By Ben Hird
Ben is an Associate Director with CMC Consulting Ltd. Ltd, a specialist financial recruitment consultancy with offices across the UK. Ben manages CMC Consulting’s Greater London Commerce & Industry division whose clients include many FTSE 100 and other prestigious businesses.
It’s been a good start to 2014 so far with job adverts increasing and unemployment levels continuing to decrease at a steady pace.
When I say good, I mean good for jobseekers, and for recruiters alike. But is it so great for employers? Well, yes and no. It’s fantastic in terms of businesses showing signs of growth and looking to expand their resources which, in turn, is good news for the economy. However, it does mean that there will be a higher level of competition for the best candidates.
This then has a potential knock on effect towards increasing voluntary staff turnover as high calibre candidates see more opportunities for themselves within the market place, or are even headhunted by competitors. Many companies react by making a counter offer in a bid not to lose a valued member of their team. But this brings along a whole new set of problems.
If you make an employee a counter offer and they stay, was it because you made them realise the company does value them or did they take the extra money to use as a better negotiating tool with other employers? Were there other underlying reasons as to why that person was looking to leave, things that could affect their job performance, such as having got all they can out of the role or not seeing an ongoing career path for themselves within the company? And on top of that, will other employees try the same as a tactic to get a pay increase?
Salaries are starting to increase, slowly, tentatively but necessarily. Where there has been little growth over the last few years, with some companies even scaling salaries back as their budgets felt the pinch, in 2014 employers are facing up to the fact that there needs to be room for negotiation if they want their first choice of candidate. Similarly with increased competition for high calibre candidates, employers need to speed up the lead time between interviews and final decisions to avoid losing out on candidates to their competitors.
Overall, it is an exciting time in the hiring market, with a fast paced positive outlook for the rest of 2014. If things continue in this manner, then candidates can expect to experience a greater scope for opportunity, while employers can move forward with additional resources, feeling confident that they have an engaged and motivated workforce.
Their latest jobs include:
- E-commerce Senior Finance Manager, London- £70,000 to £75,000
- Commercial Finance Manager, London - £55,000 to £60,000
- Regulatory Reporting Manager, London - £50,000 to £60,000
- Finance Business Partner, London - 50,000 to £55,000
- Financial Analyst, Oxfordshire - £50,000
- Management Accountant, West Yorkshire - £30,000 to £40,000
- Financial Accountant, West Yorkshire - £30,000 to £35,000
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