Overview
The Australian recruitment market has stayed buoyant despite the global credit crunch which has heavily affected both the European and US markets. The Australian economy has the advantage that it’s still heavily bolstered by its close ties to Asia and the resources boom. This is predicted to continue as developing nations such as China continue to consume at a rate that outstrips supply and this has a knock on effect into other sectors sustaining the economy as a whole. Australia is forecast to enjoy the highest economic growth in the OECD in 2008. Although. Australian companies have become more cautious because of the global crisis, they still have a healthy need for qualified accountants and the outlook remains positive for the rest of 2008. Financial Services
The much publicised ‘credit crunch’ has had an effect on the financial market however people with strong skills are still finding work relatively quickly. The American Banks were first to feel the changes in the market with head count freezes quickly put in place, along with lengthy sign off processes to employ additional permanent staff. Domestic banks have held up much better with solid profits to June 2008 although they too are closely monitoring costs. As permanent hires continue to be scrutinized we are seeing increased requirements for contract staff to continue business critical roles. The credit crunch will continue to be the key factor affecting the market for the rest of 2008 however we’ll also see some opportunistic deals happening as company share prices continue to fluctuate, either driving M&A opportunities or forcing companies into fire-sale situations as has been the case recently. Again these deals often require additional back office staff in the form of contractors to cover a spike in work loads. Commerce and Industry
The commercial accounting market has remained buoyant despite the global credit crunch. Low unemployment, continuing shortages of candidates, and the ongoing strength of the resources, mining, and construction industries are ensuring ongoing demand for Accountants. Additionally, Increased reporting requirements, the growing complexity of tax laws and the continuing need to comply with IFRS has driven a shortage of strong financial and tax accountants. Clients have looked to fill gaps with contactors, and candidates with strong technical knowledge gained from the “Big 4” are highly sought after. As businesses continue to focus on increasing efficiency and driving performance through sound analysis and decision support we have seen a consistent need for contractors with strong analysis, systems skills and relevant industry experience. Whilst the offer of a four year business visa has been common place in financial services for some time, continuing shortages of quality candidates has seen the recent emergence of this trend within C&I. Communication and business relationship skills have become an even higher focus for companies as the commercial focus of accountants continues to evolve. Consequently we have seen an increase in the number of people securing roles where they may lack some of the technical skills required, but make up for it by displaying the right cultural fit in interview and the potential to progress within the organisation. Newly qualified Accountants moving from the “Big 4” are becoming increasingly aware of the employment market, the demand for their technical expertise and the increases in salary that a move to industry can afford them. On this basis we have also seen increased numbers exploring opportunities outside of practice. |