Rutherford Cross’ Mollie Rogerson looks at the benefits to UK organisations of hiring finance talent from overseas, in a time of talent scarcity in the UK.
As we continue to see a booming UK and Scottish job market post Covid-19 the demand for talent remains extremely high. With a busy permanent market dominating the finance industry the requirement for high quality talent on the interim market continues to reflect this.
For a number of candidates from overseas an interim or contract role is often a stepping stone to building that UK experience and expanding their knowledge. This year 40% of placements Rutherford Cross has made in the ‘Management Accounting’ space have involved overseas talent, including candidates from Hong Kong, South Africa, and India, all of whom are making a positive impact in the roles they have undertaken with our clients.
New Perspectives and Ways of Working
Hiring candidates from overseas can introduce a new perspective and way of approaching different challenges giving the company a competitive edge. When diverse teams come together, new and different ideas and unique approaches are suggested, which in turn can lead to higher levels of productivity.
Every company will have its own working practices and having international workers come in can bring a fresh perspective and may challenge the status quo. As well as this it can increase diversity within the workplace thus enriching the company culture and benefiting productivity.
Attitude and Work Ethic
In the uncertain times following the recent pandemic many businesses are facing new challenges and having a team that can adapt to this continues to be important. Many candidates from overseas have already demonstrated their adaptability by moving to a new country, often speaking a second language, and in some cases moving away from their family and friends. One Rutherford Cross candidate commented “Who would have thought such a seemingly daunting transition could be so refreshing and exciting.”
With the desire to work and gain UK experience, international candidates are eager to learn new skills and information, as well as share their knowledge with the team they have joined.
Diversity and Company Culture
The benefits of overseas talent to UK businesses are evident, from enriching company culture to bringing in a different perspective often introducing new ideas and ways of working. Rather than viewing the lack of UK experience as being a negative we are seeing this as actually being a positive to the companies and finance teams who are enjoying the benefits of hiring international talent. Candidates with the hunger and desire to adapt combined with the willingness to learn and grow can be invaluable to any business and it is something we have seen first-hand through our own placements.
Skills Shortage and the Impact of Brexit
With the fallout out from Brexit still having an effect the UK is seeing a skills shortage with 22% of businesses within the accounting industry being affected by understaffing. By bringing in overseas talent this can lower the impact the current skills shortage is having on the business, improving productivity, and reducing the amount of extra work on current staff.
In some cases, the benefits of having an international candidate on the team can bring access to a wider international network too. For businesses who are wanting to expand globally, or even those already trading globally, having someone who may speak multiple languages on their team can be advantageous and open opportunities that may have previously been overlooked.
If you have recently relocated to Scotland and are looking for a new role in Accountancy & Finance please feel free to get in contact with [email protected] or [email protected] and we will be happy to support your search and offer you our best advice.