Each quarter, our specialist Indirect Tax team monitors the number of in-house vacancies released onto the job market across Europe to provide you with a quarterly overview of recruiting trends. The data below provides a digestible snapshot to the in-house market from adverts posted directly from employers.*
*Note - we omit the number of confidential mandates that HJ are assigned or job adverts posted by other recruitment firms. It should also be highlighted that many vacancies go unadvertised due to confidential or highly sensitive searches.
What happened in Q1?
Q1 2019 has shown a decline in activity when compared with Q4 of 2018 which, in many ways, provides a surprising insight. Naturally, the perception of the new year is an increased frequency of job openings, but with the new financial year looming, and European uncertainty surrounding Brexit, expectations haven’t quite been met. Some of the bigger players in the financial services world have naturally advertised consistently, but across the sector as a whole, it’s been far and few between.
Although there have been fewer vacancies than predicted, it hasn’t been an inactive market. Openly advertised UK & BENELUX roles across the financial services & insurance industry have amounted to a total of 22! Table 1 separates the number of vacancies between both regions.
Interestingly, there’s a common trend when comparing table 2 & 3, in that the majority of new vacancies have been at an Assistant Manager / Manager grade. One subjective argument to explain this could be that there’s a demand for professionals with a higher degree of complex indirect tax experience. Key trends to note:
At first glance, recruitment levels haven’t been on the same upward trend that 2018 displayed, but finishing a quarter where it was never expected to be the most active, I’m pleasantly surprised at the number of quality roles that have been advertised. With the end of the financial year looming, and perhaps a clearer post-Brexit deal / no-deal, we could well see a drastic change for Q2.
Ed Moore is a Senior Consultant in the Tax Division at Harvey John.
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