exciting new experiences is essential to making sure they are fulfilled psychologically.

Ticking off both the international and the professional boxes will lead to a more satisfied and content millennial employee. For a generation that strives to lead individualistic lives with plenty of photo sharing moments, to win their affections you should make them an offer that combines both life experience with professional opportunities.

 
 

How can Think Global Recruitment help?

It is important that our clients receive the best service to ensure you recruit the perfect candidates to match your needs.

At Think Global Recruitment we can help by assisting in organising a trip to a country of your choice and setting up an interview schedule with pre-screened accountants that fit your requirements and are motivated to make a move abroad.  The Accountancy Worldwide Forum, is another way of meeting global accountants. Bringing together prestigious accountancy, commerce and financial services companies from all over the world to match with the best accountants in the world.

It can be stressful for companies recruiting internationally which is why we have created an extensive walkthrough guide and have client support available the whole way through the process and even after the candidate has started. This makes the process run smoother for everyone involved.

Our advice when recruiting Millennials:

· Provide a detailed job specification to save time and get the exact candidate you are after. Every detail counts to ensure you get the right fit for your organisation.

· Be honest to the candidate about the role & location so they get the full picture. If you don’t they’ll find out online or worse once they’ve just arrived.

· Stay in touch with candidate after they’ve accepted an offer– they will appreciate the extra time you take to do this and means they’ll feel valued before they start.

 

Have you heard about our Workshop?

Want to know what can go wrong in the interview process or even at the beginning when you first apply?  Here is a short video that may explain more.

By request, we already have a workshop organised in Southampton for Monday 15th June.  If you think this is of interest for Southampton or any other location (we like to go on tour), then please contact us.

Filming and editing was carried out by one of our fantastically, multi-talented consultants - Roger Edwardson, see more of his work here: redwardson.tumblr.com 

If you would like to register, please contact Emma Maloy on emaloy@thinkgr.com or 0131 260 5850

We can't wait to see you there!

The life of Brain in London!

We recently caught up with Brian, a Canadian qualified Chartered Accountant, whom Think Global Recruitment had assisted to make his latest international move.  Brian had already moved from Canada to Bermuda and built up excellent experience of auditing and working with US, UK, International Standards and Canadian GAAP.  He had been working with Top Ten firms in both countries and he was now waiting to utilise this experience working for a larger, well known international firm and make a move to London.

After a number of interviews, Brian was offered an Assistant Manager position with Big Four Firm, EY, in London and could not be happier.  Now, having settled in an apartment in London with his wife, Vera, Brian tells us how he is getting on:

"I knew a move overseas would be excellent for my career, my CV and I was interested to see how different tasks were carried out internationally.  Originally from Canada, I first moved to Bermuda.  After a year and a half, I was ready to move again, I had grown tired of island life.  I wanted a base from which I could travel and spend weekends away.  I sought after more 'civilisation' and to experience a further, diverse team of colleagues. 

I wanted to work for a Big Four company in London as I felt this would give me the best big market exposure and so I started working with Think Global Recruitment again.  At first, I was worried that Big Four would expect me to work from 8am to 12am but having already made the move, I was prepared for a challenge.  I felt that Think Global Recruitment was my best partner to assist and support me throughout the move.

Think Global Recruitment has been specialising in international recruitment for such a long time, they know the potential pitfalls and advantages and have the professionalism along with industry knowledge to know what works best for the individual.  Their contacts are wide-spread which allows them to know about roles that the average recruitment company would not.  I feel that Think Global Recruitment guided me through every step, answered all of my questions, maintained regular phone contact and had a range of contacts and knowledge to share with me, the interview preparation was brilliant. 

I love that there are so many different cultures in my office: South African, Asian, European, it's a very socially mixed team.  I like the fact that my company are so open to suggestions and to hearing from employees, and how there are so many different ways of working.  I joined at a slow time which gave me plenty of time to settle in.

On a personal level, I felt it took a month or two for me to feel settled, my wife took a while.  I miss having a car but I know it is useless in London, it just feels strange because I come from a car culture.  People have welcomed us both and I don't feel there is a huge cultural difference between the UK and Canada.  We feel really good in London now, I feel very safe and secure here and it does not feel foreign because English is spoken and there are similarities.  Now, it feels like home.  I like the cultural mix in the office and in London in general and I enjoy the ease with which my wife and I can travel throughout Europe with a base in London.  This move has achieved everything that I had hoped for. 

My advice to anyone thinking about working overseas is very simple - do it!  And if you decide to take that big step, do so through Think Global Recruitment.  It's great for your CV, career development and it demonstrates adaptability and risk taking.  It is also excellent for self-development and allows you to learn different ways of working and living.  I absolutely believe this move has enhanced my career and it will also provide the ideal stepping stone for the next move."

Please get in touch if you would like to share your story!

Irish CA, Aisling, on Life Down Under in Hobart...

In 2013 Aisling moved from Dublin to Tasmania in Australia, where she now lives in a central apartment in the convivial city of Hobart with her partner. We caught up with her for a quick chat and thought it would be nice to share her story…

 I ended up getting a job in a Big 4 Firm where I have worked for 8 months and been promoted to Assistant Manager, I feel like I’ve taken a big step forward

I never really had a work life balance in Dublin and I had always wanted to move to Australia and travel around the country. I went for a two year contract which has given me so much flexibility – I’ve already seen loads of Australia!

I was trained in a small practice and then went straight into a top 5 firm in Dublin, when I was looking to move overseas I ended up getting a job in a Big 4 firm where I have worked for 8 months and been promoted to Assistant Manager, I feel like taken a big step forward.

All I had to do was pack my bags and that was it!

Think Global Recruitment have a really good reputation in Hobart. All I really had to do was pack my bags and that was it! My consultant was so good at getting back to me, my visa was running late so he was chasing it up and making sure I was kept in the loop. He also put me in touch with an English girl who he assisted in moving to Hobart previously, she was so helpful, she helped me out with loads of stuff.

It was such a big move just for a job.

Obviously moving a few thousand miles away from home was a little bit of a concern! I guess I was worried about settling, it was such a big move just for a job, it was a huge jump so I was really just worrying that it would work out. My partner came with me so we were both hoping that he would be able to get work. We wondered what it would be like; would it be that much different from home?

 

I don’t regret moving, it’s been a massive improvement

My move met my expectations, definitely, I don’t regret moving, it’s been a massive improvement, I didn't know what to expect in my move to be honest, I guess you never do. I’m not really sure; I was just hoping that it would work out. I didn't know so I just hoped. It was quite a rush as well, we both kind of decided we wanted to leave in October, I got offered the job in November and then we moved at the end of January. It was so quick. But it was just too good an offer to turn down.

We call each other the ‘internationals’

 

It’s good in the office because there is a Scottish and English girl and when I first started there were two American girls so there was a good group of people who were in the same boat. We call each other the ‘internationals’. It’s quite easy to settle in when they have the same culture.

It probably took about three months to settle in, we spent a lot of time going on trips and doing fun things, we kind of felt like we were on holiday for a while.

We've only been here for eight months but I would say we’re pretty comfortable.

I’m getting massive exposure to larger clients over here.

The work life balance is amazing; they love Irish and British people because we work so hard. Their busy season here is just like normal busy back home. If you work until 7 you are generally the last person to leave, they all go home at 5.15pm. It’s appreciated if you stay late, not expected.

My firm is heavily into investing in people. Training is really important to them, I’m doing a coaching course at the moment where I look at everyone and see how I can help them do better. I think it’ll look great on my CV. They are really into training and getting everyone involved. The partners really make an effort to know everyone, they even know my boyfriends name! They sit down with you and talk about everything, even family etc. It is amazing.

I am getting massive exposure to larger clients over here. There are loads of different offices with a lot of different clients.

Cultural differences… Everything is quite similar though, sometimes they don’t understand me or know how to say my name but that’s about it!

My partner and I have done so much here, every weekend we do something, we go on day trips or away for the day, the kind of stuff you wouldn't do at home. We’re only 50 minutes away from Melbourne.

The relationship that Think Global Recruitment have with my firm, they have a massive trust in the company

They have assisted accountants getting jobs there before so the firm knows that they can be trusted to bring in good candidates. I think this made my application a bit smoother. It was great having someone there to help you out with everything through the process. There is always someone there to hold your hand!

Just do it! You won’t regret it!

If I had to give advice to another accountant it would be to just do it! And I guess, my mum always said to me that you can be home to visit in two days, you’re only a flight away!

The move of a lifetime to the UAE!

In 2013 Think Global Recruitment assisted Leroi in gaining a new job in a Big Four firm in the UAE, roughly 3,883 miles away from his original location in Pretoria, South Africa. I got in touch with Leroi to find out more about his experience.

Leroi worked for five years in one of the Big 4 firms in Pretoria, just outside Johannesburg. This was enough time to lead him to the conclusion that he was ready to move overseas to explore ‘new opportunities and gain new experiences’, something that he had always wanted to do and the timing couldn't have been better.

Leroi was quite open to moving anywhere, some of the options he listed were: Australia, New Zealand, UAE, Saudi Arabia, Qatar and Europe. Though, his preference was the Middle East because his wife had previously lived and worked there as a teacher, meaning, she would find it quite easy to join him and gain employment there.

When Leroi applied for a job that we had advertised online, one of Think Global Recruitment’s international experts got in touch with him. "They spent a considerable amount of time finding out what I was looking for in a move and all about my experience". Our consultant then agreed an action plan and a list of companies that he would contact to identify where the most suitable positions would be and which of them would be most interested in his vast experience in internal audit, risk and advisory.  Through this approach his consultant promptly secured him an interview with a Big Four firm in the UAE. His first choice location!

On the 14^th of April 2013, Leroi was offered a job in Abu Dhabi, he moved in mid July. We asked him what he felt was the most helpful thing that Think Global Recruitment did throughout the process- 'you looked after me really well and were really informative. I was very happy with the service. It is great to have someone to take care of the administration side of things which made the whole process much easier. There was always someone to answer your questions and give you support and peace of mind.'

The different culture was, at times, ‘quite difficult’ in a business sense and Leroi said, ‘there will always be an uncertainty on a personal level when you move far away’, however, after a few months his wife joined him on his new adventure and they settled very quickly in their new home. At present, Leroi sees the cultural differences as a highlight of his location.

Following our chat, we are happy to conclude that Leroi is thoroughly enjoying his time in Abu Dhabi and feels that the move has benefited him in many ways, he has a lot of ‘new connections’ and has ‘broadened his horizons’.  We strongly believe that the life experience and career progression that you can gain from living and working overseas is endless.

Leroi’s advice to anyone who is considering an international move:

• ‘Do your research so that you have a bit of an idea of what to expect’
• ‘Try to get hold of people who have done the move before and get their opinion’
• ‘It’s hard to know what to expect until the day that you get there, you should try to understand the pros and cons before you move’ 

We couldn't agree more!

By Emma Maloy, Marketing Assistant