SRM: The First Decade

celebrating 10 years of SRM
celebrating 10 years of SRM

There is a particular kind of madness that grips people when they decide to leave perfectly good salaries behind and start something from scratch.

It might include a good helping of self-confidence, a light sprinkling of bravado, and a detailed business plan that doesn't survive initial contact with reality. In the case of Andrew Setchell, Stewart Robertson and Rory MacSween, who between them comprise the ‘S’, the ‘R’, and the ‘M’, of SRM - it also entailed the ability to respond rapidly to an unrelenting decade of events, and emerge smiling at the other end.

After 10 years in business, SRM Recruitment has grown from three men and an idea into one of London's most respected specialist recruitment consultancies - placing senior finance, tax, legal and M&A insurance professionals across the UK and internationally, with offices in London, Guildford and Welwyn Garden City, and a team of over 20 specialised professionals.

Easter 2015. Over the top.

The founding story began, as many good ones do, with a question that needed answering. Andrew Setchell had spent four years as an accountant at PWC before moving into recruitment in 1996, eventually running large teams at Michael Page and Robert Walters. By Easter 2015, he was considering the next decade, and wondering ‘why’? Why had the industry where he’d worked for twenty years traded genuine consultancy for the kind of relentless, funnel-driven, phone-bashing culture that made good recruiters miserable and clients feel like they were being processed rather than helped?

"I always wanted to do my own thing, but I'd never do it by myself," Andrew says. "I needed like-minded people." He found two.

Rory MacSween had come to recruitment via a rather more scenic route; the British Army, then Michael Page and Robert Walters, before carving out a niche in the then-nascent world of M&A insurance. Stewart Robertson, a Modern History graduate from Royal Holloway who had also come through the big corporate recruitment machine, had arrived at similar conclusions independently. "We were all having the same conversations," says Rory. "It felt very transactional, like you were turning a wheel. Hard to put your stamp on something."

What gave them the final push? A developing conviction that there was a ‘better way’ - borne of watching floors empty during the financial crisis, observing management endlessly meddling, and noticing the business become, as Andrew puts it, "all about volumes". "The big corporate firms believed the brand was bigger than the person," says Andrew. "But for a medium-sized player, it's far more relationship-driven.” The new way had to be different. More consulting, less funnel. More relationship, less brand.

They handed in their notices in March 2016, collected their bonuses, and launched SRM just as the country was about to vote on Brexit. "We thought: Conservative majority, remain wins, markets go boom, we catch the wave," recalls Stewart, with a rueful laugh. "Yeah."

The First Year: Hard Lessons and Good Hires

The early days had a certain chaotic energy. For a while Stewart worked from his back garden shed. Rory and Andrew sat at a shared WeWork at Fox Court, where the ping pong tables and complimentary evening beer represented either a wonderful startup ecosystem or a terrible productivity environment, depending on the time of day.

The business plan — built partly on the assumption that blue-chip client accounts would follow them from their previous employer — "was out the window within twelve months." More pressingly, litigation arrived in the form of legal letters from past employers, designed, as Andrew notes, "to take up oxygen." It worked, for a while, but was resolved. "It did take a toll," he says. "But it also tempered the risk. You learn a lot about people. And about each other.”

But the wins came. After ten or eleven months of grind, they had back-to-back strong months. The model was working. Rob McKay and Dave Kingston, two early hires who took a genuine leap of faith, are name-checked with real warmth; "they came when we were literally nothing, and remain central figures in the business today.”

The Decade in Brief: Brexit, Covid, and the M&A Freeze

SRM has been tested by just about everything the last decade could throw at it. Brexit, which was timed with spectacular bad luck to coincide with their launch, initially caused a sharp intake of breath before proving broadly manageable. Covid was different.

"Bar one client, all live mandates were cancelled or put on hold indefinitely," says Stewart. "Overnight." That single remaining client — who happened to complete an acquisition at the exact moment lockdown was announced and needed an entire finance function recruited — thankfully kept things ticking over. Then, almost as suddenly as it had stopped, the market came roaring back. 2021 and 2022 were "by far our most successful years." Brexit had thinned the pool of European talent, demand was surging, and SRM leaned hard into genuine consultancy; helping clients navigate everything from sponsorship licences to employment law.

Then came 2023. The M&A market, which had been running hot, cooled sharply as interest rates rose and deal flow dried up. "Summer 2023 was still pretty good," says Andrew. "Then the kids went back in September and it wasn't the same September as the year before."

They navigated it, as they have navigated everything, by staying lean, diversified — and doing what smaller, more agile ‘boutique’ firms can do better than large ones: pivot fast — "it's rare that every part of our business is pulling back at exactly the same time, and that is a strength not a weakness.”

What Makes SRM Different: ‘Relationship Led. Data Driven.’

Ask the founders what sets SRM apart and you get a consistent answer: they recruit experienced people, give them autonomy, and get out of the way. No KPIs. No call-rate targets. No boiler-room atmosphere. Flexible working was already the norm at SRM, before Covid ever arrived. "The least experienced person in our business has seven years of recruitment experience," says Andrew, "we gladly recruit people with grey hair. With no hair…" he adds with a knowing smile.

The approach — which they describe as closer to search than traditional contingent recruitment — is built on a simple observation: the best outcomes come from relationships, not volume. "You just need really good relationships to get the same return without the flannel," says Andrew. "The big firms didn't work that out because they thought the brand was bigger than the person."

The Next Ten Years

"Everything you hear is how quickly AI is going to change our world", says Stewart, sanguine but clear-eyed about the future. The consensus among the founders is that AI will help them work faster, but that the fundamental value of what they do — human judgment, market intelligence, discretion, the ability to sit over lunch and map out someone's career — is not something an algorithm can replicate. "I had lunch with a client last week," says Rory. "We drew up a list of businesses he was interested in. By 5pm I had him an interview at one of them. I can't envisage a world where AI does that. Human interaction can’t be overrated.”

Andrew has a bolder prediction: as AI takes over junior professional work and graduate hiring shrinks at the big firms, newly qualified accountants and lawyers will become rarer and therefore more valuable. "Supply goes down, price goes up.” As for what comes next for SRM itself: growth, yes. New sectors, possibly. Selling? "We've never seriously sat down and discussed it," says Andrew, adding, “we want to create a space for every employee to earn six figures.”

And the most important thing about the next decade? "If we have a business in ten years that still holds the values we set out with," says Rory, "I'd be incredibly proud of that.”

National Insurance Changes April 2025: What They Mean for You as a Job Seeker

national insurance rises
national insurance rises

The new tax year has landed, and with it comes one of the biggest changes to employer costs we’ve seen in a while. From April 2025, businesses across the UK are facing higher National Insurance (NI) contributions, a shift that could have a real impact on job seekers and employees alike.

Whether you're looking for a new role or weighing up your current package, understanding how these changes affect the job market can help you make to smarter career decisions.

NI changes at a glance

What’s Changed (as of April 2025):
  • Employer NI rate: increased from 13.8% to 15%
  • Employer NI threshold: reduced from £9,000 to £5,000
  • Goal: Raise £40 billion in tax revenue as announced in the Autumn 2024 Budget.

While employees won’t see this deducted from their payslips, it’s an additional cost that every employer is now factoring into their hiring, salaries, and workforce planning.

How employers are responding

We’re already seeing early shifts in hiring patterns, particularly in cost-sensitive industries like retail, hospitality, care, and manufacturing. Here’s how businesses are adapting:

  • Cautious salary offers: Some employers are becoming more conservative with salary offers for new roles, and we’re seeing signs of pay freezes in certain sectors.
  • Rise in contractor roles: To stay agile, businesses may opt for more freelancers, temps or contractors, who fall outside of standard employer NI requirements.
  • Shift toward benefits: Companies are strengthening benefits packages instead of increasing base salaries, offering things like private healthcare, flexible hours, and more paid leave.

What this means for you as a candidate

Even though this doesn’t impact your take-home pay directly, it does affect how roles are structured and what offers look like.

  • Salary negotiations might feel tighter: You may need to demonstrate your value even more clearly in interviews and discussions to secure competitive offers.
  • Contract roles could open new doors: Don’t rule out short-term or freelance roles - they could lead to long-term opportunities or offer flexibility during a transitional hiring period.
  • Focus on total compensation: It’s not just about salary anymore. Employers are competing for job seekers with creative benefits, so it pays to look at the full package.

Tips to stand out in a tighter market

Want to stay competitive while the market adjusts? Here’s how to boost your edge:

  • Focus your CV on impact and outcomes, not just responsibilities.
  • Highlight flexibility or additional skills that span multiple functions.
  • Upskill in areas like tech, compliance, or people management.
  • Stay open-minded about hybrid, contract, or project-based work.
  • Demonstrate commercial awareness - knowing the bigger picture counts.

How to elevate job offers in 2025

With salary budgets under pressure, it’s more important than ever to consider the whole package on offer, not just the number at the top of the contract.

Here’s what to weigh up:

  • Pension contributions: Are they generous? Is salary sacrifice available?
  • Healthcare & insurance: Does the company offer private medical, dental or life cover?
  • Flexibility: Can you work remotely or on a hybrid schedule?
  • Learning & development: Will the company invest in your skills or future progression?
  • Wellbeing & culture: What’s the team dynamic, time-off policy, and overall balance?

These extras could easily be worth thousands in real value and make a big difference to your quality of life.

What's next?

We expect to see more noticeable market changes by summer and autumn 2025, as businesses reassess headcounts, budgets, and workforce structure. Those job seekers who stay flexible and informed will be best positioned to benefit.

Need support navigating your next career move? 

As recruiters on the ground, we’re already seeing how the new NI rules are influencing salaries, job structures, and employer expectations.

Whether you’re ready for your next challenge or just want to sense-check your value in the current market, we’re here to help. SRM can you support you to:

  • Benchmark your salary expectations;
  • Optimise your CV and interview approach;
  • Explore contract, permanent, or flexible roles;
  • Understand what’s happening in your sector.
GET IN TOUCH

If you’d like help to future-proof your finance career, please contact Liz Hawkins in the first instance, on lizhawkins@srmrecruitment.com or +44(0)7508 956587

National Careers Week: inspiring and guiding the next generation

ncw tired
ncw tired

"That was a great day Dad, but I. AM. SHATTERED!"

These were the words of my son, George (13) after spending a full day in our offices at SRM Recruitment HQ in Farringdon for National Careers Week.

National Careers Week (NCW), held annually in the UK, is a dedicated event aimed at empowering young individuals with comprehensive career guidance and resources. In 2025, NCW took place from March 3rd to 8th, offering a plethora of events, workshops, and seminars designed to illuminate various career pathways and opportunities.

This year, my son George embraced the spirit of NCW by participating in a job-shadowing experience at my workplace. His school actively encouraged students to engage with their parents' professions, providing a first-hand glimpse into the working world.

A busy but valuable day

George's day commenced with shadowing me in the office, where he observed daily operations and team dynamics. He attended three client meetings, gaining insights into professional communication and problem-solving strategies. The team welcomed him warmly, and we all enjoyed a pizza lunch together, offering George an informal setting to interact and ask questions. After the final client meeting, we headed home, with George understandably exhausted but (hopefully) enriched by the day's experiences.

The benefits of job shadowing

Job shadowing offers invaluable benefits, especially for young students. It allows them to experience a "day in the life" of a professional, helping to clarify career interests and link classroom learning to real-world applications. Such experiences can significantly boost career confidence and motivation.

George's participation not only provided him with practical insights into the working world, but also sparked meaningful conversations about his future aspirations and the diverse career paths available to him. This hands-on approach to career education exemplifies the essence of National Careers Week, bridging the gap between academic learning and the professional world.

The importance of guiding the next generation

I encourage fellow professionals to involve their children in similar experiences, fostering early career exploration and informed decision-making. National Careers Week serves as a reminder of the collective role we play in guiding the next generation towards fulfilling and informed career choices.

As for George, he finished the day buzzing but looking forward to an early night (for once)! It remains to be seen if he’ll be following his Dad into the heady heights of Tax Recruitment, but regardless I know he found it an incredibly worthwhile experience. It's so important for our youngsters to get some exposure to the working world early on to help inspire them for their future!

You can find out more about National Careers Week here: nationalcareersweek.com

You might also find this article interesting: Five reasons why job shadowing helps benefit your future career: https://bnd.nd.gov/job-shadowing/

national careers week

The Critical Role of Cultural Fit in Hiring

Culture fit team working
Culture fit team working

Hiring the right candidate isn’t just about technical skills and experience. While a strong CV may open doors, long-term success hinges on how well a candidate aligns with your company’s culture.

Neglecting cultural fit can lead to poor retention, reduced productivity, and team conflicts. That’s why assessing cultural alignment during the hiring process is crucial.

Why Cultural Fit Matters

Company culture defines the environment, values, and workplace dynamics of an organisation. Employees who align with your culture are more engaged, productive, and likely to stay long-term.

However, cultural fit doesn’t mean hiring the same personality type. Instead, focus on “culture add” – candidates who align with your core values while bringing fresh perspectives. A diverse team that shares values but offers different viewpoints fosters innovation and growth.

For example, if your team is highly analytical, a culture add might be someone with creative problem-solving skills who challenges conventional thinking. This enhances decision-making and fosters a more dynamic work environment.

Communicating Culture Clearly

Many companies assume they prioritise cultural fit but fail to define or communicate their culture effectively. Candidates want to understand your workplace environment before accepting a role. Transparency in job descriptions, careers pages, and interviews helps attract the right talent.

Risks of Overlooking Cultural Fit

Failing to assess cultural fit can negatively impact your business. Key risks include:

  • High Turnover – Employees who struggle to integrate often leave, leading to increased recruitment and training costs.
  • Reduced Team Morale – A misaligned hire can disrupt workflows, leading to frustration and disengagement.
  • Weakened Customer Relations – Employees who don’t embody company values may struggle in client-facing roles.
  • Workplace Adaptation Issues – A poor fit may struggle with communication styles, collaboration, and expectations.

How to Assess Cultural Fit in Interviews

Hiring managers can integrate cultural fit assessments into their process with these methods:

  1. Behavioural Interview Questions

Assess how candidates have handled past situations to gauge their work style and values:

  • Teamwork: “Describe a time when you worked with a difficult colleague. How did you handle it?”
  • Values: “What are the three most important things to you in a job?”
  • Adaptability: “Tell me about a major change you faced. How did you adapt?”
  • Culture Add: “Describe a recent moment when you felt engaged and productive at work. What contributed to that?”
  1. Practical Assessments

Real-world tasks provide insight into a candidate’s problem-solving and communication style:

  • Marketing candidates – Analyse a campaign and suggest improvements. This demonstrates strategic thinking, creativity, and an understanding of audience engagement.
  • Customer service candidates – Handle a difficult client scenario. This assesses their ability to stay calm under pressure, problem-solve, and communicate effectively.
  • HR candidates – Resolve a workplace conflict. This highlights their interpersonal skills, conflict resolution abilities, and alignment with company values.
  1. Culture-Focused Interactions

Introduce candidates to team members or discuss real-life workplace scenarios. This allows you to assess how they react and whether they would thrive in your environment.

Additionally, ensure candidates have a clear picture of your company culture. Use job descriptions, interviews, and platforms like Glassdoor to communicate expectations.

  1. Temporary-to-Permanent Hiring

If feasible, hiring on a temp-to-perm basis allows for real-world assessment before making a long-term commitment.

Encouraging Open Conversations About Culture

Cultural fit isn’t just about hiring - it’s about maintaining an environment where employees feel comfortable discussing and shaping workplace culture. Regular feedback and open conversations can help strengthen team cohesion and improve retention.

Conclusion

Assessing cultural fit during hiring is an investment in long-term success. A structured approach that evaluates both technical skills and cultural alignment ensures that new hires integrate well and contribute positively. By prioritising transparency and the right screening techniques, businesses can improve retention, enhance team dynamics, and build a workforce that thrives together.

Quick Checklist for Hiring Managers

✅ Define your company’s core values and workplace culture.
✅ Communicate these values clearly in job descriptions.
✅ Use behavioural interview questions to assess cultural alignment.
✅ Incorporate real-world assessments to evaluate work style.
✅ Involve current team members in the interview process.
✅ Ensure candidates have a clear understanding of company culture before hiring.
✅ Consider temp-to-perm hiring when appropriate.

W&I and Tax Liability Insurance: Navigating a Complex Landscape

As of September 2024, the M&A insurance market is experiencing notable developments in the warranty & indemnity (W&I) and tax liability insurance space. Each plays a crucial role in managing risks associated with mergers and acquisitions (M&A) transactions and the dynamic nature of today's business environment.

Below, we explore current events and trends shaping these two insurance lines, including pricing dynamics affecting W&I insurance and the impact of geopolitical tensions on transactions.

Warranty & Indemnity Insurance: A Pillar of M&A

W&I insurance has become increasingly crucial in the realm of M&A, driven by rising economic uncertainties and the demand for greater deal certainty. As businesses seek to navigate complex transactions, W&I insurance provides protection against breaches of contractual warranties made by sellers, thereby mitigating risks associated with undisclosed liabilities.

Recent trends indicate that W&I insurance is evolving to accommodate a broader range of transactions, particularly in high-stakes industries such as technology, healthcare and energy. Growing geopolitical tensions, including trade disputes and disruptions, have significantly influenced the M&A landscape.

Geopolitical Tensions Impacting Transactions 

Geopolitical tensions have profound implications for M&A activities, particularly as companies expand into new markets or engage in cross-border transactions. Current examples include:

  • Russia-Ukraine Conflict: Ongoing sanctions and economic uncertainties create a complicated environment for businesses engaging in cross-border deals in Eastern Europe.
  • US-China Relations: The heightened scrutiny over transactions involving Chinese businesses complicates M&A activities, necessitating thorough due diligence to ensure compliance with national security regulations.
  • Energy Sector Instability: Fluctuations in commodity prices due to geopolitical events require companies to provide more robust warranty representations, raising the stakes for W&I claims.

Adding to these geopolitical challenges are significant economic uncertainties which include the impending UK budget and US elections.

  • Impending UK Budget: The UK government's upcoming budget is anticipated to introduce important fiscal changes in response to high inflation and economic stagnation. Businesses are wary of potential tax reforms and spending cuts that could affect valuations and investment decisions, making protective measures like W&I insurance more attractive.
  • US Elections: The approach of the US elections introduces additional volatility, as the potential for changes in administration could lead to shifts in fiscal and regulatory policy. The uncertainty surrounding these elections may cause companies to delay M&A activity, prompting a greater reliance on W&I insurance for protection against unforeseen liabilities arising from political changes.

Pricing Dynamics

Despite a notable uptick in M&A activity, the W&I insurance market is experiencing soft pricing conditions. According to a recent article from Insurance Insider, average W&I premium rates remain stable, hovering around 2% to 3% of the insured amount. This stability persists even as the number of M&A deals increases, and underwriters remain competitive in an environment that encourages them to continue offering attractive pricing.

Insurers are leveraging sophisticated data analytics to assess risks more accurately, which not only expedites the underwriting process but also leads to more favourable terms for clients. The ability to analyse extensive datasets and historical claims information allows underwriters to maintain competitive pricing while ensuring adequate risk coverage.

Tax Liability Insurance: A Growing Necessity

The demand for tax liability insurance is surging, primarily due to increasing complexities in tax regulations and heightened risks associated with tax audits. The global push for tax reform, notably through initiatives such as the OECD’s Base Erosion and Profit Shifting (BEPS) project, has made navigating tax compliance more challenging for multi-national corporations.

Recent legislative changes have prompted businesses to be more proactive in assessing their tax exposure. With heightened regulatory scrutiny increasing the risk of significant penalties for non-compliance, organisations are increasingly turning to tax liability insurance as a protective measure against unexpected tax assessments. This insurance provides financial relief and safeguards against liabilities that can arise from audits or disputes with tax authorities.

In the current economic climate, tax liability insurance offers a vital layer of protection, ensuring that potential tax exposure does not derail transactions or negatively impact valuations. Additionally, competition in this insurance market is prompting insurers to invest in technology and enhanced underwriting practices. Advanced data analytics allow for better assessment of clients’ tax histories and compliance levels, resulting in tailored policies that reflect individual risk profiles.

Summary

Whilst we are seeing increasing market confidence with returning volumes of M&A, the market is far from feeling bullish about short-term changes in conditions. Recruitment in W&I is returning in small pockets and tax headcount continues to grow steadily in both broking and underwriting teams.  Year-on-year, M&A insurance recruitment has improved from 2023 lows and we are anticipating a busy 2025.

Get in touch

If you need help to hire in the M&A insurance space, or are looking for your next role, please contact Rory MacSween on rorymacsween@srmrecruitment.com or +44 (0)7960 983331. 

Cautious optimism in the transactional risk insurance markets stimulates low levels of W&I recruitment.

After the record highs in the global M&A market of 2021-2022 and the frenetic resourcing environment it created, followed the crash of 2023. Deal volumes decreased by 15.8 % from 2022 and 35.5% from 2021’s all-time high (source: Pitchbook). As a result, resourcing internationally in the W&I/RWI space ground to a halt across both broking and underwriting whilst teams assessed workflow and headcount requirements.

As we moved through 2023 there was varying opinions on when volumes would return (a conversation that continues!) and as a result hiring continued to stagnate.

Two areas that continued to trend away from W&I/RWI was contingent risk and tax liability insurance. As we have seen the focus move away from M&A, broking teams continued to see a good volume of enquiries in this space. Hiring as a result maintained a consistent level of activity and we saw some high profile moves internationally as a result.

2024 sees hiring requirements increase

Moving into 2024, we have seen a small increase in the level of requirements in W&I/RWI and a significant increase in tax insurance. Contingent risk focused recruitment is continuing to develop slowly and we continue to work with some of the key brokers and underwriters in this field. It will be interesting to see how these products develop (and resourcing requirements as a result) when the M&A volumes return. In a recent “2024 M&A market outlook” publication, Rowan Bamford, President of Liberty GTS said; “Even when M&A volumes return, we are unlikely to see contraction in these new products, simply because the more they are used, the more users realise how useful they are”.

Talent shortages remain

Regardless of the market conditions one theme remains consistent with 2021-22: talent shortages. We have seen numerous clients target UK law firms in the last 12 months focusing on 4-8 year PQE tax and corporate lawyers to little (or no) success. Whilst there is definitely a shortage of candidates with this level of post-qualification experience, we have seen more candidate engagement in the NQ-3-year PQE range. We have yet to see a flood of candidates through redundancies, those that have happened were absorbed into the wider employment market (law firms, in-house and insurance roles).

General consensus

The positive sentiment gleaned from our client conversations leaves us with a sense of quiet optimism for 2024 and beyond. However, if you are a hiring manager considering recruiting into your team or a candidate considering a move in (or into) transactional risk insurance; be aware the recruitment lead times are longer than in previous years.

Get in touch:

Need help with your M&A Insurance recruitment or to find your next role? Contact Rory MacSween on rorymacsween@srmrecruitment.com or 07960 983331.

FYI – If you’d like to read the full Liberty GTS market outlook, you can do so here: https://www.libertygts.com/article/bright-spots-on-the-horizon-for-m-a-in-2024

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.

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/

Continued boom in M&A Insurance activity sees resourcing challenges worsen.

M&A Insurance
M&A Insurance

If we could sum up M&A Insurance recruitment activity in the first half of this year in one word, it would be: manic! The continued growth in the global M&A market from the previously unprecedented levels of 2021 resulted in increasing volumes of recruitment mandates from the broking and underwriting community. Even the traditional hiring lulls through December and January never materialised, as the market remained incredibly buoyant.

Currently the biggest challenge for the sector in the UK is the finite talent pool. The domestic market is facing a human capital crisis, many of the local and traditional talent pools having been exhausted. The insurance industry is competing not only internally for talent but also with both the in-house market and the professional services firms. The ‘Great Resignation’ that followed the pandemic combined with our post-Brexit lack of ability to easily recruit European candidates has created a fierce bidding war for the remaining, eligible talent. The natural talent pools like law firms and the Big 4 are also struggling to grow meaning they have sharpened their focus on staff retention. We have seen record levels of base salary increases (out of company bandwidths) and significant bonuses being paid out in a bid to hold onto staff. Promotional moves, sign-on and guaranteed minimum bonuses are also becoming more and more common in a bid to differentiate from the rest of the competition. The candidate is in the driving seat when it comes to salary negotiation, most are receiving multiple offers across a range of opportunities. With the cost of living crisis an increasing consideration in the UK it’s unsurprising that (particularly junior) candidates are salary motivated.

We’ve been working closely with our clients to offer alternatives, encouraging them to expand their horizons and attract talent they might not previously have considered. For example, being open-minded to considering accounting-based candidates over increasingly expensive lawyers, can quickly expand the talent pool and bring highly valuable skill sets to a role. Many clients are now reconsidering options they would have previously disregarded – onboarding a reasonable relevant skill set such as Big 4 transactional background, is proving a better option if it means hiring tier 1 talent without having an onerous impact on their bottom line.

One trend which has been helping to counter the current skills shortage is a noticeable uptick in clients willing to sponsor candidates into the UK. SRM has been supporting numerous clients through this process to enable them to hire talent to their teams, providing the right combination of skills, talent and languages required.

Employers looking to take this hiring route need to be aware – there is currently a huge backlog of immigration in the UK. What used take around 6-12 weeks, is now taking closer to 12-24 – so be prepared for worst case scenario. Ensure your timescales when it comes to interviewing, hiring and onboarding have factored in these delays, which ultimately are out of all of your control and sit firmly with the government.

Our advice for hiring managers – consider your timeframes around hiring, especially if you’re looking to bring in from abroad, and don’t leave hiring to the last minute (hire for tomorrow, not today!). Given the paucity of available talent it’s also important to manage expectations around the number of CVs you will see on a shortlist. When you identify a strong candidate, we recommend you move to offer quickly. Average time to hire is very short right now, some processes have been as short as 1-2 weeks. Savvy hiring managers are honing in on good candidates and moving quickly to secure them.

Our advice for candidates – if you’ve previously disregarded the UK as an option, you should reconsider. There are opportunities in the UK with employers willing to sponsor candidates to secure the skills they so desperately need. But it’s important to manage your expectations on timeframes when it comes to the immigration process. This is fully in the government’s control, so ensure you work closely with your employer and immigration lawyers and have all your paperwork up to date to help the process run as smoothly as possible.

For UK qualified lawyers looking to move into M&A Insurance be aware that the industry may not be able to compete with law firm salaries for year 1. You should remain focused on the broader offerings of the industry and your ability to grow your overall compensation package in the short term.

Given that we’ve now hit the summer holidays, we are seeing a more traditional slowdown in hiring activity for this time of year. All of those ‘normal’ recruitment trends have largely been ignored over the last 18 months as clients were ‘desk-bound’ and teams overworked throughout the pandemic, but things seem to be normalising and we’re returning to previous trends. Our expectation for H2 is that levels of activity will slow marginally from the highs of H1, but we don’t expect them to slow to pre-pandemic levels.

Get In Touch

To get help with your recruitment process or job search, please do get in touch with Rory MacSween today on +44 (0)7960 983331, email rorymacsween@srmrecruitment.com or connect with him on LinkedIn.

A successful career in tax

“The work I’m doing around sales and building the business is very different to anything I’ve done before.”

Drew Wardrope – Head of Tax Insurance at Howden

Public speaking isn’t the first thing that comes to mind when you’re listing a tax professional’s required skills. It certainly wasn’t something Drew Wardrope gave much thought to whilst he was heading up M&A tax at Barclays. A lot has changed for him over the last 18 months – his public speaking responsibilities included. We spoke to Drew about the early days of his career, his impressive rise through Deloitte, RBS and Barclays and how a call from Rory MacSween at SRM Recruitment set him on a new and exciting path to insurance specialists Howden.

What attracted you to a career in tax?

I’d love to say I have this amazing story about how I always wanted a career in tax… but I didn’t. I basically fell into it. I was studying maths at Nottingham university and I got a job mid-way through my third year – I was going to be an actuary. That was great, I was set up, I could relax a bit. I deferred and took a year off to go travelling. I taught football in the States, toured Brazil in a campervan and then went to Asia. I was getting into a bit of debt, but I wasn’t worried as I knew I had a job to go back to in September and I’d be able to pay it off.

I’m sensing something’s about to go wrong…

This was 2003, way before smartphones, and I was checking my emails in an internet café in a railway station in Cambodia. The actuary company in London had emailed, asking me call them urgently. I found a payphone and was told that the company was laying off all its graduates. I remember sitting outside the internet café almost laughing to myself and thinking, ‘What the hell do I do now?’ I needed to find a new job pretty sharpish but when I got back to the UK in August, most decent firms had already hired for the year.

You secured a graduate role with Deloitte – how did you manage that so late in the day?

Deloitte had just gone through a big merger with Arthur Anderson, so they’d put their recruitment on hold for six months. I was living with my mum in Newcastle and I went down to London for a graduate fair expecting to speak to the Deloitte actuary guy. But I was told, ‘Sorry – all the actuary jobs were filled yesterday. But you can speak to the tax guy – he’s still got jobs available.’ So, I did and that’s how I fell into a career in tax.

You clearly settled into tax well because by year four, you were rated in the top five percent of the population at Deloitte. Then you left for a job at RBS. What made you go in-house rather than pursuing the partner track at Deloitte?

I saw moving in-house as a stepping stone to the partner track. Working for a big accountancy firm, you’re advising businesses all the time, telling them what to do and how to do it. I thought, how am I supposed to give this advice when I don’t really know what it’s like to implement it? In the real world, does this stuff actually work? Is it practical? Is it realistic? So my plan was to go in-house, get some commercial business experience and then effectively go back to Deloitte.

How was life in-house?

It was nerve wracking but exhilarating. When you work for an accountancy firm at a junior level, typically in client meetings you just listen in because you’ve got at least two people more senior than you doing the talking. I went from that sheltered environment to being told by my new boss in my first week, ‘You’re going to a meeting on funds. Do you know anything about funds? No? Well, you had better learn fast because you’re our funds expert now.’ I had a morning to read up on everything and then I went to this meeting with the front office and 10 or so other infrastructure groups and was asked, ‘So, what’s your opinion on tax?’ It was very steep learning curve, but I learned quickly.

You joined RBS in 2007, a year before it went into government ownership. How did that play out for you?

I look back now and think I lived through the eye of the storm. Senior management weren’t saying much – we got most of our information from Robert Peston on the BBC. We saw Fred ‘the Shred’ Goodwin in the treasury effectively pleading for money from Gordon Brown to keep the bank afloat. We watched other banks collapsing and people walking out of Lehman Brothers with their possessions in boxes. There were pay cuts and lots of extra work and day to day I’d go into the office not knowing if the bank would still be functioning. But we just got on with it. There was a real sense of camaraderie – we were all in the same boat and none of us had a clue about what was going to happen. You get rich, interesting experiences from something like that.

You stayed with RBS for two more years and moved to Barclays, which in 2012 found itself in its own media spotlight…

Yes, I somehow chose to work at two companies at the centre of some of the biggest corporate scandals in UK history! At Barclays it wasn’t our financial stability that was in question, it was our reputation. I think it changed the bank for good in that pre-financial crisis, banks were participating in tax schemes that were legal but morally questionable. Post financial crisis, people started thinking about the wider effects of aggressive tax planning – it’s legal, but is it the right thing to do?

After seven years at Barclays, what made you decide to move on?

My last three years at Barclays were amazing. I became head of M&A Tax at a time when Barclays was massively downsizing and selling about a third of the bank. I built a tax team to support that and we did loads of interesting transactions in a very short space of time. It was really fun, but it had a shelf life – the role was only so interesting so long as there was stuff to sell or buy. I could see that by the end of 2017, Barclays would have sold all it wanted to sell and my role would be coming to an end. So I started thinking about my next steps.

Was going back to Deloitte an option, as per the plan you’d had ten years earlier? And where do SRM Recruitment and Howden fit in?

I was talking to various firms about roles in M&A tax, including Deloitte. I was working on a deal in Johannesburg when Rory from SRM Recruitment popped up – he reached out to me on LinkedIn and told me he had a role that he thought was perfect for me. Ultimately he was right, because here I am at Howden! What interested me about the role was the opportunity to go out there and try to grow a business, which I’d never done before.

How fast did things move after that first email from Rory?

Unbelievably fast. It was in huge contrast to the bureaucratic, red tape environment I’d come from, where you can have six rounds of interviews and still no final answer. I had an interview with Howden’s MD on the Friday, met his colleague on the Monday morning and by Monday afternoon I had a job offer.

So you’re now Head of Tax Insurance at Howden – congratulations! Tell us about the workplace culture there.

It’s completely different to anywhere I’ve worked before. We’re majority owned by a bigger organisation but minority owned by employees, and there’s 40 of us globally in M&A. The team was created six years ago and it’s grown exponentially year on year. There’s a start-up feel to the place – it’s a really fun, exciting place to work. There are yoga sessions in the morning and everyone walks around in their sports gear. So it’s not your typical corporate world, but that’s not to mistake the fun for lack of professionalism. When we’ve got client meetings we’re all suited and booted and everybody works very hard, if not harder than in places I’ve worked in before.

Can you give us an overview of what you’re doing at Howden?

I sell tax insurance products. Let’s say a buyer puts £500 million on the table for a new business which has a £100 million tax risk. The next day that tax risk crystallises – the business is now worth £400 million and the buyer is out of pocket. I sell the tax insurance products to the buyer to protect them from that risk. Without insurance, the deal might not happen because the buyer and seller can’t agree how to share that risk. If you transfer that risk to the insurance market and both parties are happy to pay the cost of the insurance policy, which is a percentage of the total overall risk, the deal gets done.

What’s it like applying your technical tax skills in such a different environment?

As far as the technical tax skills go, the application isn’t that different from my previous roles. When you work in M&A you have to become a generalist – one day you might be looking at VAT risk in Singapore, the next it’s transfer tax in Italy. That part of my work hasn’t really changed.

So what is different around your current role – and what new skills have you developed as a result?

The work I’m doing around sales and building the business is very different to anything I’ve done before and I find it really interesting. The workload is intense: I’m working on deals, servicing existing clients and all the time trying to grow the business and make new contacts. There are lots plates spinning and you need energy and mental resilience to take all that on and not get too stressed by it. Work trips can be exhausting: we’ll do seven meetings in a day, from sitting around a table having coffee to presentations to 100 people.

And how have you embraced your new public speaking responsibilities?

Turning up at a conference and speaking for an hour to 100 delegates wasn’t something I’d done before. I do get a bit nervous beforehand, but generally I’ve been pleasantly surprised by my public speaking abilities!

What advice would you have for tax accountants in the early stages of their careers – or what would you tell your 22-year-old self starting out at Deloitte?

I’d say that it’s really important to make your own luck. There are so many things you can’t have a hand in – it’s just about being in the right place at the right time. But what you can do is try to make as many opportunities arise as you can. Do this by putting yourself out there and meeting people. The more you’re getting out there, the more opportunities will arise and when they do, you can grab them. The book Outliers: The Story of Success by Malcolm Gladwell was eye-opening for me. He writes about Bill Gates and how he happened to have regular access to a computer in the 1960s, way before computers became mainstream. So many moments are about luck, and it’s about recognising those moments and seizing them.

Discover more stories in our ‘Lessons From Leaders’ series in our blog. If you’d like to discuss your next career change, we’d love to hear from you, so please get in touch on + 44 (0) 20 3637 7808. Or submit your CV here.