LONDON, 28 November 2012 – Businesses are preparing themselves for growth as the UK recruitment market makes its slow climb out of the recession, according to Michael Page Finance’s 2013 Salary Survey.
The survey of more than 1500 hiring finance managers revealed that the biggest challenge facing 50% of businesses in 2013 was business growth, followed by 21% who said savings and reducing costs.
Gareth Davage, Managing Director, Michael Page Finance said the outlook for 2013 is cautiously optimistic.
“With growth high on the agenda, we have noticed a recruitment shift where finance teams are hiring value add commercial positions rather than situational and reporting ones. This is a positive sign for the industry as it shows businesses are preparing for the future rather than simply weathering the storm,” Mr Davage said.
In 2012, the most popular job was a revenue accountant. Demand for these roles increased by 55% this year, followed closely by commercial finance analysts, which are also up by 40% compared to 2011.
“Revenue accountants play a key role in advising a business on the risks and opportunities associated with deals. While commercial finance analysts support decision making by providing coherent insight to financial directors. Both roles are essential to support a Finance department’s strategy for growth.
“Across the board we have seen a steady growth in the number of vacancies coming onto the market in the last 12 months. The most activity has been in the newly qualified to middle management level around the £30,000 to £60,000 salaries range,” he said.
According to the survey, 57% of hiring managers said they rely on their relationship with a recruitment agency to source top talent into their business.
“In this climate it is unsurprising that the majority of businesses need the expertise of a recruitment company to source the best talent. At the top end of the market in particular, the best candidates are generally still employed so an element of caution needs to be overcome in persuading them to move,” he said.
The roles which have felt the biggest impact in current economic condition include, reporting analysts, which are down 256% compared to 2011, and financial reporting accountants, which are also down by 125%.
Notes to editors:
Sophie Tudor, Communications Executive, PageGroup
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About the Finance Salary Survey 2013
The Michael Page Finance Salary Survey 2013 is based on more than 1500 responses of UK hiring finance managers from an online survey conducted in September 2012.