Rising Expectations
As in previous years, the trend continues in 2018 as companies are increasingly centralizing their financial processes. Several companies that are present in the Central and Eastern European region have decided to outsource their financial processes to clusters responsible for three or four country processes at one time, so they can centrally manage monthly closings.
Kolos D. Nagy, Team Leader – Accountancy&Finance recruitment, HAYS Hungary
As a result of the centralization processes, the number of “classic” full-scope accounting and controlling positions has clearly decreased in the last three years.
From 2018, we expect that the largest multinational companies will further expand their shared service centers in Budapest with high value added financial processes especially in taxation, auditing and controlling areas.
The financial and accounting labor market is significantly different from other areas as it has a “job-driven” labor market, which means that there are more professionals available on the market than the number of vacant positions. Due to this phenomenon, the competition is getting stronger among the candidates. In order to be able to stand out from the mass of job-seekers, these professionals should have some additional financial qualifications (IFRS, ACCA) or technical knowledge (VBA, SQL) as well as their degree.
In line with these impacts, candidates can also be seen favoring opportunities where the company also provides vocational training. If the employer financially supports IFRS, ACCA or other sector-specific training, there is a noticeable increase in employee loyalty and satisfaction.
After some tough years following the economic crisis, the newly strengthened banking sector is producing more and more profit and staffing is expanding. While some years ago, banks closed their respective departments, new features and new market players have emerged, and new credit and investment products have an incentive effect on both retail and corporate customers.
In the investment banking sector, 2017 was an exciting year as the emergence of new market players resulted in serious job competition. Fluctuation has increased, which has led companies to spend more on internal career paths. Salaries grew, bonuses changed, cafeteria became higher, so wages rose by 10-15% over the year.
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