PracticeAccounting FirmsJob losses in UK finance rank among the highest in the world

Job losses in UK finance rank among the highest in the world

Robert Half survey finds UK finance professionals have been hit harder by the economic downturn than counterparts in other leading financial centres

Of UK executives working in the public and private sectors questioned by
recruitment consultant Robert Half, 45% of those who reported being affected by
the downturn said that their organisation had made redundancies in their
accounting and finance departments during the past year. That compares with 38%
of US respondents, 28% of Japanese executives and 26% of Swiss respondents,
according to the survey of 4,830 finance, HR and senior executives in 21
countries.

Only four countries reported more redundancies in their finance departments
than the UK ­ Canada (50%), Australia (49%), Ireland (48%) and Hong Kong (46%).

UK respondents said current economic conditions had resulted in increased
workloads (43%), greater stress (44%) and lower morale (35%) in the accounting
and finance department.

However, on a more upbeat note, more than half of UK executives questioned
said they expected the economy to rebound by early next year or before.

Phil Sheridan, managing director of
Robert
Half
, said: ‘While we are currently in an “employers’ market”, with a sharp
increase in the number of individuals in the job market, when the upturn begins,
those companies who manage to both retain and further develop their talent
during the recession will be best placed to take advantage of new opportunities
as soon as they emerge.’

According to Robert Half, it takes an average of just over seven weeks to
fill a non-managerial position within accounting and finance departments in the
UK.

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