Despite the current working from home restrictions and the rising COVID-19 case numbers, the start of 2022 feels much more positive than 2021 in Switzerland's Finance employment market, as businesses have learnt to adapt to different ways of working and confidence remains high.
Although recruitment slowed slightly in December, it was only to the level that is normally expected at that time of year and the first quarter of the year is likely to see a growth in opportunities available within Finance & Accountancy.
What happened in Q4?
We saw further evidence of the competition for talent and many candidates found themselves in the fortunate position of having a choice of job offers to choose from, including counter offers from their current employer, due to the desire and need to retain talent.
The temporary work from home restrictions raised the subject of hybrid working again and businesses requiring four or five days in the office found that their choice of candidates was more limited. Should this trend continue, then companies recruiting 100% office-based employees will seriously damage the quality of their workforce.
Following on from our market insight article in July 2021 around increasing interest in candidates with strong data visualisation experience, we have seen a rise in the number of employers asking for Finance professionals with advanced skills in Power BI, Tableau and other such packages. When we have identified good candidates with this profile and taken them to market, there has been a positive response, resulting in both interviews and placements.
One of the things that has become increasingly apparent, but over a much longer period of time, is that the continued relocation out of Switzerland of transactional and more junior Finance roles at international companies has made recruiting at this level far more difficult, as the audience for these roles has reduced in size.
What do we expect in 2022?
Businesses have been dealing with change due to COVID-19 for nearly two years, and have introduced new working practices and methods to ensure continued operation and progress. This improved change management capability, coupled with the mitigation of COVID-19 impact provided by vaccines and boosters, suggests that 2022 will be a stronger year than 2021, with more opportunities for Finance professionals.
Competition for staff will remain strong and may result in pressure on salaries and benefits, as candidates have more options available to them.
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 market, 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: email@example.com
As we head into the final quarter of the year, Katie Insley, Associate Director, sheds light on the HR recruitment market and its future...
HR conversations continue to focus on the future of the function, how HR technology will shape this from a service and process perspective, and how artificial intelligence will be further adopted and integrated.
Advancements in HR technology and AI have the potential to make many of the tasks undertaken by people today redundant but, at the same time, have the potential to create new roles more suited to a data-driven and digital world.
Over the last quarter, we’ve continued to see an increase in roles around HRIS Optimisation, HR Data Consultancy, People Analytics and Talent Analytics, all which require a technical mindset, a customer focus, and the ability to engage with stakeholders and be a great storyteller.
The continuing evolution of HR technology can however create a level of anxiety in the workforce and businesses need to take action. It is important for organisations to understand how these changes may impact the current workforce and their levels of engagement. Employees may be concerned about the security of their role but, if a company starts to act now, the changes can be seen as an opportunity, as opposed to a concern.
If a business is able to identify how HR technology and AI will change the roles and talent required in their organisation, they will have enough time to understand the skills gaps. They’ll be able to put measures in place to retrain the current workforce, therefore retaining employees, increasing employee loyalty and engagement, creating more effective succession plans, and ensuring the business has the skills needed to be successful in the ever-evolving modern world.
Many of our Executive Interviews explore this topic, as it’s clearly on the minds of HR leaders. It was also a topic of conversation at our recent CHRO dinner. This was such a great opportunity to bring together a group of HR executives to discuss pertinent issues in the HR space, sharing experiences and challenges. If you’re interested in being involved in future HR leadership events, do reach out: firstname.lastname@example.org
In today’s recruitment market, demand for talent is heavily restricted and continues to be candidate driven across the junior to senior level.
To be at the top of the competition, it is crucial for you, as the hiring manager, to offer the candidate the right opportunity with clear plans of progression - not a sidestep where they are doing the same role for more reward.
We are noticing that the biggest motivation to move in today’s market falls to the following:
How can you do this when recruiting into your team?
First, what profile are you looking for? If you have a strong desire for a particular level of experience in local reporting, you know this is non-negotiable for your business.
However, think about why someone who does this role already would move to your company to do the same role. Think of ways this person can progress and move up in the company.
To retain the best talent in your company, this is what you need to be outlining. This is where you sell yourself to the candidate.
As recruiters, we hear, “This role will have progression opportunities” all the time. Be direct about what progression opportunities are available and ask the question of why the candidate should move.
Secondly, identify a success story. If you have a profile that may fall slightly below the criteria - maybe they don’t hold enough Dutch GAAP or don’t have enough payroll processing experience - offer the training and development to the candidate.
While this can take time, look at how attractive your role becomes and look at the success story you can create in your company. You as the manager have achieved this and, in turn, this profile is likely to stay with your business in the long term, given the time and value you have invested in them.
This is where EMEA Recruitment can add value. We are a candidate-driven business and skilled in mapping the candidate’s motivation to the right business, where they will add value to your organisation and thrive.
If you’d like to speak to me about how we can assist you in your search for talent, please get in touch with me at email@example.com
We continue to see a buoyant jobs market in Switzerland, particularly within the Procurement, Supply Chain and Operations space. Competition therefore remains high; candidates have heightened leverage and, thus, it is more important than ever for businesses to offer competitive packages in 2023.
This is highlighted in the ongoing upward trend of not only higher salary demands, but also a strong focus on other Employee Value Proposition factors – such as substantial home office options, company/corporate culture and value considerations (such as Diversity, Equity & Inclusion), career progression opportunities and other benefits outside of the base salary (gym memberships, half fare travel cards, lunch vouchers, etc.).
Our Consultants are also reporting a further push on what may be described as the ‘squeezed middle’ – a combination of mid-management level positions or roles where a strategic and leadership element is at the forefront, but often is combined with a desire for candidates with an operational background and hands-on practical experience. This sector of the market is running exceptionally hot, and is expected to drive growth and job flow throughout 2023.
If you are hiring and facing challenges on talent attraction in line with the above, or are open to new opportunities yourself and wish to talk through the market, please reach out to me at firstname.lastname@example.org
Events & Networking
We continue to see the popularity of both in-person and virtual networking events. Our network is continually feeding back a desire to attend these events and there is a general consensus that they are critical for success in today's competitive work environment.
Networking can help you expand your knowledge, opportunities and relationships, and enhance your fields of understanding.
22nd June - Save the date!
EMEA Recruitment has a joint event with CSCMP Switzerland Roundtable on 22nd June, where we will be helping explore the topic of Supply Chain skills and people. EMEA will be among the professional presenters at this event to give a market overview of Supply Chain skills, demands and trends across Switzerland.
Please get in touch with me (email@example.com) and let know if there any areas you would like us to explore specifically.
As we concluded 2022, we experienced normal market conditions across Switzerland. And, as predicted, an extremely high volume of hiring started from January onwards.
At EMEA Recruitment, we analyse market data so that we can understand trends and skills shortages to provide factual evidence to our candidates and clients. Some of this data - and feedback from companies that were recruiting during Q1 - has been used to produce the following overview:
What do we expect in Q2?
Business sentiment is still positive, so we expect to see a very busy quarter again for Finance recruitment. We also predict continued pressure on salaries as the battle for talent remains fierce.
Having access to current market information, whether you are job-seeking or recruiting, is more important than ever before.
If you would like to discuss your own career situation or hiring into your team, we would be happy to speak with you. Please reach out to Mark Robinson, Insight & Optimisation Director, for a confidential discussion: firstname.lastname@example.org
2022 has undoubtedly been a time of reflection and change, and quarter 4 continued this trend.
We saw the increased demand for Logistics specialists within Procurement & Supply Chain and the emergence of new standalone categories in energy/utilities.
The current crisis in Ukraine - and the ongoing geopolitical influence across Europe - is having far-reaching effects.
Supply Chain has had a relatively smooth ride since its adoption in the late 70s with the introduction of Just in Time (JIT) methodology, created by Taiichi Ohno for the automotive industry (Toyota).
However, are we seeing the end of it? Logistics is a critical player in the success of the JIT process. Unfortunately, due to the rising cost of fuel and the lack of available drivers across Europe, it may not be sustainable.
What is the alternative?
Digitalisation is the apparent solution. However, are organisations willing to spend the money on implantation and development? This will not be a quick fix; another obvious answer may be Just in Case, which is very much the opposite of JIT.
Unless you have a crystal ball, we need to embrace multiple solutions, and digitalisation must be part of this discussion. Data is crucial in an ever-changing world, and systems must be more robust and versatile to external effects.
Change in the market
From a recruitment perspective, we have continued to see an evolving market again, driven by geopolitical influence and the rising cost of living.
Change is positive. It creates both opportunities and growth. EMEA Recruitment has adapted to these changes by continuing to listen and learn. Q4 saw the expectations of candidates change drastically, from wanting work-life balance in August (EMEA poll of 120 candidates) to salary negotiations in October. Now, the overriding message is job security.
From the aftermath of the Christmas rush - particularly within the FMCG sector - we will continue to gain valuable insight into the market. Organisations certainly recognise the vital role Procurement & Supply Chain plays in the overall success of a business and is no longer just a cost centre.
EMEA Recruitment are keen to support candidates and organisations in their ongoing development and transformation. For further infomation on how we can support you, please contact, Richard Bailey. We wish everyone good fortune for 2023 and look forward to what the year has to offer.
As we enter the New Year, Mark Robinson, Associate Director in our Finance & Accountancy team, shares an insight into the Swiss Finance recruitment market...
First of all, Happy New Year to everyone. We hope that 2023 brings you good health, happiness and success.
The New Year begins with far greater confidence than in 2022, due to the control achieved over COVID-19 and, despite some current market challenges, the economy in Switzerland remains positive, particularly compared to European neighbours.
Inflation is expected to reduce to 2.4% (source: Swiss National Bank) and the country will continue to achieve growth in 2023.
Finance recruitment market
There is traditionally a lull in recruitment in December before an increase in activity in January. This means that companies find recruitment difficult in January, due to the higher level of competition.
However, in 2022, the market was busy all the way up to the festive season, with many companies continuing try to attract talent in a typically quiet period.
We undertook significant research in the last quarter of 2022 about the methods that mid to senior level candidates use when job seeking. This confirmed that professionals find direct job applications an increasingly inefficient and impersonal way to secure their next career move.
We heard strong preference for securing a new role through a recruitment consultancy or through a known network, which partly explains why so many companies are struggling to attract the talent they desire through simple advertisements.
The competition for quality candidates remains strong, with companies struggling to attract interest from the passive market. This is where EMEA Recruitment provides the most value, being able to use our network and market knowledge to ensure that the best - and most suited - talent in the market is made aware of opportunities that fit their career goals, even when those individuals are not actively engaging with the recruitment market.
Market shortage/pressure point
In 2022, one area where we started to see increased recruitment activity at large companies was in Environmental, Social and Governance (ESG), as the new reporting regulations came into effect.
As a new field of reporting, there are very few candidates who already possess this experience, so those individuals are likely to have a wide range of opportunities to choose from in 2023.
Is ESG an active area of recruitment or interest for you? If so, please get in touch. We would be happy to provide further information and share thoughts from the wider market about this subject.
Hybrid working – follow-up to Q4 2022
In our last newsletter, we discussed how hybrid working has brought many positives to the workplace, but has also resulted in some challenges for both employers and employees.
We have seen some pushback against working from home in the USA, most notably at Tesla and Twitter, but also some other companies in the tech sector. However, the vast majority of businesses are still very much on board with developing their strategies to make hybrid working as effective as possible.
We recently ran a LinkedIn poll to ascertain our network’s latest thoughts about hybrid working, as shown below:
What do you think are the biggest challenges associated with hybrid working?
Will the challenge of maintaining company culture lead to changes to career development for candidates in the future?
Instead of staying with a company and progressing, these results suggest people are likely to move more regularly, as they are less engaged with their employer.
Those with a significant length of service at one company and a number of promotions on their CV/resume are typically the most desired candidates in the market. If individuals are less engaged with their employer, we are likely to see shorter tenures at companies in the future, so the most desired CV could look very different.
We are all used to a marketplace that changes quickly and can be affected by a range of global factors, but that does not make recruitment any easier. Switzerland is in a much stronger position than many of its neighbours, so we expect to see another exciting year of recruitment and new opportunities coming to the market.
If you would like to discuss your own career or are recruiting into your team, we would be happy to speak with you. Please contact Mark Robinson: email@example.com