The Accounting industry within financial services in Ireland is currently facing a situation whereby a candidate-short market is having a mixture of positive and negative impacts within the market. Many individuals take annual leave this time of year which occasionally delays recruitment processes for roles, but in general, the demand for qualified accountants hasn’t subsided from previous months.
CHALLENGES FACING THE MARKET
Due to the time of year, the market generally slows down as we ebb towards the end of summer; many candidates do not look to make a move due to planned holidays. Equally, as previously mentioned, there is also a slowdown in the recruitment processes due to hiring managers going on annual leave also. These slower recruitment processes sometimes prove difficult to manage in a candidate-short market as time is crucial to find and secure talent in the market.
NEWLY QUALIFIED ACCOUNTANT MARKET
Another challenge the sector is facing in the newly qualified accountant market is that we are “in-between seasons” where candidates that left contract in April have for the most part either secured employment or in most cases in 2022, newly qualified accountants are emigrating. A small percentage are staying in their current positions looking towards promotions to assistant manager / manager level, and therefore not many are actively looking. The next round of candidates coming out of contract will be in October time and so it is crucial to manage client expectations regarding candidate profiles and the type of accountant they’re looking for.
As usual, counteroffers are continuous in the market as companies don’t want to lose their best staff. With low supply of highly skilled specialised accountants in the Republic of Ireland and demand for this talent remaining high notably across insurance, aircraft leasing and asset management, salary expectations have naturally increased. Hiring managers must be educated on the market, benchmarking against salary expectations and setting realistic expectations for their hiring budgets.
OPPORTUNITIES IN THE ACCOUNTING & FINANCE MARKET
For individuals looking to move on from their current position, there are many opportunities available, particularly for qualified accountants at all levels across all sectors in financial services. Fintech, payments, insurtech, regtech are all in the market for strong qualified accountants with solid practical accounting experience.
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 Christine Jones, Recruiter in Accounting.