Insights

Q4 2021: Switzerland's Finance Market of 2021 so Far

Q4 2021: Switzerland's Finance Market of 2021 so Far

As we enter the final quarter of 2021, it seems a good time to look at how the Finance market in Switzerland has evolved from the perspective of both job seekers and employers.

Q1       

Job Seekers – more opportunities advertised direct, but high volumes of applicants and a frustrating lack of feedback when applying for roles.

Employers – a focus on advertising direct, rather than using recruitment consultancies, to save cost and take advantage of candidates needing work. The high application volumes masked a decline in relevance, as individuals who had been displaced were forced to apply for a number of jobs to maintain their support.

Q2       

Job Seekers – as lifestyles were reviewed post-COVID-19 and the return to the office got nearer, the working from home factor became more important for candidates.

Employers – competition for talent increased and we saw more counter-offers from employers trying to retain employees. Companies unable to offer work from home flexibility struggled to attract high quality individuals. More recruitment processes required support from recruitment consultancies.

What happened in Q3?

Job Seekers

  • An increase in career moves from passive candidates, but a preference to work with recruitment consultancies, rather than applying direct, partly due to time restraints, but mostly due to very specific career aims
  • More opportunities for good candidates, resulting in multiple offers for some
  • Counter-offers by current employers are being experienced more frequently
  • Frustrations about directly-advertised positions – particularly relating to salaries
  • Negative employer brand experience, due to the lack of feedback from direct applications

Employers

  • Unexpected vacancies appearing as passive candidates re-engaged their career plan and started securing new roles
  • High levels of competition for talent resulted in some upward salary pressure
  • Work from home policies were challenged by potential employees
  • Recruitment timelines needed to be shortened to avoid missing out on desired candidates

What do we expect in Q4?

As the impact of COVID-19 reduces, the new normal becomes clearer and business confidence increases. Many projects and developments that were put on hold are now being brought back into current plans.

All of this is good news for Finance candidates seeking new opportunities, but it means we will see more movement in the Swiss market, as individuals who have been happy to sit tight for the last 18 months put their career plan back into action.

How can EMEA Recruitment help you?

In a market that is changing quickly, the most valuable commodity to both job seekers and employers is timely and accurate insight. As specialists in Finance recruitment in Switzerland, the Finance & Accountancy team at EMEA Recruitment has this in abundance, and is happy to share with both candidates and clients.

If there is anything you would like to know about the Finance market in Switzerland, to either help you plan your next career move or to assist you in recruiting more effectively into your business, we would be happy to talk to you.

Get in touch with the Country Director, John Byrne: [email protected] 

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When Should Salary be Discussed in the Recruitment Process?

When Should Salary be Discussed in the Recruitment Process?

A few weeks ago, we put out a poll via LinkedIn, asking the question: “At what stage should salary information be available when applying directly to a company?”

This was clearly an emotive topic, as the poll received over 3,300 votes and 90 comments sharing thoughts and debating various points.

The results were as follows:

  • Salary should be on the advert – 62%
  • First screening with TA/HR – 28%
  • 2nd or 3rd interview – 6%
  • Final interview/offer stage – 5%

The results speak for themselves; people feel that salaries should be discussed sooner, rather than later, but is this likely to happen in the current market?

If you are a candidate who is actively looking for a new role and has multiple interviews ongoing, it can be an exhausting process, particularly when some processes could be concluded far earlier if salary information was known. As one commenter said: “In a restaurant, would you choose something from a menu with no prices?”

The lack of clarity at an early stage can make the recruitment process inefficient and ineffective for both candidates and companies, particularly as similar job titles have huge variations in salaries attributed to them.

The impact on recruitment

A company recently advertised a position with a Controller job title, resulting in over 70 applications, but salary was not addressed until the final interview stages. Ultimately, salary differences ruled out the preferred candidates, meaning a lot of time had been wasted on both sides, without achieving a result. Our extensive market knowledge means we know the role attracted interest from people looking for between 150-300k CHF, despite the salary available being below 200k CHF.

EMEA Recruitment then supported the company and provided a shortlist of candidates who met both the job and salary criteria within a very short space of time, resulting in a successful appointment.

Will things ever change?

We do not think the commercial sector will revert to adding salaries to their advertisements, primarily for reasons of confidentiality with regards to current employees.

This is one of the key reasons why hiring will continue to move to recruitment consultancies, particularly in a competitive recruitment climate where the process needs to be as efficient and speedy as possible.

As an agency, although we don’t typically advertise salaries on our adverts, we always discuss packages with people in the first conversation we have with them about a job, to ensure an efficient and transparent process.

Our job is to engage with the best talent in the market and, just because one role we are recruiting for might not fit, we will often have another opportunity that will. Very often, by having a chat with someone, we get a sense of other companies or roles that could be a match for them, which wouldn’t be possible if they didn’t apply.

As competition for high quality individuals has increased, we have recent examples of companies paying up to 30k CHF above the planned salary in order to secure a highly sought-after individual.

As recruitment professionals, our job is to be transparent with all parties. Therefore, we sit firmly in the camp of checking salaries at the first screening/interview stage, and to continue checking at every stage of the process, just in case something has changed along the way.

If you would like to discuss any aspect of this report, current market conditions or our recommendations for a smooth recruitment process, whether as a candidate or a hiring/recruitment manager, don’t hesitate to get in touch with John Bower, Director for Finance & Accountancy recruitment in Switzerland: [email protected] 

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Which Procurement Skills are In Demand?

Which Procurement Skills are In Demand?

With Procurement under increased pressure, the skills that are in demand are changing...

As a result of multiple factors, including, but not limited to COVID-19, Procurement departments have experienced significant stress in the last 18 months, and this is predicted to continue, especially within a number of harder hit direct material commodities and those industries subjected to continued oil and gas price fluctuations.

Material availability, price increases, volatility and supply chain disruptions have all come to the fore, creating a perfect storm within Procurement & Supply Chain. This has highlighted the need for Procurement leaders to develop or seek different skillsets. Before this disruption, commercial ability, stakeholder and relationship management, understanding of data and digitization, and cross-functional integration were all desirable skills, but now they are becoming essential for our clients.

To survive in the new market, Procurement leaders need to be predictive and agile. They need to understand trends and integrate cross-functionally now more than ever. The challenges brought mean the skills that Procurement leaders were discussing as highly desirable or skills for the future are skills for now; they are becoming the basic toolkit Procurement professionals need to navigate a new landscape for the coming years.

Our clients are seeking influencers, not the traditional strong negotiator – just being price focused, negotiating tough rebates, liabilities etc. are given hard skills, but they won’t build Procurement’s influence across the wider organisation. In the new landscape, a strong negotiator is someone with the capability to understand internal and external requirements and foster long-term partnerships; it’s an individual who can identify mutual wins while combating risks and protecting profits through market trend planning.

Growth of the global, commercial mindset

When availability of materials is low and competition is high, risk reduction and profit protection isn’t as simple as diversifying the supplier base or last minute alternate sourcing, and this is where the benefits of the new skillset arise.

Being innovative, proactive and anticipating change or challenges is also increasingly important. Being able to identify potential issues before they arise has always been a great benefit, but with the digitalization of businesses as a whole, and swathes of new data and ways to use this becoming available to Procurement leaders, the playing field is definitely not even.

Successful Procurement leaders need to be relationship-focused, data-driven and able to use new technologies to allow their businesses to become more integrated and agile.

For more information on how to upskill your workforce, yourself or simply to understand where your specific industry trends are heading regards talent attraction, please get in touch: [email protected]

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Are you Losing out on Top Talent?

Are you Losing out on Top Talent?

As we move into a candidate-led market, having one of the busiest summers we have seen, EMEA Recruitment would like to share some experiences on how to avoid losing top talent for your business.

We recently conducted the following poll on LinkedIn, asking our Dutch network whether they would take steps to speed up the recruitment process, if this meant you’d be more likely to secure top talent. The results were as follows:

Would you speed up the recruitment process to hire the best candidates?

  • Yes, I’d remove bottlenecks – 60%
  • Yes, I’d utilise technology – 22%
  • No, I wouldn’t change – 10%
  • No, my company wouldn’t allow it – 8%

The majority of respondents said that they would try to remove bottlenecks in order to hire top talent. Another 22% would use technology to speed up the process, while just 10% said they wouldn’t change their hiring methods and 8% didn’t feel their company would allow faster recruitment.

So, how can we ensure we can hire top talent?

  1. Speed – Good candidates will have more than one process. Delays cause loss of engagement and good candidates will often have more than one opportunity.
  2. Flexible working - Are you able to offer the candidate the flexibility they need?
  3. Internal processes - Are you aligned internally? Communication between hiring managers and Human Resources/Talent Acquisition should be approved on requirements and timelines.
  4. Your recruitment partner - Utilize your consultant. We are here to ensure we have touchpoints with both candidates and clients. This can be critical in a process where a candidate is in demand.
  5. Feedback - Delayed feedback and next steps ultimately lose candidate engagement.

If these challenges sound familiar, we would be happy to discuss our experience and offer advice on how to streamline your recruitment procedure, in order to attract and secure top talent for your team.

Get in touch with Hannah Mallia, Director, for our Dutch market insights: [email protected]

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Q3 2021: Finance Market Update in Switzerland

Q3 2021: Finance Market Update in Switzerland

Following the first two quarters of the year, we have insights on the Swiss employment market for Finance & Accountancy professionals…

The recovery continues! Q2 2021 saw a continued increase in the number of Finance opportunities in Switzerland and further evidence of movement at more senior levels.

Business confidence is growing; some industries are already seeing increased revenue, either from traditional markets or as a result of exploring new markets, due to a more agile approach developed through changes forced by the pandemic.

Flexibility within the Workplace

As we prepare for a return to a more normal life, the question of flexibility is high in the agenda of both employees and employers. Our recent Swiss employment market poll on employee working preferences produced a startling change in attitude over the last eight months:

  Oct 2020 Jun 2021 Change
1-2 days from home, the rest in the office 47% 42% -5%
3-4 days from home, the rest in the office 38% 43% +5%
5 days from home 10% 11% +1%
5 days in the office 5% 4% -1%


The June 2021 poll produced the highest engagement levels we have ever seen on LinkedIn, but we were surprised to see such an increase in those wanting to work 3-4 days from home, compared to the previous top ranked answer of 1-2 days.

When comparing to employer sentiment, it is noticeable that most company return-to-work announcements have focused on three days in the office, highlighting an obvious difference in expectations between employees and employers.

After the return to the office happens, we may see a change of view from individuals, as they get used to commuting and engaging with colleagues, but either way, flexible working will be a hot topic for some time.

How is this Impacting the Swiss Employment Market?

We have already experienced candidates rejecting job offers due to lack of flexibility being offered by new potential employers. Once working from home conditions end, we are expecting to see an increase in candidates entering the marketplace if employers are not prepared to accommodate flexible working.

In the meantime, companies offering enhanced flexible working arrangements are likely to have a competitive advantage in the market, which will assist with both retention and attraction.

Market Hotspot

We have seen a significant increase in Finance roles requiring skills with data visualisation tools, such as Tableau, Power BI and Qlik suite. Considering the small candidate population with significant exposure to this software, we predict a battle for talent in the coming 12 months, as companies assess rapidly changing marketplaces.
 
EMEA Recruitment has led Finance in Technology events in the region over the past few years and is therefore well-positioned to discuss any plans you are considering in this area.

If you are a candidate with experience of any of these tools, we would like to hear from you immediately regarding Finance opportunities in Switzerland: [email protected] 

 

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In-House D&I Training: Speaking to Clients about D&I

In-House D&I Training: Speaking to Clients about D&I

Following a recent Diversity & Inclusion training session for all EMEA Recruitment staff members regarding bias, we welcomed back our Ambassador, Valentina Coco, for more in-house D&I training.

In the previous session, Valentina focussed on bias, specifically, our own biases, and how these affect our lives.

In this follow-up session, we explored whether our clients are aware of internal biases and D&I, how to bring this topic up with them, and managing the most common pushbacks to D&I initiatives.

We explored how to introduce the subject in conversations with our external clients, and how to explain the benefits of a diverse workforce and inclusive culture for businesses.

Valentina explained the consequences of an employee or group of employees feeling excluded in the workplace.

We also discussed why diverse teams and inclusive environments foster higher performance, better decision-making and stronger growth.

Valentina acknowledged why it may not be easy to discuss and implement D&I practices, but explained that that’s why it works. If something is easy, it typically doesn’t challenge people or go to the next level.

Although differences can be hard to manage, they often spark creativity and innovation when you embrace them.

Due to the global focus on D&I, our Consultants are regularly having conversations with clients regarding building diverse workforces and creating an inclusive environment.

Some of these conversations can be difficult, so Valentina explored some common pushbacks and challenges that we may be faced with. As a group, we discussed why some clients might struggle with D&I and how to address any concerns or issues that may arise through such topics.

Valentina created an open environment for us to ask questions and raise discussion points throughout the training session. She will continue to deliver in-house D&I training on a regular basis for all EMEA Recruitment staff members.

Valentina Coco is an Ambassador of EMEA Recruitment, as well as the CEO and Founder of Coco Consulting & Coaching. She trains teams to develop an inclusive working environment.

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