The Audit Recruitment Market 2009 - The Year Ahead
In view of recent market uncertainty it seems brave (if indeed not foolhardy) to make any predictions for 2009, but as we enjoy a challenge at CareersinAudit.com we have ventured to offer the following. As ever, your thoughts and comments are welcomed.
Trends & Predictions for 2009
For the last three months, the number of jobs advertised on CareersinAudit.com has increased. We believe that this suggests the appetite and need to recruit auditors remains, and that corporates are exploring ways of reducing traditional recruitment fees more aggressively. We feel that both of these trends will continue into 2009.
Based on the trends seen over the past 12 months and from regular discussions with key recruiters and audit directors across the world, we predict there will continue to be a shortage of auditors to fill the number of jobs available, but clients will have greater control over the process. Interview processes will take longer to complete as clients believe they have more time before a competitor beats them to a candidate; salary negotiations are less likely to be dictated by the candidate and companies are likely to hold out for the right candidate rather than make compromises.
Demand for auditors within areas such as retail, construction, automotive and financial services will continue but their ability to attract candidates and their ability to gain authorisation will prevent them from hiring. The only caveat to this is that certain boutique financial services firms will continue to recruit and poach from larger competitors. Additionally, anticipated regulations within retail and investment banking may bolster demand, but it is difficult to predict the scale and to what extent companies will have to strengthen existing resources to implement any changes.
Sectors such as consumer goods should continue to recruit auditors, and we also expect recruitment in the public sector to continue, although not at the same levels as 2008. The Big 4 are likely to keep graduate recruitment levels at broadly the same levels as previous years, although experienced hire recruitment will become focused on specialised positions and on senior managers who show promise of becoming future client winners.
Salary levels are likely to remain flat, although candidates will still expect some form of increase on their current salaries. Companies will not enter into the excessive salary negotiations of previous years and candidates will not expect to be able to do so. The emphasis will be upon future career development and the employer’s ability to weather the economic downturn.
Recruitment agencies may find they have to work harder for their fees as a result of the downturn, but those with good brand names, reputations for providing a quality service and those with strong, trusted client and candidate networks should still prosper. We do expect some of the younger agencies or larger companies who have tried to move into this area recently to struggle, unless the market becomes extremely candidate driven once again.
These predictions have been compiled by CareersinAudit.com based on the current market trends, surveys and insight into the audit recruitment industry. Please let us know if you have any comments as we welcome your feedback.
November 2008
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