As we move into 2023, our Transactional Finance specialist Eilidh Graham reflects on the Transactional Finance market in 2022, as well as looking to the year ahead.
Throughout 2022, the market was extremely active across all areas of Finance, particularly Transactional Finance. There were high quantities of roles being recruited within Accounts Payable/Receivables and Credit Control; with experienced Payroll candidates still being in high demand from a number of employers, and a skillset that seems to be continually sought after, no matter the market conditions. With the volatility in the current economy, we have seen a key focus on credit control and cash management for businesses, and expect this to be a trend that continues into 2023.
Despite moving into more uncertain times, there are still plenty of opportunities across the whole transactional finance marketplace for candidates looking to take their first step into this area, and excellent progression opportunities with a focus on management and leadership for experienced candidates. Demand has remained consistent across a variety of sectors including construction, utilities, engineering, FMCG and the third sector.
Throughout 2022 there was a general rise in all salaries across finance, including the Transactional Finance space. This is partially due to skill shortages, Brexit and the cost of living crisis.
Skill shortages in particular have opened a lot of doors, in terms of internal promotions, and generating new entry level positions for candidates. The demand for talent has naturally pushed salary levels higher and some employers have had to adjust salary levels to remain competitive and attract suitable candidates.
Hybrid working is still a hot topic, with the vast majority of clients offering this model along with wider flexibility, in order to retain great people. Another area companies can focus on is identifying where they can offer internal promotion, as the majority of the market movement we’ve seen has been caused by a lack of growth and development opportunities within current organisations.
Looking ahead into 2023, I am hopeful that the Transactional Finance space will continue to be buoyant, and I imagine a lot of businesses will put a core focus on debtor control and cash management.
For a confidential discussion around your transactional finance recruitment needs, career advice or current opportunities, please get in touch with Eilidh Graham: [email protected].