in Job Market Reports

Ten Percent Financial Job Market Report for Accountants – October 2019

The job market remains very quiet – it has been the same for accountancy practice recruitment since December 2018 and has yet to pick up. This may be a cumulative effect of the political uncertainty but we also think the extraordinary rise of cloud accounting is playing its part due to the automation of so many accounting and bookkeeping tasks for SMEs. Salary levels remain stagnant in the sector but similarly it is hard to recruit simply because accountants are extremely reluctant to move jobs in the current climate. We have a Reed CV search subscription (feel free to contact us if you would like us to do a search for your firm) and the quality of candidates at the moment available and looking for work is very poor indeed. We are seeing signs of movement since September 2019, but this is not a booming market.

Jonathan Fagan, Director, TP Recruitment Limited.

KPMG and REC Report on Jobs

The KPMG and REC, UK Report on Jobs is compiled by IHS Markit from responses to questionnaires sent to a panel of around 400 UK recruitment and employment consultancies (including the Ten Percent Group).

Key Findings
Permanent placements drop for seventh month in a row
Weakest increase in vacancies for over seven-and-a-half years
Availability of staff continues to drop amid uncertain outlook

Comment from KPMG:
“The Brexit impasse continues to affect the jobs market with employers stuck, unable to make informed decisions, and people unwilling to risk seeking new roles. Given that it’s the weakest increase in job vacancies since 2012 and the longest period that permanent staff appointments have fallen since the global financial crisis, it would seem that it’s proving difficult for businesses to shake off the heightened uncertainty and unknowns. So with the deadline fast approaching, they may well be waiting to get clarity on the future direction of Brexit before making any key decisions on hiring and investment.”

Comment from the REC:
“Businesses are positive about their own prospects, but ongoing Brexit uncertainty
has led many firms to delay projects and hiring decisions. Vacancy growth has fallen to its lowest since 2012. The UK’s vibrant temporary work market is playing an important role in helping employers to manage the ongoing uncertainty and jobseekers to find work. There are deeper issues which must be addressed to secure the UK’s future prosperity. Productivity is falling, and there are skills shortages in vital sectors across the economy. Solving these problems must be top of the government’s to-do list once the Brexit deadlock has been broken.”