27 Jan 2025

Hays insights into recruitment and salary in the Credit and Collections market

To gain valuable insights into current recruitment trends, salary expectations, and in-demand skills, I attended a webinar hosted by the Chartered Institute of Credit Management (CICM) in collaboration with their Premium Corporate Partners, Hays. This blog post summarises the key takeaways from session.

Market Challenges and Opportunities

Firstly, starting with challenges and opportunities, there were several points:

  • Economic Uncertainty: The global economic climate continues to pose challenges, with factors like inflation and geopolitical instability impacting business confidence.
  • Talent Retention: Retaining skilled employees remains a top priority for employers, with many concerned about the potential for staff turnover.
  • Skill Shortages: Despite a slight decline in vacancy rates, the demand for skilled professionals in credit and finance persists. Employers increasingly focus on upskilling existing employees and hiring for potential rather than just experience.
  • AI Adoption: The rise of AI in the workplace presents both opportunities and challenges. While AI can automate certain tasks, employees must receive adequate training and support to effectively utilise these tools.

Recruitment Trends:

As for recruitment, Hays highlighted the following:

  • Increased Focus on Soft Skills: Employers are increasingly prioritising soft skills such as communication, problem-solving, and teamwork alongside technical expertise.
  • Hybrid and Remote Work: Flexibility remains a key factor for employees, with hybrid and remote work arrangements highly sought after, particularly within credit roles.
  • Attracting and Retaining Talent: Employers need to differentiate themselves by offering competitive compensation packages, engaging team cultures, and clear career progression opportunities.
  • The Importance of Employer Branding: Effectively communicating a company's values and culture is crucial to attract top talent in a competitive market.

Salary Trends:

  • Moderate Salary Increases: Average salary increases across the finance sector were observed to be around 3.6%, with higher increases observed for part-qualified accountants.
  • Regional Variations: Salaries can vary significantly depending on location, role, and experience level.

What you should be doing as a Credit Professional:

Hays advise on the following for Credit Professionals in 2025:

  • Upskilling and Continuous Learning: Staying abreast of the latest industry trends and developing in-demand skills is essential for career advancement.
  • Work-Life Balance: Prioritising work-life balance and seeking flexible work arrangements is crucial for employee well-being and job satisfaction.
  • Career Development: Actively seeking opportunities for professional development, such as pursuing certifications and attending industry events, can enhance career prospects.

Download the Hays Salary and Recruitment Trends Guide

Access Hays' Salary and Recruitment Trends guide, below.

Download the guide

 

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