Demand for high calibre finance professionals in Yorkshire remains constant as trends in the regions job market experienced strong growth throughout 2017, with growing confidence in the number of job opportunities available in the market. Here we review the top three trends in the Yorkshire job market.
The region has seen a huge influx of businesses relocating from the South, bringing with them large finance functions. Regional development is occurring at an exceptional rate, with new building and office space becoming readily available in Yorkshire, providing the opportunity for hundreds of business to relocate to the region.
With strong and growing demand for high calibre professionals, counter-offering is rife, making it a very busy and competitive market, and up-skilling finance teams has been cited as a key priority for employers in the Yorkshire region.
Lucy Bisset, Director for Robert Walters said “With demand for finance professionals remaining high and local businesses preparing to compete for top talent, these are encouraging signs for the development and growth of the Yorkshire job market”
"Working closely with our clients, we develop highly professional and targeted recruitment strategies aimed at providing only the best finance professionals available. With bespoke advertising packages combined with headhunting, our clients rely on us to provide a consistent and high-quality recruitment service meeting all their current recruitment needs” said Lucy.
Senior finance level roles in high demand
Lucy commented that "the region has very few senior opportunities but when these roles arise, competition is fierce. Talent pools of senior candidates are looking for that next move, but there are not as many opportunities available at this level so many are looking farther afield for more desirable opportunities to enhance their career progression"
Most of the demand from local businesses is for newly qualified finance graduates. Many are focussing their efforts on hiring first time movers out of practice, a talent pool in high demand across the UK, location being no exception.
Differentiating your business is key for growth
“If you want to recruit the top talent in a candidate short market, companies must keep up with the shift in candidate behaviour. Know what is in demand from potential new hires, and offering career progression and a clear career path to help them reach their career goals, can be very attractive to professionals looking for new opportunities.” Lucy said.
Pay remains a question mark in the region, with four in ten hiring managers saying that the salary expectations of candidates they are trying to hire are too high, many are struggling to attract in-demand professionals.
We know that many individuals place a greater premium on benefits such as work-life balance and career progression than they do on pay. In other words, simply offering more money may not be enough to distinguish your company from the competition, but having clear progression and compensation plans can help set you apart from local competition and can help manage internal talent shortages.
The importance of benchmarking your finance team salaries
“Companies often come to us wondering whether their senior executives’ remuneration packages are in line with those offered by other organisations of similar size. Few employers routinely have access to this information, and gaining it can be challenging.” Lucy highlighted.
Understanding the market rate for quality finance professionals is crucial for attaining the desired candidates with in-demand skill sets. A business can either except the current market worth, or, find a candidate who may not necessarily tick all the boxes, but has strong financial experience and can be trained up, this way, setting salaries below the current market rate.
Request a copy of the Yorkshire 2018 Salary Survey to help you benchmark team salaries and bonuses.