In one of the toughest hiring markets since records began, UK businesses must rethink their total employer offer to attract and retain top finance talent.
Even though hiring intentions have begun to cool, falling 5% to +19% from Q4 2022 to Q1 2023, the demand for skilled talent, especially those with high digital-fluency and in sectors such as IT, Tech and Finance, remains at an all-time high, and almost 50% of businesses state that lack of talent is their biggest obstacle to growth.
Challenges within the UK economy, and external problems, such as the war in Ukraine, are leaving businesses needing more finance and accounting talent to support stability. A recent Gartner survey revealed that demand for Financial Managers, Financial Analysts, Compliance Officers, Finance Systems Developers, and a host of other financial skills will be high throughout 2023. However, even those businesses who can afford to pay above-market salaries are having difficulty securing and retaining the talent they need. Why is this? It’s because the world of work has changed. Workers no longer simply wish to survive at work, they want to thrive.
While a competitive salary still remains the top driver of recruitment and retention, today’s finance and accounting professionals are also seeking greater flexibility in when and where they work, increased opportunities for advancement and career development, and most critically, an Employee Value Proposition that aligns with their own values and attitudes towards DE&I - a demand that resonates most strongly with young millennials and Generation Z. To meet these demands, employment offers must also include the employee’s role within the organisation’s mission, and the experience an individual will have with an organisation from their very first touch point all the way through to their last day. In other words, finance workers want a total, rounded package.
In this report we will look at:
Which finance roles are in demand
The top five finance skills employers are looking for
WFH, hybrid or in the office? What do finance workers want the most?
Important benefits that employers must provide to support finance worker retention.