Almost 3 in 10 hiring managers face competition for high-calibre qualified finance professionals, according to new sector specific research produced by Robert Walters, Jobsite and total jobs – Solving the UK Skills Shortage – Accounting & Finance.

Increasing competition

Fierce competition currently characterises the accounting and finance job market, with this trend set to increase over the next twelve months.

Lucy Bisset, Director at Robert Walters, explains, "Increasing demand for qualified finance professionals indicates there will be fierce competition in industry over the next twelve months to secure high calibre candidates."

Businesses will need to be increasingly innovative with their employment offers.

The research highlights a prevalent skills shortage across the accounting and finance industry, with 60% of employers expecting to face at least a moderate shortage this year.

Daniel Connors, Associate Director at Robert Walters, highlights, "Businesses will need to be increasingly innovative with their employment offers, not only to meet rising salary expectations, but to differentiate from their competitors. This includes the provision of enhanced development packages, flexible working practices and increased role autonomy."

Diversify recruitment strategies

The research reveals that businesses need to diversify their recruitment strategies to secure top-tier accounting and finance professionals. While 61% of employers recruit temporary workers to fill skills gaps and 52% engage with recruitment agencies, some of the emerging strategies companies are adopting include posting on online job boards, headhunting, and looking outside the UK.

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