The recession offers firms a chance to snap up top talent that might not normally be on the jobs market, says Lynne Hardman of recruitment specialists Badenoch & Clark.

Despite the economic downturn, there are still a number of opportunities for quality accountants. According to research from the Badenoch & Clark Professional Talent Spotlight (May 2009), 56% of employers say accounting and finance staff are going to be in demand throughout 2009 – the most of any profession surveyed.

While some employers have implemented recruitment freezes, many are still prepared to consider top talent that might not normally be on the market. In some cases, employers are seeing the downturn as an opportunity to beef up their expertise and capability.

Unfortunately, due to the large volume of candidates in the pool, it may take firms longer to find that special someone. The survey discovered that around one in five candidates are applying for roles without doing any research into the employer or their own suitability. This means firms are spending more time than ever sifting through applications to find the right candidates, diverting attention away from core business activity at a time when it is needed most.

Key trends

• Business failures are creating a demand for corporate recovery specialists, with insolvency teams finding it difficult to source the right people. While some larger firms have redeployed their corporate financiers and tax specialists, many are still finding a lack of professionals at the manager and senior administration level.

• Private practice accounting firms are beginning to fuel a demand for directors and partners to generate new business. There are also signs of a small but not insignificant increase for auditors and accounting staff as some firms look to take advantage of the rich pool of quality candidates on the market.

• Commercially minded accounting and finance professionals continue to be very much in demand. Whether organisations are looking to weather the economic storm or take advantage of market share as their competitors’ struggle, those who can demonstrate a track record of return on investment and efficiency gains will be in a stronger position to land the role they want. This is particularly evident in the retail, oil and gas, utilities, FMCG and transport industries.

• The impact of public sector efficiency drives may mean cuts in some areas, but can also mean opportunities for accountants to fill business partnering roles. Many employers are taking a longer term view and driving a trend for more permanent roles, albeit often at reduced salaries.

• Experience in cost allocation and reporting is also in greater demand. Accountants with a flair for efficiency and a keen commercial understanding will be the ones in the best position – for them, the spending reviews may well end up being an opportunity rather than a challenge.