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.

 

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.

ACCOUNTANCY WORLDWIDE ONLINE WEBINAR

Dear Reader...

OK, so, some blatant advertising below...However, I just didn't want anyone to miss out on this.  

Everyone know's they have a strength at something and interview preparation is most certainly an area I receives excellent feedback on.  I thought I should share the extensive experience I have in this area.   If you sign up and do not feel you received value for money from this Webinar, please do let me know and I will refund your registration.

Happy to receive feedback after on this blog.

Kind regards,   Abigail 

ACCOUNTANCY WORLDWIDE ONLINE WEBINAR

 Interview Preparation for Career Progression(Video/Phone/Face to Face) 

Thursday 6 June 20137pm UK time 8pm Central European/South African time 

Presenter:  Abigail Stevens, Managing Director,Think Global Recruitment

Fellow Recruitment and Employment Confederation

Interviewing can be nerve racking enough, but sometimes the thought of doing it by phone or video conference can be even harder to get your mind around. This valuable, not to be missed webinar will not only cover the various types of interview techniques for face to face interviews, but also tips on getting through a telephone or video interview.

The topic of discussion will be ‘Interview Preparation for Career Progression – Video/Phone/Face-to-Face’ and will be delivered by Abigail Stevens who has around 20 years’ experience assisting professionals secure roles throughout the globe.

This amazing opportunity will give professionals who are interested in advancing their career, now or in the future, the opportunity to find out what it is required of them during the interview process, providing hints, tips and advise on potential stumbling blocks.

This webinar that could improve your life costs just £10 (c. 11.70 €) to attend. To register and pay please follow this link:

http://www.eventbrite.co.uk/event/6797789371

To allow us to tailor the presentation for the audience or if you have any questions please contact Gordon Barclay via email – gbarclay@thinkgr.com or telephone +44 131 260 5850.

We look forward to registering you for this special event.  Please feel free to share this with others that would be interested in attending.

EVENT INFORMATION

Presenter

Abigail Stevens FRIP

Program Title

Interview Preparation for Career Progression (Video/Phone/Face to Face)

Presenter Biography

Abigail Stevens is professionally, exam and time qualified as a full member of the Recruitment and Employment Confederation (REC). Having spent 8 years working in marketing, Abigail moved into the recruitment industry in 1996 and founded Think Global Recruitment in 2000. In the 18 years since Abigail has placed accountants at all levels, all over the world and has experience of living and working in Australia,England and Scotland. Throughout her career Abigail has traveled extensively conducting presentations and networking with global organizations and institutes and has presented to ICAS and ICAEW members as well as MBA University students, she has visited; UK, Ireland, Wales, Channel Islands, Isle of Man, France, Germany, Luxembourg, Italy, Holland, Spain, Prague, Poland, Boston, LA, San Francisco, Miami, Chicago, Cayman Islands, Bermuda, Grenada, Australia (lived 3 years), Hong Kong, Singapore, Malaysia, Bali, Thailand, Cambodia, New Zealand, Egypt, Dubai, Abu Dhabi, South Africa, Canada.

Program Summary

Together we will explore the full interview process and how to successfully secure that opportunity of your dreams.  

We will cover not only generic tips, but specific techniques for the international interview process including telephone and video interviewing.  Interviewing can be nerve-wracking enough, but sometimes the thought of doing it by phone or video conference can be even harder to get your mind around.   This Webinar will leave you feeling confident and capable of carrying out the very best interview you can and allow you to put your questions to an expert in the field.

Things are looking up - Accountancy Worldwide Recruitment Forum is Back!

Think Global Recruitment have hosted Accountancy Worldwide International Recruitment Forum since its launch in 2004. The forum is designed to bring together accountants that are seeking international career progression and companies that require to enhance their team by recruiting internationally.


We are re-launching the forum that will be held in London in April 2013, after 4 years away, due to the global economic downturn. Being an international recruitment company specialising in the accountancy and finance sector we have seen an increase in recruitment needs from our clients and we received requests last year for the event to be brought back.


Accountancy Worldwide is a great platform that gives accountants the opportunity to network with like-minded individuals that are also looking to secure international work. In the past we have had accountants meeting at the conference and then moving together with the same company, making the daunting prospect of moving overseas less so.


We are hosting the event in London due to the high demand globally for CA, ACA, ACCA and CPA qualified accountants. London is regarded as the one of the World's financial powerhouses and we have been given exclusive access to host the event at the Chartered Accountants' Hall. Hosting the event in the financial district of London ensures it is easily accessible for accountants already living in London but also for people that are traveling from further afield with every type of public transport available straight to the door.


The event has been held in London, Sydney, Johannesburg and Dublin previously and we have helped many accountants with securing their dream jobs. Think Global Recruitment's vision is "To improve the lives of everyone we work with" and by running this forum we feel we are making the international recruitment process far easier for both accountants and the companies we work with aiding their recruitment needs. This type of forum streamlines the recruitment process and minimises telephone/Skype interviews, giving a unique opportunity to bring these two parties together.

Visit www.accountancyworldwide.com for further information and testimonials.