Payroll and Finance Quarterly Industry Update
Discussing Consultant Trends and Industry insights from October – December, 2020.
Archway Recruitment Accounting and HRIS Payroll division specialises in supporting organisations in the Government, Not-for-Profit and Private sector – whether they be Large or SME in size – with their recruitment requirements. We have an experienced team based in Wellington with plans to establish teams in our Auckland and Christchurch offices.
We’ll be bringing you quarterly insights from Archway Consultants who place Candidates in roles across Accounting and Payroll/HRIS.
Within the Wellington market, Accounting and Payroll roles in 2020 were one of the lucky industries that didn’t have to worry as much about job security (apart from our clients in the Hospitality, Tourism and Aviation industries). Accounting and Payroll teams have an essential role to play when supporting their businesses, and we’ve seen a variety of factors increase candidate demand.
Covid19.
Covid19 continues to put pressure on businesses in a variety of ways and accounting teams have been seen to play a critical role. Now more than ever businesses need high quality financial information especially from a forecasting perspective so organisations can make informed decisions regarding their future business.
Multiple vendors non-compliant with 2003 Holidays Act.
Employee resources within payroll are still in critical demand as many organisations have found that they have been incorrectly paying holiday entitlements. This is expected to impact the market for another few years at the very least.
HRIS/Payroll System Implementations.
Furthermore, we’ve seen multiple vendors announce that they either remain uncompliant with Holidays Act and/or will be discontinuing support with their products. As such there are many organisations facing new HRIS/Payroll Systems Implementations which will only create further strain on the already stretched payroll candidate market.
Contracting vs Fixed Term Roles.
Employers have shown that they are reluctant to hire highly paid hourly rate contractors where avoidable which has seen an increase on the amount of fixed term contract roles on the market. Many contractors have been advised to go fixed term or risk their contracts being terminated as organisations are conscious of spend in an uncertain economy.
However, the market is candidate short and therefore we are seeing employers offer more flexibility with many offering flexible working arrangements, increased leave and/or additional kiwisaver contributions to attract top talent. This applies to both Fixed Term (12 months or higher) and Permanent hires. This is helping to offset the lost revenue and appease many contractors on the market as flexibility was often a critical reason that they enjoyed contracting. However, one would presume that once the hourly contracting market picks back up that we could see many of these individuals leave their roles – watch this space.
We’ve seen some talented candidates secure great positions ahead of their traditional career timeline due to candidate shortages and pressure on salaries. It’s certainly a great time to have conversations as an employee to make sure you are in the right job or alternatively investigate your options and maximise the opportunities being presented in a market with chronic employee shortages.
Flexible work is working.
We are lucky to be in an industry that can easily support flexible work with many systems now operating in the cloud. We’ve seen a big increase in employers offering employees flexible working arrangements – many offering 1-2 days (at least) working effectively from home. Employees are certainly highlighting this benefit as critical. Some of our clients have benefited from this with reducing office sizes, hot desking and rotating office schedules to enable flexible working environments.
With significant experience and networks across the accounting and payroll industry, we know our stuff. Are you a candidate considering a new role or employer looking at making a placement?
Contact Matthew Greenwood if you’re an employer or employee within Payroll and Finance and would like to find out more about how Archway Recruitment can help you!
