Since December 2008, when we saw the majority of larger accountancy firms start to make redundancies, Hays Taxation experienced an expected rise in the number of applications from tax specialist job seekers. The background of these candidates was surprisingly mixed, with candidates from part and newly qualified levels right through to more senior specialists at director and head of tax levels, all looking for work. At any other time over the last 4-5 years these candidates could almost have guaranteed having a number of offers for employment lined up within weeks of registering with us.
What impact has this had on the market place?
On the one hand it has meant that organisations have been able to be more selective in the recruitment process, as they have found there are a higher number of potentially suitable applicants to choose from. This was almost unheard of in times gone by where often employers had to settle for chosing between just a couple of candidates. On the other hand, some may argue that it is in fact harder to recruit in this climate, as the sought after individuals are staying firmly put, perhaps owing to nervousnous about moving or being ‘ring-fenced’ by their employers so they cannot even consider a move.
If you are considering recruitment for your team, you are definitely in a position where you can take advantage of the economic conditions to get the best person for your job. It is important to keep control over the process from the start, as with more applicants looking, the danger is allowing your candidate search to take much longer than necessary, and therefore momentum easily being lost unless a timetable is set out from the start.
This year, we have seen clients who started their recruitment process earlier in the year, still interviewing months later as a result of the unusually high volume of CV’s they have received. This upsurge in applicants led to them continually seeing new candidates, with no sign of moving to offer stage on any one candidate, as the temptation to hold on for someone just a bit better has taken over. This means that control over the recruitment process is lost, which impacts on their work time, putting increasing pressure on the rest of their team (which is still a head down), and decent candidates have been lost along the way, where they have either lost interest or have been snapped up by other employers elsewhere who have moved more quickly.
Establish your staffing requirements and speak to your recruiting expert at Hays Taxation, who will help you set out the agenda of when you need to have the person in post by. They will then help you map out when each stage of the interview process needs to happen in order for you to meet your target. This will save you invaluable time and effort in the long-run. Equally it ensures buy-in from the person you are hiring, who feels wanted, motivated and committed as a result of the positive process they have experienced with you. Remember, the best people in the market will always be in demand, so it is as important as ever to create the right impression.
And what about salary, does more competition amongst job seekers mean we can squeeze on salary?
Possibly, you can argue this to be the case if the person is not currently in a job, however be wary about using this tactic as if you push too hard some of these candidates may jump ship as soon as the market picks up again, which it inevitably will. Candidates who are in secure employment will still need to be offered a desirable salary package to help incentivise them to make the leap.
With a summer period that hasn’t been as quiet as expected, we should hopefully start to reach a more stable period of time in which companies can all look to the future and plan to rebuild and add new talent to their teams. The chase for the ultimate tax candidate will always remain strong regardless of the market place. The opportunity you have now is to plan for the future and take advantage of the current crop of strong candidates that have been made redundant or are under the threat of redundancy, as you could well find your leaders of the future.
For more information or to discuss in further detail please contact:
Gemma ReevesLondon Director Hays TaxationE gemma.reeves@hays.comT 020 7520 5959