Where larger firms are looking to fill roles and are not able to gain clearance to hire externally they often look to retain staff though a focus on “internal mobility”, but this can serve to block the opportunity for many external candidates seeking a move from their current employer, Hays stated in its latest Quarterly Hotspots.
Although, with many banks having processed their end of year statements in September, the new budgets could open up some more mobility in the coming quarter, Hays stated.
Despite this hiring reticence from some organisations, there is a large movement of candidates into the jobs market to explore their options and change employers, fuelling an active jobs market, according to Susan Drew, senior regional director of Hays Accountancy and Finance.
“A majority of vacancy activity is the result of replacing departing staff rather than the creation of new roles. Employers will act fast if an employee leaves a business-critical role,” she said.
“This movement of candidates between jobs is a trend not reflected in the unemployment rate, but it is a good sign of candidates’ confidence that they can improve their prospects by looking for a new job.”
This is expected to drive up overall vacancy this quarter, with employers keen to secure candidates who can start early in the new calendar year, Ms Drew added.
She stressed that candidates with “a solid history of tenure” at previous employers would be looked on more favourably.
The recruitment process has also lengthened as employers become more thorough when assessing candidates, she said. Companies are increasingly looking to recruit on a temporary to permanent basis to trial new candidates, she said.
Across the broader accountancy and finance industry, the most in-demand roles are for financial analysts, payroll staff and financial and management accountants.
Within financial services specifically, audit, risk and compliance roles remain in demand due to increasing overseas regulations raising the burden on banks here. Entry level qualified analysts are also being sought in response to attrition at the senior management level, Hays found.
