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Category: Interim

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LinkedIn: is it as important as your CV?

LinkedIn and CV

The job market changes all the time, but there was a point in 2018 when we had a miniature big bang moment: LinkedIn adding the 'open to work' banner. This allowed you to signal to the world that you are actively looking and thus making it easier to for potential employers to find you. Think of it as LinkedIn’s Tinder-fication moment.

But other than the added reach, what does it all really mean when getting ready to start your job search? This article will outline why LinkedIn is fast becoming as important as your CV.

Who is looking at you on LinkedIn?

In short, a lot of people! LinkedIn puts the number at 1 billion globally and around 35 million in the UK alone. Now obviously not all of these people are relevant to you finding your next role, however, 97% of talent professionals (agency recruiters or in-house talent teams) will use LinkedIn everyday for candidate searches. This is a “passive” route to market which, if prepped properly, will increases your chances of finding the perfect role.

How to think about your LinkedIn profile

Essentially, you need to think of it like your CV, but with an added focus on keywords. Why? Well, this comes down to what LinkedIn is. It is to all intents and purposes a huge database, and searchable keywords means you are much more likely to be found.

Open to work – yes or no?

Quite simply: YES.

To reassure new people to the job market, LinkedIn has a built in feature meaning people from the same organisation can’t see if you have switched on the 'Open to Work' banner. 

Format

This should essentially be the same as your CV.  We've another helpful article on just that, which you can access here. 

The differences to be aware of:

Contact details - it's your choice over whether you include contact details on LinkedIn. As long as you regularly check your Inmail, then adding personal contact details to a public forum isn’t needed. However, if you are comfortable with people contacting you directly then you may get more traction by adding them. It ultimately depends on how you wish to be approached.

Qualifications – these should be listed under the 'Education' section. There will be an option under “schools” to find the relevant professional qualification.

Key skills check boxes – when filling out your experience in each of your roles you will be given the chance by LinkedIn to check a number of key skills boxes. Whilst this speeds up the process and makes sure you are hitting the “keyword quota”, it doesn’t tell your story well. By all means use this tool, but make sure to include details on your Responsibilities and Achievements for each role. 

Recommendations – view these as publicly visible references. Two or three will give your profile added weight when people are reviewing it.

Conclusion

Be sure to give LinkedIn the time it deserves. Given its ability to help attract opportunities to you, it is as important (if not more) than the traditional CV. Do not be afraid to put the majority of your recent CV experience directly on to your LinkedIn profile.

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How to make your CV impactful in an ever more competitive job market

CV: The bastion of the job search, the document that opens the doors, but is it still relevant?

You see lots of missives on the death of the CV, turning experience into ever fancier documents, slides, decks etc etc. The answer; your CV is still extremely relevant and spending time on it is one of the most important things you will do in prepping for your job search.

How to think about your CV.

Format:

Your CV should first of all include all the necessary core information (see below for more details) followed by your experience (in chronological order) with the most focus on your most recent job, tapering off towards your earlier career. Your latest job is the most relevant to your next role, so put the most detail into that.

Length:

I’m a firm believer that all relevant experience should be on the document, meaning the traditional two-pager isn’t always achievable. However, if you taper the amount of detail as you get further back in your career then you will genuinely keep your CV to a sensible length.

Core information:

The basics – name, contact details (you’ll be surprised in the digital world how many people leave off a contact number), relevant educational stages (professional qualifications etc.) and a list of relevant IT systems used. After your experience, be sure to include a section on your interests - think about these and make them thoughtful.

Added extras – a summary (one sentence or a couple of bullet points, max) on your key skills gained during your career. These could be a brief mix of technical and softer skills. This shouldn’t replace specific job experience, but be more of a brief overview.

The main body: the job experience

In this section, it is important to think about your experience through a particular prism. What is your next employer looking for? A good analogy to use is; your CV is an answer to the questions set by the job description. The employer will have spent time putting together a job description - rightly or wrongly both the line manager and any third parties (internal talent teams, recruitment agencies etc.) will use this to judge you against the competition. The more your CV positively answers the job description, the more likely you are to get an interview.

Now ideally you would have the time to tweak your CV for every single application you make, but we are all aware that time is short so having a more focused generic CV is important. How do you achieve this?

  • Keywords – each job you are trying to obtain will have core keywords no matter which business it is with. These tend to be in the main “responsibilities” section of the job description. Use them in your CV where possible - it sounds like painting by numbers but remember not everyone that sees your CV will be an expert in your field. Some will be looking at your type of experience for the first time, so make it obvious! 
  • Responsibilities Vs Achievements – having read the first point, you may feel that a list of responsibilities is enough to get that interview. It isn’t. The responsibilities section will give the employer the confidence you can technically do the job. However, the achievements section will then give you the opportunity to expand on how you have used your skills to go above and beyond, thus making you stand out from other applicants. 

In summary: 

    • Responsibilities: short bullet points mirroring job description focus.
    • Achievements: longer bullet points expanding on your relevant skills.

Conclusion

Your CV is a marketing tool to enable you to meet the business you would like to work for. This means you have to objectively look at in this light. Putting yourself in the shoes of potential hiring managers will focus the mind on skills that stand out, not those that are too specific to your current or most recent role.

Above all else, enjoy the process, engage with it and ultimately be proud of what you have achieved to this point.

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4 Essential Things Senior Finance Leaders Should Consider Before Initiating A Career Move

Background: Buy-backs and why you should avoid them

Buy-back: when an employer offers a resigning employee more money in an attempt to get them to stay.

LinkedIn and the recruitment industry as a whole, sadly, is awash with advice on how to manage a “buy-back” situation. The majority of this advice has been done to death and often features, largely made-up, statistics around how many candidates will go on to look for a job once they’ve accepted a buy-back. Granted; at the CFO level, due to the nuance involved in it, these numbers are far fewer. There is an old quote that says ‘73.6% Of All Statistics Are Made Up on the spot’ – often because it serves the narrative at hand.

But what all of this advice fails to address is that on a basic level, buy-backs are not good and they are something you should want to avoid in the first place. Of course, it’s flattering to receive a buy-back when you hand in your resignation, and why shouldn’t you receive one; after all you’re a great employee! But it should never reach the point where it’s actively being considered - if you’ve gone through the steps we’ve outlined below, you’ll know that the decision you’ve taken to leave is the right one and you won’t be swayed by guilt/loyalty/more money [delete as appropriate] into staying. 

Important things to consider before you start looking for a job

From SRM Search’s perspective, there are several measures that CFOs and senior finance professionals can take before they consider initiating a search. From our own experience in early conversations we may have with a Finance Director or a CFO, as much as 15% of them will re-evaluate a career move in some form once we’ve discussed these points with them.

So here are a few areas to evaluate before an external search is even initiated, and by initiate we mean the sharing of a CV with a recruiter/search firm or applying to an external role. Our advice is that the following is treated almost as a “flow chart”. Across this we’d clearly recommend that a dialogue is initiated with your current line manager (where appropriate of course), but before that, you should consider the following four key areas:

  1. Assess your current role/responsibilities and challenges

Frustrations with our current roles can often be short-term. Critiquing your current role and assessing whether you can expand your responsibilities or make adjustments is an important step in career growth. Before deciding to leave your current job or seek new opportunities, it’s worth considering how you can enhance your current role to better align with your goals and satisfaction. Consider:

  • What you enjoy most about it and what the medium-term horizon is for this changing? If your company is expanding or making acquisitions, for example, clearly there is scope here for things changing (hopefully for the better).
  • What are your frustrations and how practically can these be addressed? An obvious example here at the mid-levels of the finance profession may be down to pay. In a tight labour market, as we have in the UK, you may be surprised how open your direct line manager may be to discuss how this might be addressed.
  • Be solution-oriented: when considering potential changes/amendments to your role or a desire for a promotion, focus on solutions that address both your needs and your current businesses needs or goals. For example, propose how expanding your responsibilities can help achieve key business objectives or improve efficiencies.
  • What is the wish list of development areas you feel you need? Perhaps having spent some time speaking with your external professional network can determine or influence how likely you can address this by making a move to another business.
  • On the basis that you decide there is further professional development or experience that can be gained from your current role, establish some set goals; how are you going to measure this and devise a timetable to work towards.
  1. Speak to your professional network

Speak to your professional network outside of your current organisation (separate to a search firm). This could even be as binary as writing a list of people that will speak for you, and who would be “useful” for you. In isolation this is a very worthwhile exercise anyway. These contacts are likely to be brokers (for CFOs), professional advisors such as lawyers, corporate finance contacts and audit partners. For candidates below, say, FC level, this could be your cohort from time in practice, if you are an ACA.

We appreciate completely that not all are practical and it’s clear that you cannot risk conflicts of interests. We would suggest that when looked at forensically, your list will be longer than you’d have envisaged. Asking for advice around the market but also feedback about your engagement in a professional capacity can often lead to some interesting discussions and may shape how you view something externally. Our advice would be always to start here following your evaluation on your role, as outlined above.

  1. Utilise Professional Network Communities

The rise of professional network communities has significantly transformed the way passive and uncertain job seekers explore new opportunities. The "Instagrammification" of LinkedIn has unquestionably made accessing these networks more accessible and personal.

One standout example is the NOVA Community, a network of over 500 senior female leaders who come together to collaborate, share experiences, and engage in meaningful conversations. This community exemplifies the power of professional networks that blend online interaction with offline connections. Members can discuss challenges, celebrate successes, and provide advice, offer/receive mentoring in a judgment-free space. Historically groups similar to NOVA were only focussed on the CFO end of the market, and this has certainly changed. In NOVA’s example, they offer an FC level cohort and a “just market curious” board.

  1. Consider a career coach

A coach isn’t needed in all situations or levels, but technology has made career coaching more accessible through online platforms like BetterUp, Coach.me, and LinkedIn's career services. These platforms allow professionals to connect with coaches remotely, making it easier to access coaching regardless of location.

Career coaching is no longer seen as a service only for executives or those in crisis. It has become a mainstream tool for continuous professional development. More organisations are offering coaching services to employees as part of their benefits packages, recognising the value of coaching in employee retention, development, and satisfaction. Utilising a coach may give you a fresh perspective and operational adjustments that may benefit your current role.

Should you stay or should you go?

Much of the above may be measures that you have taken in the past when considering a career move. Broadly speaking, we do tend to see many candidates overlooking the first point when considering if it’s time for a move and this can, especially at the CFO level, often be the most fruitful source of ideas and support when it comes to the early stages in considering a move from the role you are in currently.

All of the above are routes to consider for either the very passive seeker of a new role or perhaps someone who is in the very early stages of initiating a job search. Ultimately, when the transition to a more active search occurs, the majority of the above should absolutely still be a facet of a rounded and all-encompassing search. In many cases it may be that you decide that, whatever the reason, it may not be the right time for you to move.  But when you do decide it’s your time to initiate that search, we’re here to help.

We’re here to help

If you’re a CFO or senior finance professional who has decided now is the right time to move, please contact me, Richard Boyd, on richardboyd@srmrecruitment.com or call +44 7376 497285

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Danny Savino joins SRM to focus on finance hires within the Northern Home Counties

We’re delighted to welcome Danny Savino to SRM Recruitment as a Regional Manager in our Finance recruitment division. Danny tells us about his career to date, what appealed to him about working for SRM, his remit in his new role and his advice for candidate and clients. 

Tell us about your career to date? 

In 1996, I embarked on an exciting path in the recruitment industry. Since then, I’ve been at the forefront, steering successful and dynamic recruitment teams across various domains. My leadership has spanned diverse areas, including sales & marketing, technology and business support. In the last 10 years, I’ve delved into the intricate world of accountancy & finance recruitment. 

What prompted your move to SRM?

The reason I joined SRM Recruitment is because I’ve been familiar with them for some time, and I appreciate their client-centric approach. They’ve cultivated an environment where individuals can truly become the best version of themselves.

What was it that appealed to you about working for SRM? 

Joining SRM was an easy decision for me. Right from the founders to the entire team, I felt an immediate sense of trust and alignment. Professionally, the chance to help enhance the service offered already to our clients in the home counties is a great opportunity.

Tell us about yourself? 

You’ll often find me at the gym, dedicated to my fitness routine. I’m committed to staying active, pushing my limits, and maintaining a healthy lifestyle. Whether it’s lifting weights, hitting the treadmill, or a few press ups, I thrive on the endorphin rush that exercise brings. As an avid Newcastle United fan, my weekends revolve around the beautiful game and on occasions attending St James Park or seeing them on their travels down south. 

What led you to specialise in finance roles? 

My journey into finance recruitment took an unexpected turn. Having worked across various sectors, a technology client of mine needed help rebuilding their finance team. This really sparked my interest and excitement in recruiting in this sector. From that moment, the rest became history, and I’ve been passionate about it ever since.

Tell us about your remit in your new role?

As a recruiter specialising in part-qualified (PQ) accountants, I’ve had the privilege of connecting talented individuals with exciting opportunities across various sectors. From financial accounting to management accounting, I’ve navigated the vibrant landscape of commerce and industry within the home counties. Whether it’s helping candidates take their next career step or assisting companies in finding the right fit, my passion lies in creating successful matches. 

What do hiring managers and job seekers like about working with you? 

Both my clients and job seekers appreciate working with me for several reasons. For clients, I provide tailored recruitment solutions, efficiently source top talent, maintain effective communication, and build long-term partnerships. Job seekers benefit from my guidance, advocacy, transparency, and focus on their career growth. 

What’s your top piece of advice for hiring managers right now? 

Clear and timely communication with candidates. Regular updates and feedback create a positive experience, even if it’s a rejection.

What’s your top piece of advice for candidates right now? 

Stay adaptable: the industry is evolving, so be open to learning new tools and technologies.

Get in touch:

Need help to hire or finding your next finance role in the home counties? Contact Danny on dannysavino@srmrecruitment.com or call +44 7375 409089. You can also connect with him on LinkedIn here

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Building your CV: How to stand-out in the competitive UK job market

Building your CV: How to stand-out in the competitive UK job market
When thinking about starting your search for a new job, the first thing you should do is take a look at your CV. The UK has a highly competitive job market, and many hiring/recruitment managers will be inundated with CVs. In order to give yourself the best possible chance of standing out, securing interviews, and ultimately your ideal role, it’s important to make sure your CV is up to scratch and shows all the necessary information.

Here are our top tips to make sure your CV stands out:


  • It is important that your CV is formatted in a clear, concise and chronological format using bullet points, with your most recent role listed first. Ensure job titles are clear and the font is consistent and easy to read.

  • Ensure your contact information is up-to-date and listed at the top of your CV along with a link to your LinkedIn profile.

  • Try to avoid listing too many soft skills. You can achieve this by adding a ‘Responsibilities and Achievements’ section underneath each role on your CV and, where possible, adding tangible/measurable achievements.

  • Your CV does not need to be crammed onto one or two pages, although keeping it reasonably concise is important. Interviews are where you will be given the opportunity to talk about your experience in more depth.

  • Only list work history that is relevant to your current job search. Your most recent role is going to be the most important and relevant part of your CV and all prior experience will provide more context to employers.

  • When outlining previous work history, it is beneficial to add a small description on previous companies as they may not be widely recognised within the UK.

  • When listing your education history; your high school, university and post-university qualifications are relevant, however, transcripts, grades and primary school education is not relevant, so leave those off.

  • Spelling and grammar: a well-presented and thoroughly proofread CV reflects professionalism and attention to detail. Why not ask a friend to proofread your CV before sending it off? Don’t fall at the first hurdle because of avoidable typos or poor grammar.


At SRM Recruitment, we’re here to support you and your career aspirations. If you’d like further advice or have any questions on the job market in the UK, please contact a member of the team.
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Flexible working: “I am empowered and entrusted to work the pattern I need, to get the job done.”

Natasha Stoddart is a recruitment consultant working with part-qualified and transactional finance professionals in London. As a mother of two young children, she joined SRM Recruitment in 2022 after seeking a role that would allow her to work flexibly. Flexible working is something she is incredibly passionate about, so we spoke to Natasha about her experience of flexibility at SRM and if it’s lived up to her expectations.

Q: First of all, tell us a bit about your situation, why you joined SRM and why SRM’s flexible working appealed to you?


I am a mother to two young children. I was made redundant from a previous employer at the start of lockdown whilst pregnant with our second child! It can be quite daunting considering options and returning to work as a new mum. It felt like a lot to juggle, however, SRM recruitment made the transition back to work so smooth and straightforward. The main reason it works so well is the company has a flexible working policy, whereby I am not required to be sat at a desk from 8am-6pm, 5 days a week.

Instead, I work 4 days a week and get the work done. If I need to leave early for school pick up and then catch up on my work in the evening, that is not an issue. Without this flexible working it would have made it practically impossible for me to return to work, without feeling like I am constantly sacrificing the needs of my children.

Q: How has SRM’s model enabled you to balance work and home life?


I am empowered and entrusted to work the pattern I need, to get the job done. I am given support and the tools I need to do my job. There are so many statistics demonstrating the positive outcome of a workforce who feel entrusted – it has a direct positive impact on productivity and output. SRM operates a grown-up environment, the opposite of micromanagement! By being able to make time for family, work 4 days a week and work from home sometimes, I feel much more able to juggle all aspects of my life, which results in a healthy and happy employee.

Q: In your experience, in what way do you think SRM’s flexible working is different to what some other companies offer?


I have experience of working in other companies where the employees are put under pressure to hit KPI after KPI, it is frowned upon to leave work early, and working a 4 day a week would simply not be an option. It excludes people who need flexibility from the workplace, yet these people can have so much to offer and bring to the company. I recently saw an article by Forbes, which said that companies with greater gender and ethnic diversity consistently outperform the competition, so it makes great business sense for companies to offer more flexibility to their employees.

SRM certainly takes a forward-thinking approach and are the true definition of flexible. It is not a parent thing; it is a people thing. The people who work at SRM are given autonomy and if they need flexibility (however that may look) it is not an issue. No one is made to feel bad.

Some businesses still seem to think output is reliant on being in an office and at your desk 10 hours a day. However, visibility does not necessarily equal productivity. That is down to the type of people a company choose to hire. If a person is a self-starter and passionate about that job, they will be that person regardless of whether they are working from home or in an office. People do not work their hardest and their best non-stop for 10 hours a day. A study by Gallup found “highly engaged teams show 21% greater profitability” – if firms focused more on engagement and less on visibility, I’m sure they’d see some impressive results.

It is healthy to have balance, have a life, and come to work feeling passionate and energised for the work you do. I also appreciate the value SRM place on health; the company provide monthly small group personal training sessions. I know this is something other businesses may offer, however SRM offer this during working hours, which again makes it an inclusive activity.

Q: What do you think are the benefits of SRM’s truly flexible working model and why is it so successful?


Number one - it broadens the pool of people who can be employed by SRM. This means that SRM have the best people on the team, not just the ones who can be physically present all hours 5 days a week.
Number two – culture. This flexibility allows employees to live their lives, whilst succeeding at work. An empowered and engaged workforce show up with energy, passion and purpose. And having a happy and driven workforce makes a huge difference to company culture!

Here at SRM, we understand that life comes first. It’s important that our staff can find balance, which is why we operate a relaxed but grown-up environment and offer full flexibility so that people can shape the working day to suit them and their responsibilities away from the office. It’s just one of the many reasons why our people love working at SRM.
If you’d like to find out more about working for SRM, click here
https://www.srmrecruitment.com/about-srm-recruitment/work-for-srm/
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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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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:

How hybrid work can help you reach more diverse talent pools

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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Why you need to move finance and accounting temps to a PAYE solution to avoid IR35 fines

What do the latest ‘IR35’ tax legislation changes mean for hiring managers? Can you still hire finance and accounting temps? And how can you avoid being fined by HMRC? 

Rob McKay, who leads our specialist interim recruitment team, explains how organisations can hire finance temps the right way, within the law. 

What’s the background to the new IR35 changes? 

The ‘IR35’ tax legislation came into force for the private sector on 6 April 2021 for the new tax year. IR35 is basically shorthand for the UK tax legislation that is designed to identify genuine contractors. 

It closes a tax loophole, whereby the majority of contractors would offer their services via an intermediary, like a limited company. Essentially, treating themselves as a company meant contractors paid corporation tax at around 20% as opposed to higher-rated employee tax. Another big factor for HMRC was that no National Insurance was payable.

What’s changed in the IR35 legislation?

The Government has shifted the emphasis on who is liable for deciding whether a role sits inside or outside the IR35 legislation. Before the liability sat with the contractor, now the liability and potentially hefty fines sit squarely with corporations. 

What does being inside or outside IR35 mean?

Being ‘inside’ IR35 means the contractor is seen by HMRC as an employee for tax purposes. Being ‘outside’ IR35 means the contractor is seen as genuinely self-employed by HMRC and can enjoy lower tax status. 

What does that mean for accounting roles? 

Most accounting roles will now fall within IR35. For example, if you’re a contractor signing off a set of statutory accounts, you have authority on behalf of the company and so would be classed as an employee for tax purposes. If you are managing someone, that role would also fall within IR35. 

If you’re genuinely running a business with a number of clients, working on concurrent projects, this would fall outside IR35. But if you have one accounting contract role at a time, then HMRC will now see you as an employee for tax purposes. 

The basic rule is if organisations are happy to accept ‘substitutions’ then this sits outside the legislation. For example, Compass provides catering services for PWC. But PWC doesn’t get to say which chef works particular shifts or which serving staff are working. But usually, for an accounting role, you’ll be interviewing specific people for specific roles. 

So can I still hire a temporary employee or contractor?

Absolutely, you can still hire hourly and daily-paid temps and contractors who are not counted on your permanent headcount or payroll. The key change is to the tax status of temporary and contract workers. So even if your role falls within IR35, you can still bring that person to work for you on a shorter-term contract as long as they pay tax as an employee via PAYE.

So how can I easily hire a temp or contractor without being fined?

SRM Recruitment offers organisations a PAYE solution for hiring temps and contractors. That means we offer a fully outsourced payroll function, taking the headache out of paying tax on behalf of your contractors in a way that is fully auditable.

The advantage of using a reputable PAYE solution is that organisations have complete transparency on where and how tax is paid. So it really takes any IR35 worries out of the equation completely.  

We still recommend that clients go through a determination process to assess if a role is inside or outside IR35 but if there is any doubt, it’s always recommended to go ‘inside’ the IR35 legislation. 

A safe, scalable solution for outsourced payroll

SRM already offers this outsourced payroll PAYE service to a range of organisations of all sizes. We have a strong balance sheet and we are able to securely run a regular payroll for our clients. The process is auditable and transparent. 

“Rob has gone above & beyond by providing specific guidance on IR35 to myself & wider HR team, helping us translate what it means for our business. A trusted recruitment partner!”

Nicola Hollands – Talent Acquisition Partner at Capital Dynamics

What’s happened to umbrella companies?

We are advising organisations not to employ contractors via umbrella company status. Remember, the risk still sits with the hiring organisation, not the umbrella company. 

Using a PAYE solution via an umbrella company provider can leave organisations in a less than robust position from a tax perspective. It’s worth noting that the industry is self-regulating with only 50 or so companies opting for any form of accreditation. Accreditation does not give powers to sanction or investigate. 

Fines are still payable by the hiring organisation, not the umbrella company, or the umbrella company provider. 

What do finance and accounting temps think about the IR35 change?

Most accountants understand why the loophole is being closed. The only push back we’ve experienced is from those in quasi IT/finance roles. Accounting and finance professionals still want to work on daily rates and enjoy the flexibility this brings so we don’t anticipate any shortage of supply. Candidates tell us they want a job first and foremost and aren’t worried about the mechanics of how they get paid. 

The key facts about hiring flexible workers under IR35

In summary, you can still hire flexible workers that won’t affect your permanent headcount numbers by using a robust outsourced payroll / PAYE service. 

Steer clear of contractors employed via an umbrella company or services provided by the unregulated umbrella company market.

Get In Touch

If you need help to source the best interim resource in finance and accountancy or are looking for your next role, get in touch with Rob McKay, director of interim recruitment today on +44 (0) 20 3637 7808, email robmckay@srmrecruitment-com.stackstaging.com or connect with him on LinkedIn.

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How contract hires can save your finance team’s sanity

overworked-and-stressed-woman-at-computer

Most finance functions have been operating with lean or reduced headcount since the 2008 financial crisis. At the start of the covid-19 pandemic, the majority of Finance Directors were still operating lean functions or were even one or two heads down. 

Factor in the extra pressures due to the pandemic and it’s no surprise that demand for specialist finance contractors has remained consistent. 

Rob McKay, director of interim recruitment at SRM takes a look at why organisations are using contractors to bolster lean teams and how to ensure you hire the best finance contract professionals:  

Recognise the extra workload finance teams are facing

Finance holds the keys to the business and in a crisis, everyone needs to know where the cash is sitting. When we factor in extra demands for advice on government financial assistance to concerns about business stability and fluctuating demand, organisations have never required so much support from their accountants and finance specialists.

Understand the extra stress finance teams are facing 

On top of an increased workload, Adele Stickland, wellness in the workplace and resilience consultant says that morale in 2020 is low, for two key reasons:

◻️ People are tired of the pandemic and eager to get back to normal

◻️ Chaos of the pandemic has created an abnormal level of fatigue

As a result, many finance professionals are facing burn out. Action is needed to prevent resignations that may further destabilise the team. 

Work out where the pressure is internally

Next, understand exactly where the pressure is, why it’s there and what do you need to do to relieve it.

What’s the real reason you’re hiring?

Once you’ve figured out where the problems lie, it’s imperative to discuss the key reason you are hiring. What’s the one core job that needs to be done? This usually revolves around fixing a problem. The clearer you can be the more successful the hire. 

Use temps wisely to take the stress away from your permanent team 

Right now, organisations are hiring temporary finance staff to take on traditional accounting roles rather than forward-thinking commercial positions – management accountants, financial accountants and financial controllers are in particular demand.

This is a good strategy. It gives incumbent teams more interesting, future-focused work and at the same time alleviates stress as a good temp is a safe pair of hands to cover core accounting work.

Consider the cost of leaving finance teams to struggle as the pandemic evolves. Ensure workloads are still achievable and clear goals are in place to support the most important work. If they’re not, hire quickly or risk losing good people.

Rob McKay, Director of Interim Recruitment at SRM

It’s a myth that the economic outlook is dampening demand for finance professionals

Hospitality and retail are struggling and it goes without saying that these are testing times. However, most business closures and large scale redundancies are due to systemic business problems pre covid. 

Whilst there are more available candidates – we have heard of some organisations receiving hundreds of applications – it’s a myth that there are lots of people with the right skills for your temp role.

A specialist finance temp recruiter will know the talent pool of career temps well, the skill sets available and will have the ability to send you five good people to consider – saving you and the team time.

Interview within 24 hours of receiving your shortlist

In any market, good people and good finance temps are hard to come by – there’s a high turnover and you can’t assume there will be 15 strong people waiting for your role. 

So if you need a temp move quickly. An efficient interview process is critical. Aim to get all the interviews done in one session, there’s nothing more frustrating than losing out to a competitor with a more effective hiring process. If you wait, your shortlisted candidates won’t be around in a week’s time. 

Extending the contract – don’t lose out

As soon as you realise you may need to extend the contract talk to your temp. If you don’t discuss where the project is moving or leave it until a week before the contract ends, the temp will already be interviewing or have another role in place. Be open and honest on timeframes. In return, your temp will be honest about interviewing for roles.

Get in touch if you’re looking to hire contractors

  • Rob McKay, Business Director at SRM Recruitment
    Rob McKay, Business Director,
    Interim Recruitment

If you need help to source the best career contractors in finance and accountancy get in touch with me, Rob McKay, director of interim recruitment today on +44 (0) 20 3637 7808 or connect with me on Linkedin.

Why organisations hire finance temps – the summary

◽️ Take the pressure off permanent employees 
◽️ Finance temps can hit the ground running and focus on a task or project
◽️ To access specialist skills needed to complete a project quickly
◽️ Fix a problem 
◽️ Cover traditional accounting work so the team can focus on more engaging work
◽️ When permanent headcount restrictions are in place
◽️ Maternity cover 
◽️ Long term sickness cover

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