Recent reports show that that many companies are looking to expand their finance teams but there may be a skills shortage to fill these roles. We take a look at the job market and how employers can find the right staff.
In the news, reports suggest that as a nation we’re not making the most of the summer, with business owners and staff missing out on holidays. And ministers have issued warnings to banks about the impact that branch closures could have on customers, including small businesses.
Top news stories
Ministers issue warning about bank branch closures
Harriett Baldwin and Anna Soubry said they were worried about the pace of development of alternative options and they pushed banks to ensure that small business needs would be met.
More businesses ban personal mail at work
HSBC, Citigroup and JP Morgan have banned personal deliveries amidst claims that personal post delivered to work has risen by 20% in the last year.
Work pressures cause small business owners to miss social and family time
A fifth of British entrepreneurs say they can't afford to take a single day off of work this summer, while a quarter take fewer than 10 days off a year. Another report shows that half of workers don’t take their full holiday entitlement.
Pay grows by 2.4% in the last quarter
Research by ONS showed that pay continued to grow, but at a slightly slower rate.
Key dates for your diary
No significant dates this week.
Finance jobs on the rise - but are they getting harder to fill?
Recent research by Robert Half UK showed that 50% of CFOs said they were looking to expand their teams in the second half of 2015. But it seems they may have a difficult task on their hands, with 98% of them saying that they would find it hard to recruit staff with the right skills.
So, if your business is looking to expand your finance team, how can you recruit the right staff? We look at the market and share some tips.
What’s driving the growth?
There’s good news behind these recruitment plans, with companies saying that the key reasons for recruitment are:
How to find the right staff
If you’re also looking to recruit, here are some ideas about attracting the right people.
- Don’t wait too long. You face a lot of competition for the best candidates so get in now before recruitment starts in earnest.
- Look for alternative ways to advertise jobs. Think about where your prospective candidates might go for information and what might attract them. Try to do something a bit different from your competitors to help you reach people who they might miss.
- Explain the benefits of working at your company. Candidates may be considering multiple companies so make sure you’re clear about the benefits of choosing you. Remember, it’s not just about pay and rewards, people also care about the culture, the working environment and opportunities for career progression too. Flexible working options can also be attractive.
- Make decisions quickly. If you spend too long deliberating, you may find the best candidates have accepted another offer.
- Keep your employees by offering good incentives to stay. With so many opportunities in the job market, it’s important that your staff are rewarded and their input is recognised. Ensure you’re offering a good package and there are opportunities for growth and progression.