Financial Recruitment Continues to Make Gains (Guest Blog)

A guest blog from James McCaffrey - with a number of years of accounting experience, James now focusses on recruitment and the financial jobs market, writing for Total Jobs.

As recently documented in the latest edition of Balance Recruitment’s Quarterly Update, financial recruitment is continuing to make gains. The latest update also pointed out that there had been an increase in the number of vacancies in the financial sector, coinciding with a demand for more staff – especially those with backgrounds as Analysts or within Billing, Revenue, and financial reporting.

In a recent Google Hangout for Total Jobs, Tom Newcombe, a leading journalist for HR magazine also agreed that growth was taking place in the financial sector, pointing to figures from PWC which highlighted that by 2020, there could be an additional 200,000 financial jobs vacancies which could contribute to a 3% growth in GDP- but only if the financial sector can improve regulation.

These figures hold relevance for the wider financial industry too, as the recession has forced businesses to increase their focus on due diligence, accuracy and transparency- and in recognising the importance of sufficient monitoring; the financial sector, and indeed the financial departments across all industries have made a demonstrable commitment to tidying up processes across the board. It’s this commitment that is reflected not only in the increased number of vacancies, but also in the roles that are currently high in demand. In the same session, Jane Clarke, Head of Campus Recruitment at Barclays Bank, also noted that over the next year, the biggest intake of new graduates would be in the fields of compliance and legal capabilities, roles centred on analysis, monitoring and managing processes efficiently.

There have long been calls for more transparency in business, especially when it comes to balancing the books and reporting on performance – now that more businesses are making a commitment to delivering on transparency, they are starting to recognise the vital importance of hiring teams of skilled people who can deliver the processes, monitoring and accurate reporting that will go into making sure that finances are in order and that balance sheets add up.

When businesses can present themselves to the public, stakeholders and potential investors, as well as potential staff that they are committed to honesty and thorough processes, it helps to boost the reputation of company, making it more attractive for business opportunities and skilled jobseekers – the figures reflect the truism that investing more in staff makes sense for all areas of business. Jane also pointed out that graduates who had been studying during the worst phases of the recession were keen to ensure that they found work in companies that were seen to have honest practices – in as much as companies of all sizes have re-evaluated their recruiting criteria since the worst days of the crisis, jobseekers are also showing a desire to work for a company which has a will to organise its finances and processes too.