Has the market just changed?

Has the market changed?

A recent report by KPMG and REC suggests so…

The report outlines that permanent appointments were down and rates of pay growth has softened.

But if the market has changed, we haven’t seen it…

We seem to have entered into 2023 with more roles open than previous years and we are still restricted by candidate availability.

But as we only specialise in Accountancy recruitment in a small part of the UK, it might explain why we might be experiencing a different story.


So where is everyone?

A question that we get asked a lot and one that is difficult to answer. … The lack of Trainees joining the profession in 2020 and 2021 has had an impact but that doesn’t explain why there is also such a lack of people with 3+ years experience.


Too much choice?

I spoke to an Audit Senior the other day and asked how many approaches he typically gets on a monthly basis. … Usually three a week was the reply. … Some better than others but it shows how in demand people in the profession are.

So, for some to move, the opportunity must be something that really stands out.

And as companies are struggling to recruit, it means they have doubled down on the other ‘R’ word … Retention.

There has definitely been an uplift in companies making sure they are keeping in closer contact with their teams. … Looking at what they offer with both salary and benefits.

This has definitely contributed to an increase in salaries across the board.


How much is a good pay rise?

Last year we were hit on all fronts with inflation. … Fuel, heating, food, rent and lending.

So that 10% pay rise actually meant you are still at the same point you were before.

But, the glimmer of good news coming through now is that we might be coming out the other side and inflation is coming down.


What can we take away from all this?

If you are unhappy, have those conversations now to see what can be changed … You are more likely to have a positive outcome with an honest chat rather than doing it with your letter of resignation in your hand.

And if you oversee a team, see above … Keep the lines of communication open, especially if they are working remotely.

If you do look at a new role, look at the complete package, not just the salary … Market rates for salaries are quite wide now, but with many factors including flexible working, bonuses and expectations in terms of delivery and workload.

One thing is for sure though, 2023 is already shaping up to be another busy year.