Round table debate reveals UK plc has learnt long-term lessons but concern remains over the shape of the future
United Kingdom (PRunderground) May 28, 2009 –A group discussion between senior representatives from a variety of UK finance departments agreed that pre-credit crunch, very few employees (whether junior or senior) treated business budgets with respect, leading to wasteful, excessive attitudes. One head of financial planning at a large retailer remarked, “No-one was treating our business with the same care as they would their own household expenditure. In fact it was quite the opposite. People just didn’t think about the small things like stationery usage or the big things like hiring staff. The feeling was let’s throw people and money at problems.” Another financial controller within a construction firm added, “Now we look back after recent rounds of redundancies, we can see that we probably did have too many employees and as a consequence some of the people that left actually had very small workloads.”
Attendees to the Martin Ward Anderson Power Hour seminar, a regular platform for debate amongst senior finance peers, agreed that since Britain tipped into a recession, there’s been a long over due refocusing on how departments are structured, what directors are achieving, how spend is allocated and return on investment. It’s a refreshing return to business basics and the old saying ‘look after the pennies and the pounds will look after themselves’.
Certainly in the immediate term, the stereotypical caution of the accountant in the background holding the purse strings very tightly is now welcomed. “These days businesses are being run more like they should be. This plays well to a finance department’s strengths and raises profile within the business, ” remarked one senior attendee. “People didn’t used to fully appreciate what finance had to say - now they do. The key challenge for professionals in finance jobs is to ensure cost control is imprinted within the DNA of the business so the same traps are avoided when the recovery begins. However, it does appear business has finally learned.”
Encouragingly, there was optimism amongst the Power Hour contributors that an upswing is now more likely - with some positive views from the construction representative (an industry traditionally seen as a key barometer of Britain’s commercial health), “We think that by the summer, if there are no more nasty surprises, we can start to calm down and move forwards. When we bounce it will be all systems go.” Martin Ward Anderson chief executive Richard Wright also commented, “whilst certain sectors such as Energy and Utilities are bucking the trend there is a structural shift towards temporary recruitment and I anticipate this trend will continue into the future”.
The current employment opportunities for finance and accountancy jobs was a large focus of debate, especially since some firms attending had already made at least two rounds of redundancies with a further final one predicted. There was a strong belief that the second half of the year could see UK plc staffed by an army of skilled temporary finance workers as firms wait to be absolutely sure of the road ahead before committing to permanent job offers. Media, consultancy, food FMCG, energy, pharmaceutical and some retail firms were flagged as offering the best short-term security. Interestingly, American owned companies are predicted to start recruiting, thanks to the impact of their early cost cuttings - caused by the original mortgage defaults in the USA as far back as 2007.
All senior financial professionals who attended expressed concern on the long-term impact of the extra UK debt that has been taken on to drive the economy through the danger period, with everyone in agreement that, “Even when we return to a period of growth, we are bound to see a significant drag effect for a long time afterwords. It won’t be as sharp as the mid 90’s recovery.”
About Power Hour:
The Martin Ward Anderson Power Hour Series provides a confidential forum for senior finance professionals across public sector and not for profit, commerce & industry and public practice to discuss issues facing their businesses with like-minded individuals facing similar challenges. Finance and HR professionals can share how they are dealing with challenges currently facing their businesses, in confidence, as well as having the opportunity to network with their peers. The key to success is the “Question Time” format where individuals contribute their questions prior to attending the Power Hour. With agendas driven by the attendees, the outputs, shared with those attending are relevant and insightful. Financial professionals from a range of leading FTSE 100 and FTSE 250 organizations attend including Martin Ward Anderson, who chair the discussions. Lasting for no more than an hour these events create an informal; yet controlled environment for attendees to share ideas, experiences and strategies.
Interested attendees should visit: www.martinwardanderson.com/powerhour
About Martin Ward Anderson:
Martin Ward Anderson, a Randstad company, provides permanent, temporary, contract and interim recruitment services for finance professionals at all levels across Commerce and Industry, Financial Services, Public Sector, Not for Profit, Public Practice and Overseas.. For more information please visit: www.martinwardanderson.com
Journalist Queries: Please contact Belinda Walmsley, Associate Director - 0207 786 6907 or email BelindaWalmsley@joslinrowe.com
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CONTACT INFORMATION:
Contact Name: Belinda Walmsley
Phone #: 0207 786 6907
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Web: http://www.martinwardanderson.com
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