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How to make the move from Financial Controller to Finance Director

How to make the move from Financial Controller to Finance Director
How to make the move from Financial Controller to Finance Director
Progressing from a Financial Controller to a Finance Director is an ambitious career move that requires a strategic approach, continuous skill development, and strong leadership. The scope of a Finance Director’s responsibilities are much more expansive and to take that leap you’ll need to make sure you’ve worked on the skills needed to succeed in, what can be, a highly pressured role.

We know that as your company’s Financial Controller you’ve already mastered financial analysis, budgeting, and reporting. But as the Finance Director, you’ll need to deepen your understanding of financial management strategies, risk assessment, and capital allocation. Perhaps the most difficult part of any transition from senior executive to business leader is becoming a visionary leader with the ability to communicate effectively.

Here are some key areas to focus on if you want to progress your career:

Develop Strategic Thinking


As they work closely with the Board, Finance Directors are integral to shaping the long-term vision and strategy of an organisation. Therefore, during your tenure as Financial Controller, you should familiarise yourself with the broader business landscape, industry trends and conduct competitor analysis. Collaborating with other departments to gain insight into the company's overall business operations will enable you to have a sense of the ‘big picture’. You need to enhance your understanding of how financial decisions impact the entire organisation and must learn to think beyond numbers and understand the overall business implications of Finance Director’s decisions.

Leadership and Communication Skills Are a Must


Effective leadership is crucial for Financial Directors, so work on your interpersonal and communication skills. It is likely that as Finance Director you will be managing a team and interacting with senior stakeholders on a daily basis. Seek to lead and not follow by piloting projects that showcase your ability to motivate and mentor others.

Build Your Personal Brand


Building a strong personal brand is crucial for aspiring Finance Directors as it establishes your expertise and credibility in the finance field beyond your organisation. Leverage social platforms like LinkedIn to share insights, publish articles, and engage with the finance community. Cultivating your reputation as someone who is reliable and ethical is vital, as trustworthiness and integrity are highly valued in financial leadership positions.

Find a role where you will be mentored


Being mentored by a CFO or Finance Director is also a great way to give yourself an advantage in your career progression and you should keep your eye out for roles which might offer this opportunity. As existing Finance Directors make their succession plans, it’s becoming more common to offer mentoring to FC hires, who then might move into a Head of Finance type role, reporting into an FD or CFO. Be careful not to overlook these sort of opportunities as not offering a big enough step up - remain open-minded as it could just be the opening you are seeking.

Network and Build Relationships


It might seem easier to stay in your office and not venture out, but successful Finance Directors interact with senior stakeholders, the industry and more junior members of staff on a daily basis. You have to feel comfortable talking to people at all levels. You can do this by building relationships within your organisation and beyond, by attending industry events and conferences. Take every opportunity to network with professionals from other companies and gain insights into best practices.

Move Up or Move On


This can sound a little aggressive but hear us out. If you’ve gone as far as you can in your current organisation and you feel that the opportunity to evolve isn’t there, then isn’t it time to consider making a move? Many larger organisations will often want to hire people who are already at the Finance Director level. So consider applying for Finance Director roles with smaller businesses, get the title and experience – then, when you want to take the next step, this will get you noticed, and on Finance Director shortlists against Financial Controllers from larger organisations. Also, having the Finance Director role on your LinkedIn profile will make you much more visible to recruiters and talent acquisition teams for future career moves.

Transitioning from a Financial Controller to a Finance Director requires a combination of technical expertise, leadership skills, and a forward-thinking mindset. By proactively seeking opportunities for growth, building a strong network, and honing your strategic skills, you can position yourself for success and advance your career to the executive level. But also remember that if you’re not progressing the way you want to, you’re not stuck.

SRM Recruitment works with finance professionals on a daily basis seeking to progress their careers. Speak to our expert team today for an informal conversation about your next career move.
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Invest in your recruitment processes and find a recruitment partnerwho ‘gets’ you: a Q&A with Jody Rolfe, FD at TUI.

jody rolfe
jody rolfe
Hiring into a busy finance team can be challenging, but there are some tips you can heed to make the most of your recruitment process and find the best talent for your company. Luke Higgs, Regional Director for SRM, had the pleasure of speaking with Jody Rolfe, Finance Director (Commercial) at TUI about his current role, his advice for those looking to hire finance professionals and how to get the most from your recruitment partner of choice.

Q: Jody, first of all, tell us a bit about your role as Finance Director at TUI?


I’ve been at TUI in total for a decade now. My current role is Finance Director for all things commercial in the UK; what I like to describe as the “fun stuff of finance”. We’re involved in all the strategy, all the trading and finance decisions that the business makes. We really pride ourselves on being right next to the business, as close as we can be, helping them to make the best possible decisions by looking both backwards, forwards and at our competitors.

The team is now at around 40 people and is split into four sub-teams. Our commercial team is heavily based on the different areas of TUI’s business; our Crystal Ski business, the Ireland business, our main TUI Tour Operator and finally, our River Cruise business. That area of the finance team supports the commercial function in setting trading targets, looking at our margins and cost bases, thinking about our budgets and decisions around ancillaries etc. We also have a sales and marketing team; their role in the finance team is to partner with the sales and marketing function, to make sure we sell as many holidays in the most efficient and best way as we possibly can. We have an overheads team that look at the various costs in delivering all those things, so head office costs, staff costs and all the decisions around people. There have been some real positive movements in that area recently too, such as improved maternity and paternity pay options for our staff. Our final team is the FP&A team – they bring everything together for all the UK, working with areas outside of our direct control such as the Airline and Group functions, to bring an overall picture of where we’re going, what we’re looking like, what our reporting looks like. It’s all quite fun and very interesting.

Personally I’ve had many different roles across those different teams at TUI over the last decade, with a brief stint at a major UK supermarket for about 18 months in between. But I believe TUI has something very special about it and a lovely culture. SRM Recruitment know us very well - you hopefully understand why so many of us have been here for so long.

Q: How has the finance team grown and changed since you joined TUI?


We’ve definitely become more of a Group, and less of a UK market. We’ve been starting to leverage economies of scale and looking at how we can do things together. Internally, we often talk our team using the analogy of a F1 car and every different market has its own driver. Personally, I like to think I’m Lewis Hamilton! Basically, we all have the same car but with slight modifications – so the systems we use, the tools we use, the IT infrastructure and strategy we have is broadly the same, and the car therefore is broadly the same – but it’s tweaked for each individual driver (and therefore market) to get the absolute maximum out of it.

This is where I’ve seen things change the most – but it allows you to spend more than you would individually on these things and hopefully get something better out it. Of course, it sometimes creates some internal conflict, because every driver wants their car to be the best and angled especially for them, but ultimately it does work better, so that’s probably where I’ve seen things change the most.

We’ve ended up with smaller local teams in some areas and bigger teams in Group functions elsewhere, but it does create a lot of opportunity for movement. Many of us have worked in local and Group teams, myself included. You get to really understand what other markets are doing and it’s great from a personal perspective too – it involves meeting people from different cultures, different areas of the business and markets, and also allows us to travel, which is ultimately what our business is all about…travel!

Q: What do you think is the biggest challenge when hiring finance professionals in the current market?


I’d say our biggest challenge is that we paused our graduate and apprenticeship schemes during the pandemic, so there was a bit of a gap in the pipeline for us. Normally we’d have people who’d have been in the business for a couple of years and were ready to rotate and move up and with several years of experience. This gap meant that we had some holes, especially as the business started to grow again post-pandemic.

Finding people in the market who are the right fit for us has been especially hard. It’s easier to find people with the right CV and right level of experience, but I’ve found the most challenging thing is finding those people who are the right fit for the business; those who will enjoy and work well with us and stay for a few years and be part of the TUI culture and grow with us. That’s something that is really hard to test in an interview, in a CV or an application process or LinkedIn profile. You need to invest time in your interview process and selection criteria to find the right type of person who will fit well in the team. We have lots of different types of people across our business, and we try to make sure they’ll fit well into the team and benefit from what TUI has to offer. That’s definitely been a huge challenge for us.

Q: What tips do you have for others looking to hire into their Finance teams?


Firstly, I like to be open and honest in an interview process, I see it very much a two-way street. It’s not just if we want you as a candidate – it’s also if you want us, and I love it when someone really wants to work with us. It’s so important we’re open and honest and don’t sell a dream that’s not there. I like to be open with people about the experiences they’ll get and the challenges they might face when they come in, just as I expect them to be open with us about their CV, experience and what they expect from us.

Secondly, just getting time to meet people. In our post-pandemic world, it’s very easy to not meet people face-to-face or to just have a shorter Teams call. We’re all working back-to-back with meetings and trying to the find the right time to invest in the right person. But I’ve found investing the extra three or four hours finding the right person is much easier than recruiting the wrong people or hiring the person who isn’t quite right for the role. It’s always worth investing the time in recruitment. We as leaders are only as good as the people below us, so it’s really important we get it right.

Q: What advice do you have for anyone thinking about working with a recruiter and how to get the most from the partnership?


Similar to my point above, it’s about the quality of the relationship. When I speak about making sure we’re getting the right people – this refers to a recruitment partner too. It’s about making sure a recruiter is listening to what it is you’re after, they understand what your business is and can be open and honest with the candidate well before you get to meet with them.

It can be very time consuming doing direct hiring – you can have 20-30-40 CVs for just one role – but being able to have a personal conversation with all of those people for an hour is a week of my time I can’t just carve out for every role. So having a partnership with a recruiter who really understands what you’re looking for, who understands how your business works who can do that initial detailed screening for you…well, it becomes invaluable and a real investment and one you can depend on over and over again. It’s about being transparent, having a good relationship, and being able to pick up the phone. You need to be able to talk to them regularly, to know you’ve got a partner, and not just someone who can send you more CVs than what you may already have.

Q: Why do you choose to partner with SRM?


I think SRM and TUI have been working together for just over 18 months now, and in my team alone we’ve already had three roles come through from SRM. This tells a story in itself - we don’t have a high turnover of staff at TUI, so most of our external roles have been working directly with SRM. And it’s a massive benefit of that relationship – everyone you’ve put forward to us has had the right understanding of what our business is, what it’ll be like to work with us, and they have fitted in really well.

I know other areas of the business (such as our airlines business) have also been reaching out and finding the benefits of the bespoke service you offer and that real understanding of the businesses you work with. Even though SRM has been growing too, we still feel like we’re getting the same very personal service. We’ve been very pleased with the people we’ve hired from SRM. In fact, only this morning we’ve been talking internally about passing over a bit more responsibility to a more recent staff member in our sales and marketing team from next month. We’re very keen on internal promotion and progression here at TUI, and that very much applies to people we’ve recruited through SRM.
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Becoming a ‘career interim’ finance professional

Becoming a ‘career interim’ finance professional
While some people like the ‘security’ of a permanent role, other finance professionals actively choose to take the interim path in their careers. Jim Smith, Business Director at SRM Recruitment, spoke to Richard Wilson who has been working as a ‘career interim’ within finance and projects for over 15 years. Jim asked Richard all about his interim experience, including the benefits interims can bring to an organisation, what challenges interims can face, and his top advice for those looking to take the interim route themselves.
Ricahrd

First of all Richard, how did you get into the interim market?

I qualified back in 2000 and for the first few years of my career I was mainly doing BAU roles, such as month-end reporting with some splashings of project work. I then realised I wanted to focus more on project and transformation type work. In 2008 I was working in the mobile telecoms industry as a Business Controller and decided to make the jump into interim to see what would happen - 15 years later I’m still doing it. 

What types of roles and businesses have you worked in?

I’ve worked across such a broad range of industries; retail, IT, logistics, energy, transport, local and central government, and the NHS - you name it I’ve worked in it. In terms of roles, most of my interim project roles have been transformation and implementation focused, which is what I enjoy. I’ve been able to gain some great experience working at some big well-known companies, such as Homebase, Tesco, Tui, EasyJet, and the NHS – all decent companies and industries that have added credibility and varied experience to my CV. 

If anyone was thinking about entering the Interim market, what’s the one piece of advice you’d give to them?

Never underestimate culture. Each organisation has a very different culture and you have to work within different ways of doing things. That can be beneficial, for example, when I worked at EasyJet, they had a very good “can do” culture at the time, and you could just get on and do it. However, other organisations can be quite set in their ways - people don’t want to change, and that can present challenges in terms of what you can propose and what you can do – so never underestimate culture and how it can impact how you can do your job. 

I’d also say working to deadlines – a lot of the project work you have is a fixed deadline which you can’t move. This can be a lot of stress and work, depending on the project and the deadline. As a project interim, you’re expected to go in, you’re given a brief and you have to deliver on that. You have to work to the client’s requirements, and if you’re not used to it, it’s a big jump.

What are some of the challenges you’ve faced in your 15 years in the interim market?

Sometimes the expectations from hiring firms just aren’t right, which is always hard.  Skilling up is also a big challenge: each organisation has a different process and skills required, and you’re often faced with something you’ve not seen before. As an interim you can’t not do it. You don’t have the luxury of a 3-month lead time where you can ramp up and learn it. Often, it’s just ‘get on with it’. I’ve been parachuted into a few things where I’ve just had to get on and do it, even though I’d had no previous experience in that particular project. 

In a previous role, I had to set up an American sales tax system, which I’d never done before – and I had to set it all up in a system I’d never used before too. You just get on with it – be a quick learner, show initiative and be proactive, that’s what you’re there for. 

But ultimately this makes you a stronger and more versatile interim – it’s another skill to add to your CV for any future roles. It builds up your profile and shows that you’ve a history of just getting on with things and being able to think on your feet. 

What benefits can interims bring to an organisation?

First of all, how fast we can get up to speed on things and start delivering. As a project interim, you’re not paid to have a ramp up period. Sometimes you might get a week (if you’re lucky) to get up to speed on the basics, such as new terminology etc., but otherwise you’re expected to come in and get on with the job. 

Secondly – the insights I can bring to a role. Because of the different sector experience I’ve had, I can bring different ways of doing things. You’re paying for my insights into how other organisations and sectors do things, and I can bring those learnings to deliver for my clients. For example, when I worked at EasyJet, they brought me in for my call centre experience from T-Mobile – how do they do it, what do they do. You’re not only getting someone who knows what they’re doing technically, but also has previous experiences from a multitude of different business. I can hit the ground running, I’ve been there, done it, got the t-shirt, so to speak. I come in, I’m told what to do, and I deliver it. It’s that’s simple. I have the ‘battle scars’ from previous roles and companies and ways of working - it’s vital and useful knowledge which I can impart on the company I’ve just joined. 

In a previous role I was brought into an American firm which was experiencing some cultural issues in a recently acquired company – I ended up giving them some advice on structure which wasn’t really part of my role, but it was useful insight for them which other people didn’t have. They ultimately had the wrong people in the wrong roles. My recommendations helped the business to save money where they had hired people who were overly-qualified to do the roles they’d been brought in to do. I’m often asked for advice from CFOs/FDs outside of the scope of the role I’ve been brought in to support on. 

What qualities do you feel make a good interim professional?

You’ve got to be able to roll with the punches – so resilience and having a thick skin are key: it’s not for the faint hearted. Also, sometimes to get the good contracts you have to be prepared to travel, so its important people consider that. Also, be able to handle rejection: if you put a brief or tender together, sometimes it can get knocked back, it just comes with the territory so be prepared for that. Your soft skills have to be as good as your technical skills to succeed - good listening and communication skills are so important. The ability to go in and establish relationships from the outset and get buy-in from day one is vital. You almost need to be a chameleon – you wear many coats and hats, do your job and get out. 

What makes a good recruiter and how have you found working with SRM?

Working with you, Jim, has always been great - you’re honest, open and tell the truth, which I fully appreciate. I’ve got 3 or 4 recruitment consultants like that who I’ve worked with for a long time. 

I know pretty quickly if a recruiter understands what they are talking about. When recruiters are contacting someone like me about unsuitable roles like PQ, or NQ, or accounts payable positions…they lose credibility very quickly. It’s frustrating to be sent emails left right and centre about the wrong types of roles. I now stick to the recruiters (like SRM) who know me and understand what I’m about. You know in the first few minutes if you’re talking to someone who knows the market and gets what you do, and who will bring you relevant roles.

If you have an interim finance opportunity you’d like to discuss or are looking for your next interim role, please get in touch. Contact Jim Smith in the first instance on jimsmith@srmrecruitment.com or +44 (0)7375 409089.
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Buoyant part-qualified market highlights challenges for both job seekers and hiring managers

Buoyant part-qualified market highlights challenges for both job seekers and hiring managers
Buoyant part-qualified market highlights challenges for both job seekers and hiring managers
By Richard Scott

Over the last couple of years, the part-qualified market has been very buoyant in terms of job volumes and it continues to be so in the current market. As a general rule, hiring has always been more buoyant at the PQ level, and we’ve seen key hires taking place across accounts payable and credit control right through to those candidates studying towards their exams, such as management accountants and financial accountants across both temporary and permanent roles.

The biggest challenge cross the PQ market right now though is quite simply the lack of people. During the Covid pandemic, there was a reasonable amount of talent in the market looking to move jobs – thanks in part to so many transactional finance professionals being put on furlough. But since the impact of Covid has reduced, those firms who were quick to market have snapped up many of those available candidates and talent is in short supply once again.

But there are still exciting roles on offer, and there are still good candidates out there looking for a new challenge. So whether you’re a part-qualified accountant looking to move jobs, or a firm seeking to hire part-qualified talent, here is our advice to succeed in the current market:

Our top tips for part-qualified candidates:

  • Stand out from the crowd. Naturally, there are more candidates at the PQ level, and that means more competition for you when applying for jobs. So, it’s important to make yourself more noticeable. The first thing a potential employer will see on your CV after your name is the opening paragraph, so make this impactful and precise! A lot of PQ CVs can look very similar as job seekers tend to have a relatively small amount of experience. Your opening statement is what will make you stand out – it paints a picture and gives background to you and your personality, so make it count.

  • Communicate well. Whilst overall there are still plenty of jobs out there, the number of REALLY GOOD jobs with GREAT employers is still very competitive. If you are approached by a recruiter, you need to be a good communicator and articulate clearly what you want out of your next role. Be ready to talk precisely through your experience. Work in partnership with your recruiter. They will be able to tell quickly if this is the right sort of role for you and your career goals.

  • Be mindful, where possible, of shorter periods of time in roles. If you’re an entry level or trainee accountant, no-one expects you to have all the experience in the world, but employers do want to see a nice clean CV. Having a good academic background is useful, but it’s more important you’ve not become a job hopper – stability on your CV portrays you as a good investable employee.

  • First impressions are always important, and always will be. Whilst this might seem like common sense to some, it’s important that you are as well prepared for a video interview as you would be for a face-to-face one. Also choose an appropriate location to conduct the interview – the back of an Uber or walking around the carpark outside your current office on your phone (yes, these actually happened) are not suitable locations and show a lack of respect to the process. The interview format does not change the importance of it for both you and the hiring company. We would also urge candidates to attend face-to-face interviews if requested – there simply is no substitute for meeting your potential future employer in real life. You’ll be able to get more bought into the business and it will also set you apart from the other interviewees.


Key takeaways for those looking to hire part-qualified accountants:

  • Study support is key to attract and retain PQ staff. The biggest reason why PQs are looking to move right now is because employers are not offering them any study support. It’s important to understand that your part-qualified staff want to become fully-qualified and progress to those more senior roles. The two main things you can offer to PQs are time and money: think about paying for their exams or course materials (or both) or perhaps time off before their exams so they don’t have to study in the evenings. If you can’t afford to offer all of that, don’t worry – just be as creative as you can about how you can support your studying staff as they move through qualification.

  • Salaries have inflated. If you haven’t hired in this market for a while, be aware that salaries have changed. This is especially true the closer someone gets to qualifying. What a qualified person now earns has increased by around 15% in the last few months alone. Candidates at finalist level are now attracting the same sort of basic salaries that clients would have historical expected to hire a qualified person at pre-Covid. You used to be able to find a good, qualified accountant at £50k, however they are now being paid closer to £55-60k. Finalists used to be paid c.£30k, but that is now easily £45k. Salary growth is at its highest the more experienced the PQ accountant. Benchmarking is key to ensure you’re offering competitive market rate salaries.

  • Career stagnation for many PQs due to Covid. Many PQs were hit hard during the pandemic. From 2020-2022, part-qualified jobs weren’t normal in this time: many people might have been on furlough or working from home five days a work, and this may have affected their career progression. The part-qualified part of the workforce in particular was affected more than other levels because of furlough, so it’s important to bear this in mind when hiring and to be broad-minded as to people’s backgrounds.

  • Importance of speedy recruitment processes. The reality is that candidates at the part-qualified level are getting contacted a lot more. So, speed is of the essence. Interview processes need to be slick and to move fast. The more you draw out the recruitment process, the greater the chance of good candidates being snapped up by your competitors.


Get in touch


If you need help to hire a part-qualified accountant, or are looking for your next role, we’d love to help. Get in touch with Richard Scott at richardscott@srmrecruitment.com
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The top five things people want from work right now

It’s safe to say we are still facing questions about the future of work and what people really want from their employer as the world of work changes. Even before Covid-19, there were clear trends taking us toward more remote working, more flexible working, more mobile workers and more dispersed workforces. 

Now, as we factor in candidate shortages, rises in hiring and record growth of starting pay* we take a look at the latest research and what our candidates are telling us they want from work right now so that you can hire and retain your best finance and tax professionals

1. Flexible work that’s about individual choice

We’re hearing from our finance and tax candidates that some sort of flexibility is fast becoming an accepted norm. It’s also becoming clear that many organisations are adapting their approach here to attract and retain the best.

The first question candidates used to ask us when being approached about a new role was “What’s the package?” Now it’s “what’s the working pattern for this role?”. 

In order to reach the widest pool of candidates, we recommend adding your flexible working policy on the job specification so that your job doesn’t get discounted. Clients with no flexibility to offer will find it harder to recruit but it’s by no means impossible.

2. Part of a co-created vibrant physical & digital culture 

After people’s basic needs are met, for example, money to pay the bills, benefits to ensure their health is taken care of, mentoring for career development, people want a great work community and culture. 

Before covid, 82% of leaders believed that “culture is a potential competitive advantage”, whereas only 19% believed they have the “right culture”. **

When we factor in the impact of flexible working, where we may not be experiencing the office environment so much, creating a sense of belonging and opportunities for informal collaboration via your digital infrastructure are becoming increasingly important. People want to connect with their colleagues no matter where they are and they want to have a say in how things are done. 

This is a key challenge to address when we think about the future and planning talent attraction and hiring strategy, especially in areas like digital onboarding and creating online community groups to help people get their feet under the table.

3. Feel like they belong to an open community

Generational changes are also driving the desire for greater openness. We have five generations in the workforce now from iGen/GenZ, Millennials/Gen Y, Gen x all the way through to Baby Boomers and Traditionalists. 

We see our clients embracing this through their office infrastructure and through their wider culture in order to attract and retain their best finance professionals. 

Julian Randles, CFO at Czarnikow, made these changes in response to their people’s needs:

“Let’s make the office an exciting, vibrant place to come in and let’s make it fit for purpose for the post COVID environment.” We’ll have desks of course but it will be more of a hot desk type environment. The majority of the office will now be set aside for meeting space, for audio visual type areas so that people can come in, have meetings, get on video conferences and so forth in order to collaborate with others around the globe.”

The good news is there is real evidence to support the benefits of becoming a more open and transparent organisation, from lower absenteeism to higher revenue. In fact 41% lower absenteeism, according to Gallup’s state of the American Workforce and 765 times higher revenue according to Dan Coyle’s Culture Code.

4. Have a voice and a say in the company

Candidates we speak to are generally looking for open company cultures and we definitely see many organisations growing past the idea of a strict hierarchy. People want to feel connected to their work community and when this connection isn’t there we see people start their job search. 

People want to communicate in more modern, flexible ways that allow them to have a say. They also want to be recognised for their contribution. If you can create the opportunity for continuous feedback within your finance or tax team and across the organisation we believe you’ll stand the best chance to retain your talent. 

5. Authentic, real leaders that they can connect with 

As strict hierarchies in organisations become a thing of the past, people are looking for a different kind of leadership style. Modern leaders listen and create inclusive cultures. They are also helping to break down functional hierarchies. 

Our finance and tax candidates are telling us they want to have an influence on the running of the business and be true business partners so if you can help to break down those barriers so that finance is at the forefront of the business you will stand the best chance of retaining your best people.

*KPMG Rec Report November 2021

**Deloitte Global Human Capital Trends

Get In Touch

To get help with your recruitment process or job search, please do get in touch with Andrew Setchell today on +44 7495 483425, email andrewsetchell@srmrecruitment-com.stackstaging.com or connect with him on LinkedIn.

Articles you may like:

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What COVID-19 has taught businesses like Czarnikow about the future of work

The future of work: download the whitepaper here

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The top ten reasons why you should work for SRM Recruitment

Richard Boyd
Richard Boyd, Director at SRM Recruitment, wanted to join an experienced recruitment team

Do you love recruitment but dislike the recruitment industry? We felt the same. That’s why we started SRM Recruitment. We felt the recruitment industry was increasingly focusing on process rather than consultancy.

At SRM you’ll have time for what really counts: your clients and candidates. If you love recruitment, rather than hands-on training of unqualified personnel, this is the business for you.

Because we don’t have KPIs, you’ll be the sort of person who thrives on taking ownership and opportunity.

It’s a grown-up business and we trust our consultants to recruit.

We also trust you to work in the way that suits you best.

It’s a real commitment to flexibility rather than a token paper policy.

“Joining an experienced team at SRM was key, especially working with a close-knit group of people who I knew viewed recruitment similarly to me – from a values, respect and way of working point of view.”

Richard Boyd, Director at SRM Recruitment

We are an established business with repeat clients and a strong foundation. That means we offer one of the best commission structures in the industry.

Transparency in the way we reward our consultants is critical. Each consultant can easily calculate what they will receive, there are no surprises.

In a team-based commission structure, you rarely get rewarded for YOUR success.

Clients say to us that they like our honesty and transparency, they trust us. They appreciate the advice we give, not solely our ability to deliver. Candidates say we are interested in them as people.

It’s a straightforward approach.

Get In Touch

If you’re looking to get back to real recruitment then we’d love to talk.

Connect with our co-founder and CEO Andrew Setchell on LinkedIn, call on +44 7495 483425 or drop him an email at andrewsetchell@srmrecruitment-com.stackstaging.com.

Articles you may like:

Richard Boyd joins the SRM finance team

Will Short joins SRM to focus on Tax Director & Partner search

Jim Smith joins SRM’s Welwyn finance recruitment team

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How hybrid work can help you reach more diverse talent pools

Two people of different ethnicities working, representing a diverse talent pool.

A government-backed study for Zurich Insurance suggests that senior women are 20% more likely to apply for senior roles if they offer flexible working hours. It found there had been a lack of applications from women for senior roles, many of which had not been available on a flexible basis. Female employees reported this had made them less likely to apply. 

The volume of job searches using the “Remote” filter on LinkedIn has also increased 60% since the beginning of March, and the share of Remote Job Applications has increased nearly 2.5 times globally from March. 

Adopt a flexible working approach to attract and retain the best talent

We’re also hearing from our finance and tax candidates that some sort of flexibility is fast becoming an accepted norm. It’s also becoming clear that many firms are adapting their approach here to attract and retain the best.

In fact, the first question candidates used to ask us when being approached about a new role was “What’s the package?” Now it’s “what’s the working pattern for this role?”. In order to reach the widest pool of candidates, we recommend adding your flexible working policy on the job specification so that your job doesn’t get discounted. Clients with no flexibility to offer will find it harder to recruit but it’s by no means impossible.

The Great Resignation

In the UK, a HR company’s survey found that 38 percent of respondents were planning to quit within the next year. Meanwhile, a Microsoft survey of 30,000 people around the world noted that 46 percent of people have recently thought about a “major pivot” in their career.

It’s being referred to as The Great Resignation and people are essentially looking for more control of their lives. We still want to earn money though! So, if you can offer job seekers the opportunity to work in a way that’s most productive for them, you’ll retain your best people.

The research also shows that black-identified women are overly represented in this group preferring not to go back into the office. According to Monica Torres writing in the Huffington Post, more black professionals want flexible work policies than their white, Asian and Latin American colleagues.

Why is this? The research points to microaggressions, discrimination and racism, making home a much safer place.

“Ask yourself if your working patterns and salaries are competitive as we’re about to see a new wave of resignations and proactive headhunting of your best finance talent. “

Andrew Setchell, CEO, SRM Recruitment

Improve your digital community to widen your talent pool

Regional and international talent pools are also becoming more readily available to firms – if you have good digital onboarding and a vibrant digital community to welcome people into your infrastructure, there’s no reason why you can’t recruit from further afield.

At SRM, we’ve recently conducted job searches for clients in New York, Milan, the Netherlands, Portugal and Paris. Recruiting across borders is becoming much more commonplace as is managing team members remotely.

For FDs, CFOs and senior tax practitioners our key piece of advice is to think about your talent management now. Ask yourself if your working patterns and your salaries are competitive as we’re about to see a new wave of resignations and proactive headhunting of your best finance talent. 

Get In Touch

To get help with your recruitment process or job search, please do get in touch with Andrew Setchell today on +44 7495 483425, email andrewsetchell@srmrecruitment-com.stackstaging.com or connect with me on LinkedIn.

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How to find the best accountants, finance and tax professionals in today’s job market

Hiring manager conducting an interview with an accountant, finance or tax professional.

As UK job vacancies surged past one million in a new record, the KPMG and REC, UK Permanent Placements Index* signalled a rapid and accelerated rise in permanent staff appointments across the UK. Furthermore, the rate of growth was the steepest seen since data collection began nearly 24 years ago.

So how is this affecting the accounting, finance and tax jobs market? We talked to CEO and Co-founder of SRM Recruitment, Andrew Setchell, about how you can secure the best accounting, finance and tax talent for your team amidst growing demand for candidates. 

1. Be realistic 

The good news is that it’s definitely possible to find and hire good people right now but hiring managers need to acknowledge that their shortlist will be a lot shorter. Rather than five to six people to consider, be prepared for three to four and sometimes there may be just one to take to a final interview. That is the reality.

2. Be ready to pay more for your chosen finance candidates

Most finance and tax professionals were treated well during the pandemic and it’s not as easy to get them to consider a move, there are fewer push factors. As a result, supply has reduced, with demand rising and we are seeing salaries going up.

When candidates used to say “I’m looking for an uplift of 10%” there would be a conversation and a negotiation. Now hiring managers are saying “It’s fine, I understand”. Attitudes are changing and we’d advise you to be prepared to widen your salary range, rather than risk delays waiting for sign-off on budgets further down the line.

3. Your flexible work approach must go on the job specification 

The first question candidates used to ask when being approached about a new role was “What’s the package?”. Now it’s “What’s the working pattern for this role?”. To get the widest pool of candidates, you should specify your flexible working policy on the job specification.

Clients with no flexibility to offer will find it harder to recruit but it’s by no means impossible. Whilst the debate is still ongoing regarding where the home/office balance will finally settle, we can tell you that finance professionals definitely want some sort of flexibility. 

As an example, HSBC’s work from home Friday policy would have been unheard of a couple of years ago but these sorts of policies are becoming the norm. Some will go back to the office full time but it will be at least two years before we see a bigger shift.

Five days in the office is very much considered “traditional” but if that is the way your company runs, it’s not necessarily a problem. Just be aware that your shortlist will be a bit shorter. We’re here to help clients negotiate this job market and find the right people for your business. 

“Attitudes are changing and we’d advise you to be prepared to widen your salary range, rather than risk delays waiting for sign off on budgets further down the line.”

Andrew Setchell, CEO, SRM Recruitment

4. Speed up the interview process to secure accounting, finance and tax professionals

The interview process needs to be quick in this market. Once you’ve got CVs you need to get the hiring process finished within two weeks. We agree – it’s tempting to “just see someone else.” But after 30 years in finance recruitment, we can tell you there are no ‘magic unicorn’ candidates out there. What we do see time and again is businesses missing out on outstanding people who would have quickly transformed their finance or tax team.

5. Use an experienced finance and tax recruiter with a proper network

In candidate-driven markets, real recruitment comes into play. You need to talk to someone who has the connections to find the people who aren’t necessarily looking. Not only that, your recruiter needs the skills to clearly promote how your role fits with the candidate’s career. That comes from experience. Everyone at SRM really knows their market. 

6. Consider try before you buy

If your permanent hiring process is dragging, you should consider using a PAYE temp. This gives you the best chance to assess fit with your team. We have an established book of contract professionals ready and “on the bench” if you’re wanting greater flexibility.  

7. Be prepared for candidates turning down your role 

This is becoming more common in the accounting, finance and tax jobs market at the moment. Personally though, we’ve seen very few candidates turn down roles because their current company has counter offered a higher salary. An experienced recruiter knows how to vet their candidates properly and there should be no surprises. 

In short, move your hiring process along, be clear about your flexible working policy and be ready to broaden your salary range.

*The KPMG and REC, UK Report on Jobs is compiled by IHS Markit from responses to questionnaires sent to a panel of around 400 UK recruitment and employment consultancies.

Get In Touch

To discuss your hiring strategy or to get more insights on the recruitment market in your industry please give me, Andrew Setchell, a call on +44 7495 483425, email andrewsetchell@srmrecruitment-com.stackstaging.com or connect with me on LinkedIn.

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Has your career progression stalled during the pandemic? You’re not alone.

Having received a lot of feedback from candidates and hiring managers about lack of career progression during the pandemic, we commissioned a survey to take a deeper look at the trends. Co-founder, Rory MacSween, gives his insights from the market and takes us through the findings.

How has the pandemic affected career progression?

It’s unsurprising that many finance, accounting and tax professionals have felt their career progression stall during the pandemic. In fact, our recent survey showed that a third of people felt it adversely affected their development – but there were some surprising results too.

For many, expectations of progression have been lowered because of company and industry disruption. For others, health and family issues have taken focus away from careers. Up until now, we’ve seen a pragmatic attitude at play, with most professionals accepting the status quo as their peers aren’t being promoted either.

30% of employees say their career progression stalled during the pandemic

However, there’s been a dramatic shift in the jobs market in the last few weeks. Hiring managers are starting to feel their team’s frustrations with an increase in resignations. Good people are getting multiple job offers and candidates are becoming pickier. 

Our survey also showed 52% said the pandemic hadn’t changed progression opportunities and 17% actually felt there were some positive career outcomes from the pandemic. Personally, I haven’t spoken to anyone who feels they’ve made good ground with their career. However, I would say that some finance and tax professionals have used the time as an opportunity for reflection on what they like and dislike about their role and this has prompted some positive conversations for future development. 

Survey carried out by SRM Recruitment - how career progression has been affected during the pandemic.

What to do if your career progression has stalled 

If the conversation isn’t forthcoming from your boss, then you should instigate a meeting with them before entering the job market. If there are particular aspects lacking in the role, it’s better to talk about it now, rather than after you’ve been through an external job process. Using a job offer to get what you want can be a dangerous strategy and erode trust and good will. 

What can hiring managers do?

A lot of hiring managers I’m speaking to have felt removed from their teams during the last 18 months. Without being able to take the temperature of the team and informally check in with people, those impromptu conversations that lead to more serious meetings on role development haven’t happened. 

Discuss career development

As we return to the office, there’s a huge opportunity to put career development back on the agenda. Don’t delay having those conversations and I’d say it’s not all about budget either. Think about how exposure to new projects or technical skills can give people the CV growth they’re looking for and develop them in the role. 

More appraisal

Getting back to regular appraisals is also a key retention tool – some managers have put them on the back burner so make sure they’re high on your agenda. It really boils down to having those honest conversations.

Rewards

We’re also seeing a rise in things like team-wide holidays or even organisation-wide days or weeks off as a reward for working extra hours during the pandemic. Some are offering covid thank you bonuses too.


The key message I want to get across is don’t assume people aren’t moving roles. The grass isn’t always greener but there is a very active jobs market right now and job seekers can achieve the change they want.

Get In Touch

If you’re a hiring manager and need advice or help to hire finance and accounting professionals, or if you’re looking for your next role, get in touch with Rory MacSween today on +44 7960 983331, email rorymacsween@srmrecruitment-com.stackstaging.com or connect with him on LinkedIn.

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Hiring managers lose out as demand for accountants grows steeply

Andrew Setchell on the shift in the accountancy and finance jobs market post covid and how you can beat the competition for the best candidates.

The number of people placed into permanent jobs in London and the South East climbed at a considerable rate in April. We’ve seen that at SRM and that’s backed up by the Recruitment & Employment Federation’s (REC’s) latest Jobs Report in association with KPMG.

The accountancy jobs market is improving at the fastest rates we’ve ever seen and hiring managers just aren’t aware that they’ll struggle to fill roles if they don’t act now.

Let me give you an example of what happened last week when a well known UK listed property company tried to hire a management accountant. I hasten to add, we didn’t manage this recruitment process for them!

The company shortlisted five people and brought three back for a second interview. Two candidates were offered the role but neither accepted. With a £10k salary uplift on offer you’d have thought this was a great move for the two shortlisted candidates. The salary was around £55k and the shortlisted candidates were newly qualified accountants on about £45k.

The first candidate had the offer matched by their current employer and stayed put. From a recruiter perspective, that’s poor practice, one for not checking the candidate’s underlying motivation for leaving and second for not having the conversation about what they’d do if their FD matched the new salary.

The other candidate had three offers to choose from. That’s harder to counter but it shows there’s been a huge shift in the accountancy and finance jobs market. What seems to have happened during Covid is that many hiring managers have forgotten about people’s worth and are getting complacent.

Andrew Setchell, CEO at SRM Recruitment

The REC Jobs Report shows that the pace of hiring has accelerated significantly since March 2021 and is the joint quickest rise in 23 years of data collection.

Andrew Setchell, CEO, and
Co-founder, SRM Recruitment

So what can you do to ensure you don’t get caught out by the shift in the accountancy and finance jobs market?

1. Be aware you’re just one of the offers the candidate is considering

The first step is to be aware that you’re just one of three offers your favourite candidate is considering – most likely they’ll have six roles to choose from. The assumption is you’re the only one hiring. Whilst that was the case 12 months ago, it’s certainly not now.

2. Make sure you review salaries

It’s now imperative to do regular salary reviews and be up to speed on market conditions. Workforce planning and updating your employee offer is essential.

3. Expedite your accountancy and finance hiring process

Good people are getting multiple offers so candidates are getting pickier. Give yourself the best chance by expediting the process. Reduce your shortlist so you get to the finish line faster. Remember, you only need one person for the role so a strong shortlist of three will give you the best chance to hire.

4. Sell the non-financial benefits to motivate ambitious candidates

Be very clear about why you want to hire your chosen candidate and what they bring to the business. Tell them explicitly how they will develop their commercial experience, for example, that their value will rise and they will improve their CV by x per cent.

5. Use a quality, boutique recruiter

An experienced recruiter partnering directly with you will give you the best chance in this market, saving time and money. It’s worth being aware that the large recruitment firms all made large-scale redundancies during the pandemic and are now hiring recent graduates to make up for the shortfall.

At SRM we’ve actually deepened our bench strength during Covid. You will work directly with a talented recruiter with at least 10 years of specialist experience in finance and accountancy.

If more people are open to moving won’t there be more candidates to choose from?

In short, no. As more jobs come to market it’s worth bearing in mind that the supply of candidates actually hasn’t changed from 6-12 months ago. We saw an example of this recently at NBCUniversal. The candidates who lost their jobs during Covid already found new jobs between September 2020 – Jan 2021 and the rest have been looked after and retained.

Pressure on finance teams has been growing for some time

Bench strength has been missing from finance teams going right back to the financial crisis in 2008 – the pandemic has only added to the pressure. Businesses have realised you need good people to do cash flow and complete accurate forecasting. If that’s happened in your business you’re not alone – it’s happening elsewhere.

The highest demand is at the £45-70k level and organisations will struggle to fill roles. There’s a war for talent on the horizon so we are advising our clients not to wait to hire strong finance and accounting candidates.

Get In Touch

If you need help to hire finance and accounting professionals or simply want hiring advice, get in touch with me, Andrew Setchell today on +44 7495 483425, email andrewsetchell@srmrecruitment-com.stackstaging.com or connect with me on LinkedIn.

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