At the start of 2010 we experienced a high volume of new job registrations as a result of organisations losing staff to internal and external moves in 2009. However, due to economic conditions and company-wide recruitment freezes, many were unable to employ replacements.
Employment trends in 2010
- The main influx of roles was initially at the junior end of the market (internal auditor jobs and senior internal auditor jobs)
- By mid-year we were being approached to assist with more managerial level positions.
- As always, top-tier practice and specialist knowledge (industry specific, IT audit and language skills etc) carry a premium.
- The financial services sector recovered quickly with industry and consultancy recovering later in the year.
The outlook for 2011
- 2011 is already shaping up to be an interesting year with more interest in good corporate governance
There is more awareness of how important good operational risk management and reputation risk management are to large businesses, especially in light of the recent losses suffered by BP following their handling of the Deepwater Horizon oil spill.
- Candidate confidence levels are improving significantly
Employers are becoming more flexible in their shortlisting, reflecting post-recessionary confidence and increased competition for high calibre candidates. Demand is much higher within financial services, and a marked rise in opportunities within industry over the last 9 months, particularly at the middle and lower levels.
- Less movement at the senior end of the market
Heads and Directors of Audit are finding it hard to move internally because organisations are focusing on good staff retention activities and there is a lack of opportunity for current Finance Directors to move elsewhere. As a result, there are very few suitable opportunities in the market for people to consider.
- Potential implications from the UK Bribery Act 2011
UK organisations will have to consider how the UK Bribery Act will affect their operating practice when it comes into force in April. Organisations will also need to demonstrate that they have implemented ‘adequate procedures’ to help prevent corrupt practices either by their employees or third parties.
To discuss any issues in this article or anything else related to corporate governance, don't hesitate to get in touch with Paul Clutton or call on 0118 358 9240.