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Category: Tax

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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. 

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James Rodgers joins SRM to focus on senior in-house tax hires

James Rodgers

We’re delighted to welcome James Rodgers to SRM Recruitment to head up our Tax recruitment division. James tells us about his career to date, what appealed to him about working for SRM and his advice for candidate and clients.

Tell us about your career to date?

I trained initially as a solicitor in the early 2000s, quickly realising I wasn’t going to be hot shot lawyer, so I joined the recruitment industry in 2004 working for a well-known listed global recruitment business. Early on I focused on the London Accounting and Finance market, placing part-qualified and then, later, qualified accountants into in-house commerce & industry roles. I loved it and knew I’d found something that really suited me. I worked my way up the ranks, placing more senior finance professionals and then moving into a management role where I ran a team supporting temporary and permanent recruitment for our central London clients. Since 2009 I’ve focused solely on the in-house tax market, placing tax professionals both in financial services and commerce & industry, working for both a smaller boutique search firm and a larger exec search practice. I can’t believe I’ve been in the industry for 20+ years’ now but I couldn't be more excited about the next chapter with SRM!

What prompted your move to SRM?

I’ve known the founders and some of the key people at SRM for many years and I’ve always been so impressed by what they have achieved and built to date. After 16 years in the same firm, I knew I needed to shake things up, but hadn’t made the firm decision to leave till a chance meeting with one of the founders really got me thinking. Within a short space of time, following more meetings and discussions, it became very clear to me that the opportunity at SRM to lead their tax division was huge and that I really wanted to go for it.

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

Perhaps stating the obvious, but for me it was essential that I really liked and trusted the people I was going to be working with. From the founders to the whole team, I felt very confident on those two points straight away. Professionally, the opportunity to help further grow the in-house tax offering and reputation at SRM is superb. They already have a great platform in the tax market both domestically and internationally, complemented by their strong presence across finance, legal, M&A insurance, transformation and technology. Quite honestly, considering the team and the opportunity overall just felt so good that when it came to making the final decision to join SRM, it was a very simple one indeed!

Tell us about yourself?

First and foremost, I’m a family man and dad to two boys (aged 12 and 9). We live in Berkhamsted in Hertfordshire, following our move out of London in 2014. We love the countryside and it's great to be back there having grown up in the middle of nowhere in Lincolnshire and Norfolk. The boys have followed my passion for cricket as well and we’re members of Surrey CC so love getting to the Oval whenever we’re permitted! Outside of family life, I’m a keen rock climber and have been fortunate enough to climb extensively in the UK and around the world - if only I was better…but I still love it! I’m also a regular squash player as well, but the body struggles to handle too many games a week these days! Rugby has always been a big passion of mine as well - I used to coach my son’s teams but have since lost them to football which, honestly, I’m still trying to get over!

What led you to specialise in tax roles?

I really wanted to be a specialist and be known for something unique. Tax is obviously a specialism within the broader remit of finance, so it naturally followed but it just really appealed to me. I was also fortunate to work with one of the best tax recruiters around at the time - he really inspired me to focus on it. However, like in many aspects of life, it's the people themselves involved in the industry that make it a great! So, a specialist market was attractive; in larger more generalist areas it can be difficult to establish a name and brand as a recruiter - there are simply so many players. As a result, I’ve enjoyed the opportunity to build deeper and longer lasting relationships in tax where my advice, experience and discretion is really valued.

Tell us about the roles you’ll be working on?

My primary focus will be the in-house tax market across commerce & industry and financial services both in the UK and internationally, typically from Manager to Head of Tax. However, there will also be some cross-over with treasury in some cases where Head of Tax & Treasury roles exist as we’re seeing more and more of these positions in some organisations. I have always worked with a wide range of clients across sectors and industries and look forward to continuing that, but one of the real growth areas has been the newly created or “greenfield” Head of Tax/Treasury positions, so again that is an area I hope to continue to develop further. 

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

I’d like to think I’m a relaxed, approachable and likeable guy who knows his market very well. I’m not especially comfortable talking myself up, so maybe I’m not particularly “salesy” as sometimes people in this sector can be. 20 years in the industry has taught me a thing or two, so I feel that I can add significant value to a recruitment process as a result. 

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

To have absolute clarity on what realistically you are looking for and can secure, and speed through the hiring process. Time kills deals!

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

If circumstances allow, be patient in your search. It can take time to find the right role in the tax market particularly at the senior level. 

Get in touch:

Need help to hire or finding your next in-house tax role? Contact James on jamesrodgers@srmrecruitment.com or call +44 7852 322955. 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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Accounting & finance inflation-rate salary increases: are they as impressive as the headlines suggest?

Office
Office

If you’ve read the news lately, it’s a great time to work in finance and accounting, with salaries on the up across the board and hiring firms willing to pay above market rates to secure the talent they so desperately want. 

PwC recently announced headline-grabbing salary increases of between 7-9%, the “most significant” pay rise to staff in 10 years, in acknowledgement of the rise in living costs and the competitive recruitment market. EY and KPMG have also announced pay rises this year for their staff, although not quite on the same scale as PwC. 

But despite the big pay rises being announced, what’s the reality of the situation for those working and hiring in the accountancy sector? 

Is this actually a pay rise for accountants? 

Although a salary hike of 8% sounds great and something many industries can only dream of, with inflation tipped to go through 10%, then already it’s no longer a pay increase. While the pay hikes are said to be a response to rising inflation, in reality there are other factors driving these increases. 

The truth is, accountants’ salaries were well overdue an increase anyway. Finance salaries didn’t really move between 2014-2020. There was low inflation, low interest rates, and a good supply of talent for firms to choose from. But with the economic impacts of Brexit, plus the knock-on effects of the pandemic – including the lack of Aus/NZ/SA talent we’d usually see supplementing the local candidate pool – we’re now seeing a big supply gap in candidates.

It’s simply economics: as the supply of available talent has gone down and demand from hiring firms has risen, prices have started to rise. All companies (both in practice and industry) are now recognising that accountants’ salaries need to rise: firstly in order to keep hold of existing talent, and secondly, to be competitive in order to attract new hires. 

No longer the same push factors for candidates looking to move jobs

In addition to the lack of overseas talent, the local talent pool is not experiencing the same push factors they once were to move jobs, further restricting the volume of available talent.  

Lack of career development, poor relationships with management, poor bonuses or success at a firm, and poor working patterns have in the past all been key reasons to ‘push’ candidates to look for a new job. But the pandemic has meant many firms have adopted ways of working now which suit their employees better. By design or by fault, employers have got smarter in the pandemic. They have got better at looking after their people. And for those candidates who might previously have moved jobs due to office politics or a poor manager – those issues have become more tolerable if you’re in the office less and are mostly dealing with colleagues on Zoom calls. 

Generally, people have got more comfortable – and if you’re comfortable, then why move? You need to be motivated in order to move jobs.  That means firms need to focus on their ‘pull’ factors – mainly being an attractive option to candidates. Expectations of candidates are increasing when it comes to salaries, and many expect flexible working as standard. They are listening to recruiters and paying attention to what’s happening in the market. They are more switched on. 

The reality is that general inflation hasn’t pushed up salaries: it’s the lack of talent. Many clients are not even questioning salaries as they once were and are volunteering bigger increases. As a result, salaries are on the up, particularly at the sub £100k part of the market. Hiring firms are simply aware they need to pay more to hire the people they want. 

Realities for moving jobs and hiring in the current market

For clients looking to hire, there are a few things to keep in mind: 

• You can still find the quality of candidate you want, but your shortlist will be shorter. This is especially true at the sub £100k levels. Upwards of £100k, there is probably still a good supply of people looking to move. Requirements at this level tend to be more specific as seniority increases anyway. 

• Ensure your recruitment processes are efficient and timely. Don’t hang around to get hires signed off and keep interviews fast and thorough. Too many interviews or delays in offers means companies are missing out on candidates. 

• Make the role as attractive as possible. Consider all of your ‘pull’ factors before you start to hire. This will make it much easier in enticing candidates to apply. 

• Have patience. There is no quick fix in this current climate, it all just takes time. 

For candidates, we have this advice: 

• There are some great opportunities out there right now, so it’s a perfect time to challenge yourself and get out of the comfort zone you might have fallen into. The ones moving jobs are the ones seeing their careers move forward, across financial services, C&I and practice. Moving jobs is certainly the faster route to career progression. 

Change is coming

There are some economic headwinds coming with the potential of recession being spoken of (mainly driven by inflation). A tighter economy could mean a restriction in the supply of jobs, and a general increase in the number of people looking for new roles. Hopefully we’ll see a rebalance in terms of the supply and demand in the market. In the meantime, in such a talent short market, it remains to be seen if there will be more headline grabbing salary increases for accountants, but it’s more likely than not.

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 or connect with him on LinkedIn.

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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.

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How hybrid work can help you reach more diverse talent pools

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

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

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

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

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

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

The Great Resignation

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

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

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

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

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

Andrew Setchell, CEO, SRM Recruitment

Improve your digital community to widen your talent pool

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

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

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

Get In Touch

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

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Posted on

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

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

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

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

1. Be realistic 

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

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

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

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

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

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

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

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

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

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

Andrew Setchell, CEO, SRM Recruitment

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

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

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

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

6. Consider try before you buy

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

7. Be prepared for candidates turning down your role 

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

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

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

Get In Touch

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

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

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

How has the pandemic affected career progression?

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

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

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

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

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

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

What to do if your career progression has stalled 

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

What can hiring managers do?

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

Discuss career development

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

More appraisal

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

Rewards

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


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

Get In Touch

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

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