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Since the beginning of the corona pandemic, the job market has shown a more positive development for financial experts. Tax managers, financial advisors and risk managers are particularly sought after.
Of the Hays skilled workers index for the fourth quarter of 2020, it rose again for the first time compared to the previous quarters (plus seven points to 103). This shows that the job advertisements are not yet at the pre-Corona level. However, a slight upward trend can be seen again.
The following positions in particular are in greater demand again:
- Tax Manager (plus 21 points),
- Financial advisor (plus 17 points),
- Risk manager (plus 16 points).
The index is also still very high for compliance managers (141 points). The requests for accountants, controllers and auditors also show a positive development.
Avoid tax and legal risks
It is understandable why experts are in demand in these areas in particular: If companies initially acted cautiously when hiring new employees due to the Corona crisis, the complexity in the financial area nevertheless makes know-how irreplaceable. The positions of tax managers and compliance managers serve as good examples. Especially in a crisis, companies need to identify possible tax or legal risks and take preventive action.
The Springer authors Andreas Biegel and Pascal Müller also state in their book chapter “Corporate Governance and Compliance” (page 235):
Corporate governance and compliance have become increasingly important in recent decades. The reason for this were high-profile incidents that resulted in high fines, lawsuits and a loss of reputation for the companies concerned. “
Current examples include high fines due to GDPR violations. These sometimes not only have a significant negative impact on a company’s liquidity, but often also cause enormous damage to its reputation. So did the business newspaper “Handelsblatt” A survey found that 60 percent more fines were imposed last year for violations of data protection law. Cases such as the Notebooksbilliger.de portal went through the media, with a fine of over ten million euros. The fashion chain H&M was also among the GDPR sinners with a record sum of over 35 million euros.
International tax law is complex
In tax law, too, business leaders have to avoid stumbling blocks and therefore need internal know-how. Because many companies operate across borders. And international tax law brings a number of complex issues with it, ranging from transfer pricing documentation to secondment of employees to VAT issues in connection with Brexit. For this, larger medium-sized companies as well as corporations need proven experts for the various issues.
IT industry is looking for financial experts
But the need for financial professionals is not the same everywhere. In many areas, demand has hardly changed compared to the previous quarter. But according to the Hays survey, there are sectors with a particularly high need for suitable personnel for the financial sector:
- IT industry (plus 63 points to 307)
- Financial service providers (plus 17 points to 115) and
- Personnel service provider (plus eight points, 68 points).
The skilled labor index shows that the job market for financial experts has not fully recovered. But the strict legal, tax and accounting requirements that companies have to meet give these professions a boost when it comes to job advertisements.
You can find all the latest articles about the Corona crisis here