August was a busy month for the accounting and finance desk, and we are seeing an increase in hiring activity across all sectors, especially in the reinsurance space. As demand stays high at the newly qualified accountant and senior levels, we are seeing recruitment at mid to senior levels reduce.
CURRENT HIRING TRENDS
There was a major increase in activity in the reinsurance sector this month, with a leading reinsurance company securing a number of senior hires, creating vacancies in the market. The availability of talent at this level is limited and so demand is high, resulting in counter offers and increased salary expectations.
At mid-senior level, demand for candidates has gradually flattened, following high hiring activity throughout H1 of this year, resulting in an increase of candidates making the move from practice to industry. This has created a gap in middle management within the Big 4 accountancy firms at this level, and in turn, we have seen large salary increase and increased flexibility to work from abroad in in an effort to retain staff.
The demand for newly qualified accountants remains high, although the availability of talent at this level is extremely low, and this will continue until late October, when these professionals come out of contract. We currently have vacancies across insurance, aircraft leasing and private equity sectors. Experience in these sectors is necessary, meaning the search for candidates takes longer and needs more time and attention.
CANDIDATE CONSIDERATIONS IN A VOLATILE ECONOMY
There is a sense of uncertainty in the market of what the future holds for Ireland in terms of a recession. Candidates are becoming more weary and more reluctant to go forward for contract roles, instead seeking more security. This means fixed term contract roles are harder to fill when there are permanent vacancies on the market. Client expectations must be managed in this instance where, if permanency cannot be guaranteed, other benefits must be given to attract candidates, such as more flexibility or completion bonuses and benefits.
As a whole, the market is picking up after the summer months. With schools back, and holidays over, recruitment processes are commencing again. The next few months will see competition high as hiring focuses on securing the next intake of newly qualified accountants coming out of contract.
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.