• 58% of Midlands-based CFOs predict an increase in new roles in H1 2016
  • 93% of CFOs in the Midlands are confident in their company’s growth prospects
  • The majority (93%) of Midlands based CFOs say that it is either very or somewhat challenging to find skilled professionals
  • The key challenge in hiring for CFOs in the region is general demand outweighing supply

BIRMINGHAM, 2 February 2016 – CFOs and Financial Directors operating in the Midlands plan to increase staff levels significantly over the next six months, according to the latest Professional Hiring Index1 (‘the index’ from Robert Half UK. An average 58% of CFOs and FDs in the region predict that they will create new jobs in the next six months.

The index demonstrates that growth will continue to be on the agenda for finance and accounting leaders, with 93% of CFOs and FDs in the Midlands stating they are confident in their company’s growth prospects.

CFOs in the Midlands were asked ‘What are your company's hiring plans for permanent finance professionals in the first half of 2016? Would you say you are:’

H1 2016

Accountancy & Finance Executives

Expanding – Adding new positions

58%

Maintaining – Only filling vacated positions

38%

Freezing – Not filling vacated positions and not creating new ones

3%

Reducing – Eliminating positions

3%

 

*Responses do not total 100 per cent due to rounding

Source: Robert Half, 2016

Adding extra headcount is the result of several factors with the most common being new market penetration (61%). This was followed by new projects or initiatives (43%), product or service expansion (35%) and international business growth or expansion (35%).

However, despite the best intentions of Midlands based CFOs and FDs, hiring may prove to be difficult as 93% of respondents stated it is very or somewhat challenging to find skilled professionals.  In particular finding talented professionals with the right skills is most difficult for those in compliance (35%) due to the on-going regulatory changes, audit (25%), accounting (20%) and business / financial analysis (20%).

Midlands based CFOs and FDs state that general demand outweighs supply (33%) as the main barrier to their hiring plans, followed by a lack of niche technical experts (30%) and a lack of commercial business skills (30%).

Matt Weston, Director, Robert Half UK said: “The index highlights that CFOs and FDs in the Midlands are confident about their growth plans for 2016 and are actively seeking skilled professionals to add to their headcount. This will not only drive up salaries but will also impact on the ever growing war for talent in the region, which is being fuelled by the Midlands HS2 Growth Strategy amongst other initiatives. We advise businesses in the Midlands to act quickly if they find a candidate with the right skill set and commercial acumen as candidates are often receiving multiple offers. It is also vital to ensure that salaries are benchmarked and existing employees are looked after if businesses wish to remain competitive in the current jobs market.”

-ENDS-

Notes to editors

1 The annual study was developed by Robert Half UK and is conducted by an independent research firm.  The study is based on more than 300 interviews with senior finance executives from companies across the UK, with the results segmented by size, sector and geographic location.