Quarter 4 Overview
During Q4, after a relatively slow first half of the year, hiring levels continued the rise experienced in the previous quarter. We witnessed a lot of quick turn arounds, with much competition between companies wanting to get top candidates in place this side of the festive season, ready to hit the ground running in Q1.
Over the last 18 months, there has been massive expansion into alternative markets across several sectors. This is seemingly caused by two factors; firstly, in areas such as technology and financial services, firms have started to invest significantly in other territories, including Germany and Amsterdam (which has now become the trading capital of Europe and formed a tech hub) post-Brexit. As a result, we have seen several firms looking to gain market share within these locations.
Additionally, firms are trying to tackle the skills shortage by hiring in locations where they have access to a more diverse range of talent, causing recruiters to seek fluent speakers of other languages. As an example, French speakers are in demand, as companies prepare to take on new markets. This means that the top candidates with these skills are often off the market very quickly.
In terms of industries, Renewables, Finance and Tax have been strong performers. There is now a feeling of confidence for companies going into 2024 to really ‘kick on’ in the New Year after a good Q4. Demand for a great work ethic, alongside excellent written and communication skills, remains very high. Some companies are also looking towards some level of corporate or sales experience, and there has also been a focus on D&I.
Salaries have remained quite constant – if anything, they have slightly increased. It has not been uncommon for contingent recruitment companies to match the salaries of executive search firms. Typically, firms are offering salaries ranging from 25k to 30k to keep up with the competition and avoid missing out on the best candidates. They have also certainly felt the inflationary pressure of the market in the last three to six months. This is particularly prevalent at the junior end, where other industries have made significant improvements to entry-level salaries as a result of the cost of living crisis.
We’ve seen a lot of companies lining up hiring meetings for January/February next year, but the leading businesses are looking to get ahead of this and are hiring now to beat that rush. It’s often thought that this time of year is not a great time for hiring as the candidate pool is limited but this is a common misconception.
Forecast for Quarter 1 2024
Hiring activity is anticipated to continue to rise in Q1, especially across Renewables, Construction and Finance. It is likely that we will continue to see a particular demand for language speakers or candidates with previous sales/corporate experience. The message for 2024 is that businesses development is back and at the forefront of people’s minds, after many took their ‘foot off the pedal’ during the pandemic.
Salaries will almost certainly remain the same or even increase again slightly during Q1, after seeing a minor uptick in Q4. This main reason for this is because companies won’t want to risk losing their preferred candidates to other firms.
The biggest challenge for employers in Q1 will be the competition for premium candidates from their competitors. It will be important for companies to move quickly to secure their favoured candidate – otherwise they run a high risk of missing out. mation, data analytics, and advanced technology systems. In light of economic challenges, companies are expected to continue assessing and restructuring their debt portfolios. Hiring managers will likely seek candidates experienced in internal controls and capable of navigating financial uncertainties to contribute to strategic decision-making.
Communication skills, emotionally intelligent leadership, and proficiency in systems are anticipated to become even more critical in 2024. As remote and hybrid work models persist, professionals who can effectively communicate complex information, exhibit emotional intelligence in leadership roles, and contribute to system enhancements will be highly valued.
Despite economic uncertainties, the audit, tax, and treasury job market is anticipated to display resilience. The importance of these functions in maintaining financial stability and compliance will contribute to a sustained demand for skilled professionals.
Quarter 4 Overview
During Q4, after a relatively slow first half of the year, hiring levels continued the rise experienced in the previous quarter. We witnessed a lot of quick turn arounds, with much competition between companies wanting to get top candidates in place this side of the festive season, ready to hit the ground running in Q1.
Over the last 18 months, there has been massive expansion into alternative markets across several sectors. This is seemingly caused by two factors; firstly, in areas such as technology and financial services, firms have started to invest significantly in other territories, including Germany and Amsterdam (which has now become the trading capital of Europe and formed a tech hub) post-Brexit. As a result, we have seen several firms looking to gain market share within these locations.
Additionally, firms are trying to tackle the skills shortage by hiring in locations where they have access to a more diverse range of talent, causing recruiters to seek fluent speakers of other languages. As an example, French speakers are in demand, as companies prepare to take on new markets. This means that the top candidates with these skills are often off the market very quickly.
In terms of industries, Renewables, Finance and Tax have been strong performers. There is now a feeling of confidence for companies going into 2024 to really ‘kick on’ in the New Year after a good Q4. Demand for a great work ethic, alongside excellent written and communication skills, remains very high. Some companies are also looking towards some level of corporate or sales experience, and there has also been a focus on D&I.
Salaries have remained quite constant – if anything, they have slightly increased. It has not been uncommon for contingent recruitment companies to match the salaries of executive search firms. Typically, firms are offering salaries ranging from 25k to 30k to keep up with the competition and avoid missing out on the best candidates. They have also certainly felt the inflationary pressure of the market in the last three to six months. This is particularly prevalent at the junior end, where other industries have made significant improvements to entry-level salaries as a result of the cost of living crisis.
We’ve seen a lot of companies lining up hiring meetings for January/February next year, but the leading businesses are looking to get ahead of this and are hiring now to beat that rush. It’s often thought that this time of year is not a great time for hiring as the candidate pool is limited but this is a common misconception.
Forecast for Quarter 1 2024
Hiring activity is anticipated to continue to rise in Q1, especially across Renewables, Construction and Finance. It is likely that we will continue to see a particular demand for language speakers or candidates with previous sales/corporate experience. The message for 2024 is that businesses development is back and at the forefront of people’s minds, after many took their ‘foot off the pedal’ during the pandemic.
Salaries will almost certainly remain the same or even increase again slightly during Q1, after seeing a minor uptick in Q4. This main reason for this is because companies won’t want to risk losing their preferred candidates to other firms.
The biggest challenge for employers in Q1 will be the competition for premium candidates from their competitors. It will be important for companies to move quickly to secure their favoured candidate – otherwise they run a high risk of missing out. mation, data analytics, and advanced technology systems. In light of economic challenges, companies are expected to continue assessing and restructuring their debt portfolios. Hiring managers will likely seek candidates experienced in internal controls and capable of navigating financial uncertainties to contribute to strategic decision-making.
Communication skills, emotionally intelligent leadership, and proficiency in systems are anticipated to become even more critical in 2024. As remote and hybrid work models persist, professionals who can effectively communicate complex information, exhibit emotional intelligence in leadership roles, and contribute to system enhancements will be highly valued.
Despite economic uncertainties, the audit, tax, and treasury job market is anticipated to display resilience. The importance of these functions in maintaining financial stability and compliance will contribute to a sustained demand for skilled professionals.
[/fusion_text][fusion_text animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”large-visibility” sticky_display=”normal,sticky”]Salaries – London
| Role | Experience | Basic | OTE |
|---|---|---|---|
| Recruiter | 0 Years | £23k – £30k | £30k – £50k |
| Recruiter | 1 Year | £25+k | £40k – £60k |
| Recruiter | 2 Years | £35+k | £40k – £70k |
| Recruiter | 3 Years | £50+k | £50k – £150k |
| Recruiter | 4 Years | £50+k | £50k – £150k |
| Recruiter | 5 Years | £50+k | £50k – £150k |
| Recruiter | 6 Years | £50+k | £50k – £150k |
| Recruiter | 7 Years | £50+k | £50k – £150k |
| Recruiter | 8 Years | £50+k | £50k – £150k |
| Recruiter | 9 Years | £50+k | £50k – £150k |
| Recruiter | 10 Years | £50+k | £50k – £150k |