2022 saw an unprecedented demand for talent across the finance industry with a specific focus on consulting.
So, what does the finance market look like? Here is our latest finance market update, focusing on a 2022 recap and predictions for 2023.
2022 finance market recap
As a trusted partner to advisory firms for 10 years, we haven’t seen demand this intense. As a result, the market rebounded stronger than expected and companies are having to quickly fill vacancies for positions that were redundant during the height of the pandemic.
Research has found that workforce is the number 1 risk to growth
This is driven by the highest inflation in decades, the “great resignation” and skills shortages. Companies must therefore be agile in how they attract, interview, and retain talent. Brooks Quayle has deep expertise in the professional services industry and can help navigate interview processes to obtain favourable outcomes.
Top tip: Companies should be aware of the stiff competition they face and focus on intrinsic, tangible cultural differentiators to give them a competitive edge.
The 2022 finance market gave employees options when deciding on their next opportunity.
With companies having laid off a large percentage of their staff during the pandemic, the consulting market rebounded stronger than anyone could have predicted. With a talent shortage and the pandemic shifting the priorities of the workplace environment, employees were empowered with options and most had a strong focus on work-life balance.
Consulting, traditionally attracting the “road-warrior”, went from travel requirements of 80-100% to, on average, under 30%.
Candidates who left that lifestyle for more local, in-house roles are now being attracted back. Due to the variety of projects, exposure to multiple clients and lucrative compensation packages. Whilst bosses focus on their RTO policy, job seekers are still searching for flexible working arrangements to accommodate family life.
89% cite this as the most important work perk.
2023 finance market outlook
Whilst the global economy remains fragile going into 2023, we see this hiring trend continuing. In particular, a focus on transaction and accounting advisory services and distressed turnaround and restructuring work.
There is an increased demand for talent across the distressed sector, as government support during the pandemic softens and the sheer number of challenges companies are facing today will make it tricky for even the richest businesses to come through unscathed.
What has accelerated this impact after a relatively soft distressed market in 2021 is:
US GDP is now expected to grow by just 0.5% next year. Therefore, it is difficult to predict outcomes, but we envisage companies will have undoubtedly strengthened internal controls since the pandemic. Therefore, the effects should not be as seismic.
The lessons learned from the pandemic is that leadership teams should be more prepared to navigate any challenges they face.
How can Brooks Quayle help?
As a boutique recruitment firm, Brooks Quayle is agile enough to shift with the finance market. In addition, we can leverage upcoming and current hiring trends to help our clients fill vacant positions quickly, which is imperative in a candidate short market.
We have dedicated resources, and experienced recruitment teams, that partner closely with clients to ensure outcomes are met in the shortest possible timeframe.
Whether it’s a specific targeted hire or a large-scale hiring initiative, our teams have experience across the board.
For companies that want to bypass hiring bottlenecks and to be introduced to the top 10% of talent, contact us today and learn more about our engagement models.