This report gives insight into our engagement across our core market specialisms in the geographies that we work.  Should you wish any further insight, then please just click on the contacts within the report to be taken to their profiles and contact details, and they will be delighted to help you.                               

Market Update

October 2016

Accountancy & Finance
Financial Services
  • Increase in interim vacancies across both Edinburgh and Glasgow with a focus on Financial Reporting and Controls
  • Continued demand for Tax at all operational levels  
  • Senior market for both contractors and permanent hires remains soft with signs this will continue in to the new year
  • Businesses starting to implement annual hiring freezes
  • Pipelined business for 2017 remains optimistic in all sub sectors of Financial Services to meet demands of Brexit

Please contact Chris Donald for further information.

Commerce & Industry
  • Continued demand for financial reporting and business partnering accountants at the £40 - £55k salary banding
  • Slowdown in demand for newly qualified accountants with a preference for proven ability to add value to an organisation
  • Transactional market remains strong with those having generic skill sets in demand
  • Increase in the number of fixed term contract roles coming to the market through the last quarter
  • Optimism remains high and intentions to continue recruitment at all levels  

Please contact Ross Gunn for further information.

IT & Digital
Recruitment process
  • Organisations seem to be taking more time to get candidates through the permanent process, from initial CV feedback to candidates starting on site. 
  • There is high demand for candidates with specific technology experience and time to hire is affecting how they secure top talent. 
  • Candidates have also expressed frustration about lengthy online applications and this is acting as a bit of a deterrent for candidates.
Contract market
  • Contract market has picked up in the last month but is still quieter than it has been previously.  
  • Companies are now also moving towards more of a perm or FTC employee base. 
  • Due to the Williams & Glynn project there are a lot of contractors on the market and creating competition for each role
Brexit
  • This is affecting both organisations and candidates.  Due to the uncertainty, it is having an impact on future planning within some organisations.
  • This is then having a knock on effect to the recruitment industry as we cannot implement recruitment strategies for future roles.  Although in the short term the effects on employees will be minimal, there is a degree of unease amongst employees they are starting to explore new options.    

 Please contact Andrew Finlayson for further information.

Change Management
  • We are seeing an increase in contract roles across the market, with a view to generally enhancing capability to deliver specific programmes/projects on time
  • A number of clients are keen to temperature check rates and salaries for BAU staff, as there is a feeling that whilst the wider business change market is flooded with 'banking change' candidates there is a distinct shortage of 'investment change' talent
  • A few clients remain focused on reducing contractor numbers in Scotland, however this is balancing a buoyant market
  • Permanent roles available are more plentiful in the TPA and Asset Servicing fields, however the investment banks are doing a lot with candidates less experienced in the investment management market 
Risk & Assurance
  • There has been an increased demand for candidates with asset management experience, especially those with familiarity regarding breaches.
  • Roles which relate to analytics, methodology or governance are in highest demand.
  • Risk professionals in high demand    
    • Market and Credit Risk
    • Conduct & Regulatory experience 
    • Model governance    
    • Methodology     
    • Assurance & Risk Reporting                                                                                          
  • Skills/ Experience in Demand
    • IT Skills; SAS, SQL and VBA
    • FRTB (Fundamental Review of the Trading Book)
    • Basel III
    • UCITS and AIFMD legislation 
    • Risk Framework Modelling
    • Credit Risk Assurance
International Accountancy & Finance
  • The demand for Financial Services Auditors remain strong in the Channel Islands and Isle of Man. 
  • Locations such as Gibraltar have taken a drastic hit on the back of Brexit. 
  • The Caribbean are specific in their needs and seeking Audit/Advisory profiles with developed country expertise i.e. USA and UK.
  • Western Europe Practice Firms continue their growth in Transaction Services professionals with language skills i.e. German and French speakers.
  • Senior Appointment sector within Accountancy and Finance International remain specific and focused on certain expertise i.e. expertise in growth, strategy and operation.  

Please contact Ibi Kabir for further information.

Public Practice  
  • Decreasing number of NQ vacancies in the market covering associate level as retention levels remain higher than previous years
  • Demand for Tax, Manager and Senior Manager hires across big 4, top 10 and wider market
  • Shortage of part qualified candidates across geographical areas despite high demand for transactional services by clients

Please contact Victoria Cameron for further information.

Investment Management  
  • The investment and asset servicing sector is going through a period of change at present with many firms looking to outsource less technical tasks to cheaper locations.
  • This is being balanced by businesses moving more technical roles to Edinburgh from London and in some cases European locations.
  • The roles being moved to Edinburgh are more technical in nature and require oversight of offshore locations.
  • The candidate population are less likely to be open to moving at the present time for various reasons, but being a few months away from bonuses being paid and the uncertainty on the market are the two key factors. A high amount of candidate affected by redundancy by off shoring tend to lack the technical skill set required for more analytical roles.
  • Salaries are increasing across the board increasing as more technical skill sets come onto the market, we anticipate this trend will continue as candidates relocate to Scotland from London and other locations.  

Please contact Steven Fairlie for further information.

Manufacturing & Engineering  
  • Optimism over the manufacturing and engineering sector remains low. By in large this has been driven by the current depression being felt within the Oil & Gas industry and also the limbo being felt post-Brexit.
  • This has seen a decrease in sales and orders across the quarter which has had a direct impact on staffing increases.
  • On a more positive note it’s important to point out that Scotland in particular has seen an upsurge in investment across the food and drink industry; with new independent breweries doing well and more established drinks companies investing in new sites.
  • This has been further buoyed by the news that 8 new Type26 Frigates will now be built on the Clyde by BAE Systems due to commence in 2017. The skills required will drive competition once again in the engineering market for the best staff, which will be welcome in particular to people who have lost their job throughout the Oil & Gas downturn.
  • Furthermore, the new projects to improve the UK utilities networks in particular water will be rolled out heavily over the next year, again creating competition for the best engineering talent. This in turn drives positivity.
  • Overall, despite what has been tough time for the engineering and manufacturing sector there will be positives to look forward to over the next year. 
Procurement & Supply Chain  
Increasing focus on Corporate & Social Responsibility in Procurement  
  • With the increasing focus on Corporate Social Responsibility in Procurement, the Financial Services Purchasing Forum (FSPF) has established a new sub-group to review the subject and issues specifically within the financial services arena. Effective Procurement provides buyers with the opportunity to influence their suppliers CSR performance and in turn ensure that benefits are delivered to both parties.  The remit of the CSR sub-group is to deliver a coordinated, standardised, leading edge approach to the management of social, ethical and environmental issues in the supply chain. The sub-group aims to provide UK and global businesses with a measurable process for identifying current levels of supplier sustainability and will provide a source of expertise, best practice and reduction of duplicated activity.    
Ongoing aftermath of the UK Brexit decision continues  
  • Procurement and supply professionals have a crucial role to play in the immediate aftermath of the UK Brexit decision.  People who manage the supply chain are the outwards face of the company, so how they behave is fundamental to how the business manages in the coming months. Supply chains can emphasise or exaggerate concern, which can then be magnified all the way down the chain.  In a time of risk, more attention needs to be paid to the supply chain and currency exposure, professionals who understand the supply chain and where costs are built up are crucial to ensuring the company manages this period.             
Protecting your Business  
  • Procurement experts are ideally placed to identify supply chain risk and the potential business impact. Yet, a CIPS survey shows many could do more to protect their business.  Outsourcing and multi-tiered global supply chains are growing, and with them operational and legislative risk. As procurement and supply management professionals increasingly provide a fully embedded, cross-departmental function, offering more consultation, this risk can be best managed within procurement.  Supply chain resilience requires planning and designing the network to anticipate unexpected disruptive events and needs to be able to adapt, while maintaining control over the process, the outcome and any legal obligations. Establishing resilience across the supply chain can be broken down into four key activities: recognition; analysis; assessment and mitigation. It starts with understanding the opportunity for risk, the level of damage that would be done, and the likelihood of its occurrence. This indicates where the effort should be focused, complementing those of risk management and business continuity.  Setting up a business-wide process will not only protect the company, but will give procurement professionals the opportunity to increase their influence and contact with the board.          
Attracting Talent  
  • With less than 20 percent of Supply Chain and Procurement professionals actively looking for a new job in 2016, the impact on employers searching for talent tightens significantly. Businesses across the UK are taking more positive steps to stand out and proactively evolve their company brand, review the benefits and flexibility associated with their organisation and more are now utilising social media as a platform to attract top talent. 

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