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Michael Page Finance 2012 Market Trends Webinar
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Michael Page Finance 2012Market Trends Webinar
of people expectthe eurozone crisis to be the biggest factorthat affects businesses this year, althoughincreased competition in their industry (16%) and internalchange/restructure (15.5%) are 2nd and 3rd priority.
Availability of the right talent is 4th (11%)
MARKET TRENDS
Growing customer base/market share in existing regions (26%) is the number one strategy for growth with increasingproduction a close second (19%).
MARKET TRENDS
Economic outlook shows some signsof improvement.
expect to move to anothercompany in the next two years.
This is supported in part by recent headlines like the newsthat GlaxoSmithKline plans to create up to 1000 new jobsin the UK following the cut on patent tax announced inthe last budget.
61%
MARKET TRENDS
would relocate globally for their next role -indicating that ambitious professionals may start to look at other global financial centres for rapid career progression.
MARKET TRENDS
The market is still tough and companies are knuckling down and trying to grow through selling more to existing customers and taking share from the competition.
It’s a positive sign that the majority of respondents expect to move company within the next two years, and thehigh proportion willing to relocateinternationally indicates that the best people are willing to move for theright opportunity.
However, many firms are restructuring this year and most are working hard to retain their best people. We are seeing shortages in certain key areas (e.g. candidates with change management experience) and overall the recruitment market is still being driven by the availability of people with the right skills.
SUMMARY
The functions that will be mostimportant within the financeteam are the ones thatsave money andmanage down costs -
management accountancy (24%), treasury/cash management (17%), risk management (15%) and credit control (12%).
KEY SKILLS INDEMAND
Say that meeting increased reporting demands from the business is the number one challenge finance teams are facing followed by implementing new systems or
processes (22%) and retaining key staff (15%).
KEY CHALLENGES FOR FINANCEPROFESSIONALS
Cost management is paramountbut competing effectively also requires investment, so professionals with the commercial skills to create strong business cases for investment and reducethe risk of new ventures are key (treasury, MA,risk management).
With many companies looking to reduce costs or addressopportunities by restructuring or implementing new processesthe finance function is even more critical for success. Financeprofessionals have a key role to play in delivering changeprogrammes ensuring that they deliver the expected benefits.
SUMMARY
The importance of soft skillsManaging increased reporting demands (heavier workload) and implementing change (new systems and processes)are the key challenges for finance professionals
are among the top skillsrespondents say theyneed to develop.
and presentation/communication skills
13%
it is therefore unsurprising that ability to influence
at board level
ADVICE FOR FINANCEPROFESSIONALS
14%
Define theright structure
for communications and stick to it
Prioritise developing relationships
even if it meansdelegating moreto your team inorder to free up
the time
Benefits sell tobe persuasive
- always explain to people what’s
in it for them
Hone your soft skills
by practicing on your team
TOP TIPS FOR INFLUENCING/COMMUNICATING
Staff retention will continue to be a key challenge for businesses. Many firms areconcerned about keeping their best people happy. Effective succession planning andpromoting/rewarding top performers will be critical to retaining the best talent andmeeting demand.
of respondents said that promotionopportunities would be the most importantretention strategy for their business this year.
In the recent Michael Page salary survey
PROMOTETO RETAIN
32%
Be rigorousabout
managingperformance
to KPIs
Considerthe whole
package as well as the
salary
Be transparentabout
opportunitiesand decision
making
Be preparedto take risks
TOP TIPS FORPROMOTING IN ORDER TORETAIN THE BEST STAFF
QUESTION 1What type of re-structuring are we seeing within companies?The key driver behind this is cost reduction leading to:
1. Flatter management structures removing tiers of ‘middle management’
2. Greater centralisation of core functions like procurement
3. Outsourcing standardised processes like payroll
4. Re-alignment of functions like IT and facilities management to report in to finance
QUESTION 2I’m thinking of moving abroad for better career opportunities,is now a good time to do it?- Be very careful. Clients typically prefer candidates to have previous experience of working in their country when hiring so moving may be harder than you think
- There is no guarantee that conditions will improve quickly here, may not be jobs waiting for you when you get back
- With finance you need to make sure your professional qualifications are recognised in the country you’re moving to
- You also need to consider whether or not the experience you get will be valid when you return. In some areas like Tax, overseas experience won’t be relevant
QUESTION 3A lot of companies are very specific about the experience they want. For people who want to move into the “in demand” areas you mentioned like management accounting, what’s the bestway to make sure your skills and experience get you noticed?- The driver behind clients being specific about the experience they want is lack of appetite for risk
- You therefore need to develop yourself as much as possible within your existing role to show you have gained experience and skills that make you a better candidate for the role you want
- Maximise opportunities in your existing role (secondments, shadowing, study towards relevant qualifications)
- Show initiative and push for more responsibility/expand your remit - aim to add value to everything you do
- Develop good soft skills through client facing work
- Overall, you need to accept that this is a process that will take time. Changing the direction of your career quickly is very difficult in the current market
QUESTION 4How are companies planning to grow market share?Varies by industry sector but overall companies are looking for ways to add valueto their propositions to market, e.g.
- Retailers discounting prices
- FS product innovation in the retail banking sector (cashback accounts etc)
- E&M all about driving greater efficiency to reduce the cost base and passing on savings to customers
QUESTION 5For the 61% that say they expect to change role in the next two years, any indication on which sectors/regions they’re moving to?- We saw a lot of activity in the energy and power sector in the second half of last year, and a pick up in some of the retail sectors, media and fast moving consumer goods
- It is very tough to predict at the moment, trends die away as quickly as they come
QUESTION 6For companies who are not in a position to offer large bonuses or salary increases to boost retention, what other benefits are most popular with employees?- Support for personal development so secondments/training/new challenges
- Flexibility with working hours
- Childcare facilities