Challenges facing the market
At all levels and across all sectors of the accounting industry there is huge demand for qualified professionals, with the senior-end in particular seeing movement due to the attrition of professionals. However, a number of obstacles face hiring processes; companies that have established functions in Ireland as a result of Brexit are growing, while American multinational companies are hiring Irish professionals as the skills requirements aren’t available within their own jurisdiction. Many of these companies are attracting top talent, and the talent pool is becoming increasingly smaller.
On the senior-end, the macro-economic issues of an increased cost of living and the housing crisis has meant that hiring talent to relocate from abroad is difficult, with prospective candidates struggling to secure housing. As expenses increase, Dublin is no longer the attractive metropolitan it once was five years ago.
On the Newly Qualified front, candidates who would typically now be on the market for a move from one of the Big Four practices to industry have experienced a remote start to their career. With many having spent the start of their careers working from their family home, the pull to venture abroad is huge, further reducing the available talent pool at this level across all sectors.
Competitors’ hiring plans
As there is demand for all levels of professionals across all sectors, particularly in the mid-senior level, vacancies are taking longer to fill, and an employer can now be waiting months to fill a role, particularly in more specialised areas.
While many professionals in the accounting industry in Ireland can keep up with the increasing cost of living, individuals are being offered anywhere between €10k-€20k more in salary by moving, and companies need to consider and put in place viable career roadmaps of individuals in order to retain top talent.
In today’s climate, considering interim opportunities is a crucial means to address talent shortage in your company, allowing your hiring process to secure more time to fill a permanent position. Employers can hire professionals and consultants quickly and confidently, within days or weeks, at competitive rates without foregoing on quality or incurring administration and additional costs associated with hiring on a permanent basis. As the skills shortage continues to deepen, considering interim on a fully remote basis is a wise choice, which a number of our clients have executed successfully through our interim services.
If you are interested in learning more about live opportunities, or you would like to discuss how we can support your hiring processes in the current market, please get in touch with Mark Fallon, Co-Founder and Director for Accounting.