Securing top talent and finance graduates in an uncertain market

The data shows that graduates from the world’s top universities are still choosing the UK when entering the market, as Britain maintained its position as the main employer of overseas graduates. Although there was a slight drop in the number of those choosing to relocate, the UK still ranks well above destinations such as the USA, Switzerland, France and Germany as the preferred choice.

Of course, this is a positive indication that the talent pool within the UK finance sector should remain steady. However, with Brexit negotiations expected to last for another two years at the very least, and with such high demand for talented candidates, it is important to secure top talent now.

With this in mind, what can finance firms do now to ensure that they are attracting these talented graduates to work for their organisations longer-term?

First of all, it’s important to understand why these graduates are still choosing the UK as their preferred destination. Edward Starkey, Director at Michael Page Finance has highlighted that prospects in the UK for junior finance professionals and graduates are still strong. Regionally, in particular, the employment opportunities are looking positive. There has been significant investment in areas outside London, bolstered by the upcoming High Speed 2 rail link between the capital and a number of business hubs in the Midlands and North West. Many major firms such as HSBC and Jaguar Land Rover are investing into local markets in the West Midlands creating new jobs and opportunities for those looking to gain experience within the UK.

Currently, the number of roles available to junior level candidates far exceeds the number of top candidates in the market to fill them. There is a high demand for newly qualified and qualified accountants in a number of different business areas including financial and management accounting, internal audit and tax to name a few.

Considering long-term employment, the UK remains at the top of the list of choices for graduates because there are a broad range of future prospects available. Working in the UK can lead to a number of career options and can allow individuals the opportunity to explore many different avenues in terms of industries, sectors and specialities. Starting out a career in finance within the UK also makes it a lot easier to transfer into other international markets such as Dubai. The reverse can be much more difficult. In the UK financial services market, graduates might start in audit but can easily make the transition into other areas if they so wish.

To ensure you are attracting these talented graduates to your organisations, Edward says that the benefits package you offer plays a vital role.  Ask yourself; what can you offer a candidate? What are the benefits of working for your organisation, beyond remuneration? 

Candidates entering the market are now more than ever, looking beyond the basic salary package on offer and are attracted by benefits such as dynamic working, pension contributions and car allowances. They are focused on the level of emphasis the business places on professional development and the career progression opportunities within the organisation. Overall, what benefits will the role on offer provide in terms of longer-term career prospects, not just within your organisation, but in the wider market?

Candidates are increasingly interested in working for companies who are seen as having a strong brand image and making a positive impact. Take care to promote a positive presence on social media and manage good PR. Are you operating ethically? Do you have a CSR programme in place? What impact will professionals who work for you ultimately be making on the wider community? These intrinsic benefits are highly valued by millennials in particular. 

In Deloitte’s 2017 Millennial Survey, it was found that, within organisations that offer charitable opportunities, employees display increased loyalty, are more positive about business behaviour and are less pessimistic about the general social situation. In addition to this, the report has also found that millennials feel an increased amount of accountability to protect the environment and to influence social equality, and where companies provide the opportunity to have an impact on such issues, individuals feel more empowered in their work.

Different companies may find this easier than others simply because of the sector they operate in. For example, a clean energy company operating in a high tech environment would be particularly interesting to a graduate looking to work for a forward-thinking, innovative and ethically-minded company. Whereas businesses operating in industries seen to be damaging the environment or with negative press might find it challenging to do so. Hence the importance of positive branding and community partnering.

Ultimately, the top graduates from right around the world are still choosing the UK to pursue their careers. The opportunity for development and long-term career progression are high on these individuals’ agenda when seeking out positions. In addition to this, they are more interested in the overall benefits of working for a particular company than the salary on offer. Shifting focus to accommodate these needs as well as promoting a positive brand image and corporate social responsibility will greatly improve the candidate pool available to you.

If you would like any further information, or to discuss how we can help with your recruitment process, get in touch with Edward Starkey, Director at Michael Page Finance.

T: +44 121 634 6920/+44 115 948 3480

E: edwardstarkey@michaelpage.com