Increase in demand for financial specialists to reduce business risks
More companies in the UK are looking to hire financial professionals in 2014 compared to one year ago, according to a new survey.
The Hays 2014 Accountancy and Finance Salary Guide revealed that 48% of employers were looking to hire accountancy and finance staff in the coming year, compared to 44% in 2013.
This boost could be explained by firms considering the potential of poorly managed finance in a highly competitive business environment.
The threat of administration and corporate insolvency remains despite signs of economic recovery and 68% of companies anticipating growth.
This figure has risen drastically from only 10% a year ago but with growth also comes potential risk – something that more companies are looking to manage.
Skills in niche areas such as those involving tax or credit management are seen to be increasingly important and advisors can help to ensure that the business is being run in a feasible manner.
Effective financial management
Smaller firms are also looking to more experienced individuals to ensure that the processes involved in the early days of business are all managed effectively.
This is important in the long run as financial management can prevent unnecessary expenditure and help to store extra funds for when they are needed most.
Mark Sheldon, the managing director of Hays Accountancy and Finance, spoke of “growing confidence among employers” as a reason for the increase in hiring.
He added that companies must work to retain existing staff as well as attracting new ones, which should improve the overall shape of the sector.
Some 70% of employers have reported pay increases in the past 12 months for financial-minded roles and that figure could rise yet further should more companies choose to hire.
Tackling financial issues is a key aspect to determining, and supporting, the long term future of a business and acting early is now seen as a vital component of this.
Businesses that remain unsure can always seek insolvency advice should they feel that the company is particularly under threat.
By Phil Smith