As we begin the final quarter of 2022, one thing is for certain: the rate of change and challenge has not decreased in the last three months, but the Finance recruitment market remains extremely strong, with high levels of competition for candidates.
Candidate market
The unemployment rate in Switzerland remains low, at 2% in August 2022 (source: State Secretariat for Economic Affairs). This is a sign of a positive and stable economy, but also a factor in why some Finance roles are proving difficult to fill, as most people who were displaced during the pandemic have secured positions.
Highlighting a key shortage – Accountant and Controller level
Many companies have reported greater difficulties when recruiting for roles such as Accountant or Controller. One of the key reasons for the candidate shortage at these specific levels has been the move to remote shared service centres, which has reduced the flow of people entering the Finance & Accountancy profession in Switzerland.
The impacts on recruitment are:
For recruiters:
For job-seekers:
Counter offers made to candidates to retain staff in this competitive market include: higher salaries, enhanced hybrid working arrangement or even fully remote working.
At EMEA Recruitment, we share market insights with our clients before developing tailored recruitment campaigns that generate interest from the desired audience and lead to successful appointments.
In the current climate, an increasing number of clients are choosing to work with us on a retained basis, to ensure they are at the forefront of the battle for talent.
If you require help to recruit, please get in touch and we will gladly share market information. Please reach out to Mark Robinson: [email protected].
If you are considering your own career path, there is no better time to speak to an expert and ensure that you have access to the right opportunities.
Hybrid working – how does it impact recruitment and onboarding?
Experienced Finance professionals have reported finding it harder to integrate into a new company, primarily because of the lack of time spent physically in the same location as their colleagues and peers. Many people at this level are happy to spend more time in the office, particularly during their learning curve.
Individuals who began their careers during COVID have only ever experienced hybrid working (initially more heavily home-based due to lockdowns), so are used to spending less time in the workplace.
When we are working with a business, we make sure that we fully understand the hybrid working requirements of both client and candidate from the outset, to ensure a smooth recruitment process with clear understanding on both sides, and work with both parties to achieve the right outcome.
Once employment commences, we maintain contact with both parties to help with the onboarding process and maximise the chances of a successful appointment.
Future impacts of hybrid working:
We will be running a series of LinkedIn polls to gain further insight into some of these topics. We hope that you will participate and enjoy reading the results in our next newsletter.
Summary
Having access to current market information, whether you are hiring or job seeking, is more important than ever before.
If you would like discuss your own career situtation or hiring into your team, we would be happy to speak with you: [email protected]
When looking for a new role, should candidates focus on quality or quantity in the recruitment process? Sasha Gill, one of our Senior Consultants for Procurement, Supply Chain and Operations in Switzerland, explores which is paramount in a candidate-driven market…
The current recruitment market in Switzerland is candidate-driven. As a result, we are seeing an increase of job seekers being involved in multiple different recruitment processes simultaneously.
Being involved in multiple processes can be advantageous when building your personal network and for your own market-value mapping. In the current market, with recent cost-of-living increases, it is more important than ever for job seekers to benchmark their own salaries in the market. Partaking in multiple recruitment processes at the same time is one way to achieve this.
However, an argument can be made that being involved in several recruitment processes could be a disadvantage. Searching for your next career opportunity can be time consuming enough; having multiple, simultaneous processes may dilute your focus on each role and hinder your thorough research on each prospective employer.
We are keen to hear from our network whether you think quality or quantity is paramount in the recruitment process.
When it comes to searching for your next opportunity, is it quality or quantity that you aim for? Are you open to being in multiple recruitment processes at once, or do you prefer to focus your search on one opportunity at a time?
Get in touch with Sasha to let us know: [email protected]
If you’re interested in looking for a new role in Switzerland, Sasha focuses on Procurement, Supply Chain and Operations roles.
You can also take a look at the Finance & Accountancy positions we have available: https://www.emearecruitment.com/finance-and-accountancy
Or, if you’re a Human Resources professional, we may have a role available that interests you: https://www.emearecruitment.com/human-resources-
As we enter Q2, we have continued to see a buoyant recruitment market across Human Resources and significant turnover within HR teams. As businesses continue to grapple with this challenge, attention has turned to retention strategies and how businesses can keep their talent engaged.
We ran a poll in January asking our network what the most important factor was when looking to retain top talent, with the following options: improved reward package, visible career path, leadership style and culture, and company sustainability agenda.
There was a strong leaning towards leadership style and culture, with many commenting that, if this fails, a business will not be able to achieve the other factors, and that leaders need to listen, hear and act upon the changing needs and desires of their workforce.
There is the feeling that autocratic leaders will lose out to inclusive leaders that show their humility, as well as high levels of emotional intelligence, which has been a critical skill as they’ve been asked to lead virtual and often highly stressed teams over the last couple of years.
Others commented that a focus on work/life balance and wellbeing remained a top trend, and that ensuring interventions were put in place to prevent burnout were essential.
Latest Events
Last quarter, Katie Insley, Associate Director for HR recruitment in the Netherlands, hosted a virtual Q&A session with Bianca Eder, Global Head of TA for Upfield, and Koos Wurzer, Global Head of Employer Brading for Danone.
They shared their thoughts on how the world of Talent Acquisition has evolved with the development of technology and AI. Katie agrees that, while new technologies can streamline processes and hopefully contribute to a positive candidate experience, they can’t, at this stage, substitute the human touch that is still such an important part of the recruitment process.
They discussed the importance of a strong employer brand and Koos shared some great tips on how this can be tackled, especially in an international, multi-cultural environment.
They also discussed that businesses are now having to, more than ever, sell themselves and what they can offer the candidate if they were to join. Hybrid and flexible working arrangements remain high on the candidate wish list, as well as competitive packages and wellbeing initiatives.
We’re always keen to hear from our network about topics you’d like to be covered in future events, so please do reach out if you have suggestions and ideas to share.
If you’d like to see the full session, you can follow this link: https://youtu.be/R9lw3u06ywA
How can working with us exclusively introduce you to the best talent in a candidate-led market?
Over recent months, the Netherlands has seen an increase in hiring and, particularly at certain levels of experience, a decrease in applications to advertised roles.
Consequently, we have moved into a candidate-led market, a market in which candidates are very often in multiple processes at once. Clients can decide to use multiple agencies, thinking they are reaching a wider range of candidates but, in reality, candidates can be contacted by multiple agencies about the same opportunity.
From a company’s point of view, this blurs their value proposition and, from a recruiter’s point of view, can lead to working with speed, rather than in a consultative way. As a candidate, you don’t buy into the proposed role as much and very often there can be less clarity in the process.
With candidates consistently asking recruiters if roles are exclusive, it is clear that using multiple agencies can not only make your value proposition unclear, but also can slow down your hiring process.
With exclusivity (working with only one agency on your vacancy/vacancies), there is a focus on the role, the client proposition and the client brand. This allows candidates to buy into the business and the role, thereby enhancing the candidate’s journey. It can help to ensure you don’t miss out on the best talent for your team.
As part of the Exclusive approach at EMEA Recruitment, we ensure you are being introduced to the best talent in the market, as we:
This achieves an excellent success rate and overall positive applicant experience. To find out more about our Exclusive and Retained approaches, please contact Hannah Mallia: [email protected]
Looking back at the Finance recruitment market in Switzerland in Q1 2022, it is apparent that what looked like it would be a straightforward period of continued recovery took a number of unexpected twists, with the sudden and swift rise in COVID-19 cases, coupled with the unfolding situation in Ukraine.
From a Finance & Accountancy recruitment perspective, the first three months of 2022 continued in a similar fashion to Q4 2021, with high volumes of advertised vacancies in the visible Finance recruitment market - approximately 30% higher than we witnessed in the same quarter of 2021.
Competition for candidates remains fierce, with some candidates securing multiple job offers. These candidates have found themselves in the privileged position of choosing the best option in terms of career development, long-term potential and improved financial package.
Many employers found recruitment difficult, due to a shortage of desired candidates and greater competition for them, and had to adapt their recruitment processes to increase the chances of appointing, often by speeding up the process or by combining - or even removing - some stages.
Hybrid working remains an important factor in Finance & Accountancy recruitment, particularly as the recent rise in positive COVID cases in Switzerland has returned focus to this issue.
The next quarter
Predictions are difficult in the current climate and, although many companies are working hard to support staff in regions affected by recent global events, we have not seen any evidence of a slowdown in recruitment or business planning in Switzerland.
There has been evidence of some companies returning to greater home working on a voluntary basis, but hopefully this is just a short-term impact.
We would like to hear from you
The team is planning to run a LinkedIn Live discussion in May, where a number of HR and Finance professionals from key companies in Switzerland join us to discuss recruitment and the challenges it faces, such as candidate shortages, salary pressures, skills gaps and recruitment difficulties.
Whether you are job seeking or planning recruitment, please send your questions to John Byrne and we will factor them into the discussion: [email protected]
As we enter the second quarter of the year, John Byrne, Country Director, takes a look at the Procurement & Supply Chain recruitment market in Switzerland since the start of 2022…
Another very busy quarter for all involved! I don’t recall a period with such a consistency of topics raising crisis management demands and solutions across the Procurement and Supply Chain disciplines.
With these ever-changing demands placed upon you all, it has maintained a strong and stable need from our clients and candidates alike to support on talent gaps, talent development and general market mapping exercises to help maximise each of our clients' position in their market.
The number of assignments we partnered with clients on last quarter rose sharply, resulting in our vacancy completion rate also rising. Last quarter saw an increase of 23% on the previous quarter, closing our financial year 27% up on last year. This is the seventh successful YOY growth - this represents a consistent desire from our clients here to keep strengthening their teams and their offices throughout Switzerland.
We are now able to get back amongst our clients and candidates again throughout the last quarter on a far more consistent basis than before, with offices opening - and we fully expect this to gain further momentum as we approach the summer period.
This is becoming more and more important as the talent market continues to seek a stable balance between work versus lifestyle desires - something we anticipate will take the remainder of this year to stabilise. Hybrid working is here to stay from the consensus of our network, so we are working hard with both our clients and candidates to understand the most productive methods for both.
If you wish to have a discussion about how this is impacting the middle to senior recruitment market, then please reach out for a confidential discussion: [email protected]
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