COVID 19 - How it's Impacting Your Recruitment

Sharp Consultancy's Salary Survey 2025/26: Resetting the Landscape: Strategic Shifts in Finance Recruitment

It would be remiss not to start by addressing the elephant in the room — 2024 was a challenging year.While there were many reasons for this and numerous industries were affected, recruitment likely bore the brunt of it, particularly in the 6 months post-election(s).Whilst key roles and critical hires remained unaffected, certain head counts and processes were scrutinised and investment paused with internal restructures and automation utilised to reduce costs, in some instances, at the expense of employees. We subsequently saw an increase in candidate activity, with the talent pool strengthening. As those pressures eased in Quarter 4, recruitment processes saw improvement and green shoots have emerged. Optimism is on the rise in key hiring processes, albeit with a caveat. The cloud of additional cost increases in April, which is still dissipating. The senior finance and C-Suite market remains relatively unaffected, both regarding opportunities and candidates, it is the levels below that we have seen more change. In the evolving landscape of working dynamics, the volume of hybrid working is gradually waning despite sustained interest from candidates, presenting fewer job opportunities. While the blend of office and remote work remains desirable, it is no longer the predominant factor, indicating a notable shift in priorities for clients and candidates’ acceptance alike. Conversations with candidates underscore a growing desire around the importance of having a supportive mentor or manager and many professionals are increasingly open to a full-time return to the office if it guarantees enhanced guidance and avenues for professional advancement. "The salaries throughout transactional finance have stabilised across the region."Throughout the professional practice market, some similar trends have been observed but there have been noticeable differences in the past year. Salaries across the range of candidates in professional practice, from AAT to fully Qualified (ACA/ACCA) individuals are still rising and those firm’s able to offer competitive salaries alongside stronger training contracts are beating out the competition in a candidate market with a growing focus on study support packages and career advancement opportunities for Part-Qualified candidates, indicating an increase in demand from employers and the volume of available job seekers. The salaries throughout transactional finance have stabilised across the region, in what feels like the longest period of stability seen since Q4 2020 and we expect transactional finance salaries to remain stable throughout 2025/26, with anticipated salary increments to be moderate compared to the significant increases observed throughout the last 2 years. AI & Systems (process automation) continues to impact accountancy and finance, in particular, across larger functions but this has increased the need for wider interim support to assist with the transition and implementation especially with large, automated processes. Whilst 2025-26 will not be the same marketplace for recruitment as seen in previous years, there is certainly a growing level of optimism and whilst a more settled market may be seen as a negative in some areas, for those that have weathered the peaks and troughs over a longer period of time, it will feel very normal and a strong setting for both employees and employers to take advantage and thrive, with an increasing emphasis on growth and development.Download the full Salary Survey here!

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COVID-19 has had a widespread and sometimes devastating impact on businesses throughout the region; companies have grappled with an almost overnight move to home working, continual changes to working patterns and practices and for some, unfortunately, a significant downturn or complete standstill in their ability to trade.

With reports of a record number of redundancies and growing unemployment, it would be easy to forget that there are sectors of the economy which are experiencing high levels of demand and this in turn, creates its own – albeit different – set of challenges.

In recruiting terms, professional practice accountancy firms have, by and large, been amongst the least affected in terms of a decrease in demand and indeed, those businesses advising in areas such as statutory compliance, corporate finance and private equity have been very busy during the last 12 plus months.

Whilst COVID-19 may have brought many things to a screeching halt, businesses still need auditing, end of year accounts still need filing and, coupled with a sharp increase in mergers and acquisitions activity as well as those businesses which have unfortunately been unable to survive, the competition for top talent is fierce as accountancy firms look to increase their headcounts.

A shortage of candidates is prompting firms to redouble their staff retention efforts resulting in substantial pay rises and bonuses - often at levels more commonly reserved to recognise exceptional performance - now being offered to reward relatively modest promotions or increases in responsibility.

Not only are salaries being driven up, a further consequence of events over the last year is that many of the usual push factors that would motivate an individual to seek out a new opportunity have been removed - or at the very least been significantly watered down – making it harder for those looking to recruit to turn heads. With many employees working from home, lengthy commutes have been replaced with extra hours in the day and opportunities for promotion and salary increases can be clearly seen on the horizon.

Undoubtedly, the next 12 – 18 months will see further economic growth and ensure that candidate demand remains high; as a result, those looking to tempt talent away from their current roles will need to be creative – or dig very deep – in order to attract the desired individuals. However, money alone won’t be enough and, as workloads increase and employees become concerned about being pushed too hard and risking burnout, softer benefits and a flexible approach to creating a sustainable work life balance will have an increasing level of appeal alongside the desire for career progression.

With candidates valuing different things compared to 12 months ago – and with many finding themselves in a comfortable position that makes it easier to stay rather than look elsewhere – the onus will be very much upon businesses to create compelling, tailored opportunities to secure the calibre of candidates they need.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.

COVID 19 – HOW IS IT IMPACTING YOUR RECRUITMENT? by Executive Director, Lee Sweeney

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