What Good Will Come From This Recession?
First, as a recruitment firm, we have seen the brakes been put on most recruitment that cannot be 100% justified. The upside is that most practices and businesses are much leaner and are now better positioned to ride out the last of the recession. A tough market also flushes out the weaker competition and sees some firms having to merge or in dire circumstances folding.
Some firms have taken the opportunity to make strategic hires as they are now able to choose from a wider selection of candidates and are able to offer more realistic salaries to secure their employment.
We have also seen firms offer more flexible working arrangements so employees can work a 4 day week or reduced hours over 5 days. Several employers have opted for job-share, or shorter working weeks allowing two employees to cover one portfolio. These types of initiatives have meant that morale is still maintained and the employer can call on more resources when the market does pick up.
As far as candidates are concerned we are in a buyer’s market, make no mistake about that. What we have found though is that this has meant candidates are becoming more focused on what they are good at, be that compliance, advisory or business development. Many candidates have reassessed their career objectives and this recession, whilst not welcomed, has meant many candidates have been refocused on what they can offer a firm as opposed to what the firm can offer them. What we have not witnessed though is any real movement of employees away from tax as we did in 2001 despite this being a more pronounced dip in the economy.
On a non-tax note the recession has the effect of ‘reshuffling the pack’ and we have seen house prices readjusted to a more realistic level, interest rates cut so mortgagees are better off and business (especially the banks) are more accountable for their actions.
On a lighter note you can also now expect:
- Cheaper deals to eat out
- More and longer ‘Happy Hours’ at bars
- More people holidaying in the UK, thus keeping money in the country
- More sales in high street shops
So it’s not all bad news that we can only expect from this dip in the market and, as anyone knows who saw the last two recessions, that when we emerge out of the other end, whoever has ridden this out, will be far stronger and wiser for it. Our advice for now: Don’t leave the tax profession.
Want to discuss your career or looking to hire? Call Pat Keogh, Director on 0203 008 4487.