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UK companies struggle with “The Finance Growth Challenge”

Thursday 15th November, 2021

According to the 2013 Robert Half Salary Guide highly skilled accounting and finance professionals remain in high demand despite more stagnant general job growth. The majority (78%) of UK CFOs say that it is challenging to find skilled financial professionals, and as a result organisations are paying more for the market’s brightest and best candidates.

The shortage of strong candidates, together with the general slowdown in new hires, means that finance departments are generally being asked to do more with less: creating the finance growth challenge. Candidates who are particularly in demand include those with strong process analysis change management and project implementation skills as well as those commercially-aware accountants who can add value by performing business partnering functions throughout the business.

The move towards global financial reporting and regulation means that there is demand from certain companies for IFRS (International Financial Reporting Standards) specialists to help prepare for the January 2015 deadline. Pension auto enrollment will create a new requirement for systems to be updated and for the finance department to partner with HR and payroll departments to ensure that organisations remain compliant with government legislation.

Phil Sheridan, Managing Director, Robert Half UK said: “The hiring climate has evolved to address the finance growth challenge. While some companies lack the revenue growth needed to increase headcount, others cite lack of access to credit and working capital, which is stopping them from hiring the talent needed to commit to new ventures or expand operations”.

He added: “However, our research shows that business confidence has improved, with most CFOs saying that they are more confident in their companies’ growth prospects than last year. Finance professionals are benefitting from this optimism as companies look for additional insight and strategy into business process improvement, cost savings and new revenue sources”.

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