Why are real estate finance candidates not moving for money anymore?

The opportunity is using it to make yourself more efficient and better at your job, and learning from it as you go. The candidates I see getting the biggest wins are the ones embracing it rather than avoiding it. 

However, there's a danger of becoming over-reliant, of relying blindly on what these tools produce and hoping it's correct. It has its flaws and it makes mistakes. As long as you stay vigilant and use it to make yourself sharper rather than to replace your own judgement, it's one of the most straightforward ways to get a step ahead right now. 

How can companies compete for the best finance talent? 

A lot of it comes down to how you come across in the interview process, and this is the point I'd most want businesses to take away. 

Job specifications are hard to differentiate yourself with. Websites and similar are just as hard to separate from the competition. The interview, on the other hand, is the most underutilised selling point available to any business hiring. 

Rather than going into a meeting and grilling the candidate about what they can and can't do, there is far more value in going in and saying: this is our story, let me tell you about our business, let me tell you about where we're going, and let me tell you how I got here and what I like about working here. Use the interview to sell the business to the candidate. 

People often forget that an interview is a two-way street. It isn't just about getting a candidate in and working out whether they're right for the role. It's very much the other way around too. 

What has happened to finance salaries and bonuses? 

Salaries went through a period of climbing significantly, and very quickly, post-COVID. With inflation running incredibly high at the same time, that put real pressure on wage rises, and people were having some uncomfortable conversations about what increases they should be getting. That has plateaued a little now. 

Bonuses are more hit and miss. A lot of companies are still paying them, but it depends on which industry sector you're in. Some areas have been hit harder than others over the last two years, and those businesses have unfortunately had to pay slightly lower bonuses than people might have expected previously. As a company, as long as you're transparent about why, you're fine. 

On where the biggest jumps are happening, it's the mid to senior market. Financial controller, head of finance, and across FP&A at manager and head of level. That's largely because the FP&A skill set demands exactly the commercial mindset I mentioned earlier, understanding what the numbers mean from a commercial standpoint. There are fewer people able to do that job, so it's simple supply and demand, and they're being paid more money. 

What has changed about candidate expectations? 

There's still an expectation of some flexibility to work from home, but the needle has moved. Where roles were commonly three days in the office, four is increasingly the norm, with roles becoming a little more office based. 

Alongside that, we're seeing a significant talent shortage in certain areas, which has left genuine gaps across the industry. 

On keeping talent, so much of it comes down to culture. Can the manager be transparent and avoid overpromising? Don't tell somebody they're going to be promoted in a year's time if that isn't a feasible opportunity in the business. 

Just as importantly, hire people whose ambition and skill set match your business. Don't bring in somebody on a steep trajectory towards being an FD within three years if that facility doesn't exist. You may be better looking at a different profile of person who values different things in their day job, and you can reward them and keep them happy in different ways. 

Which skills will matter most over the next 12 months? 

A proper grounding in the fundamentals. 

The people in highest demand are those with a great core understanding of what's being done from an account's perspective. Talent who has gone through strong training routes, their ACCA or their ACA, and genuinely understand the fundamentals of accounting. When you strip back a system, or a system doesn't do what it's expected to do, those people are still able to do their day job. 

There's an over-reliance on systems in some finance functions, and the question nobody asks is what happens if that fails you. Are you suddenly going to melt down, when a business can't afford to shut down for a week or however long the system is playing up? 

Hear the full conversation with Joseph and Kylie on the devcast podcast. Whether you're looking to get hired, or looking to hire, we've got you covered. Never miss an episode. 

About the podcast guests 

Joseph Morris | Head of Accounting and Finance, deverellsmith 

Joseph heads up the accounting and finance division at deverellsmith and has been with the business for over ten years, specialising in heads of finance, finance director and CFO appointments across real estate. He has supported businesses from their earliest hires through to becoming established names in the industry. Connect with Joseph on LinkedIn or email joseph.morris@deverellsmith.com.