Liverpool - a regeneration star in the making? CALUM ROBSON learns that next year's European City of Culture still has much more to offer.
Liverpool may be one of Britain 's most misunderstood cities - but it's also one of the most fiercely defended by its residents. When it comes under attack in the media - as it frequently does - the intensity and effect of the local backlash is powerful. Just ask Boris Johnson - in 2004, the Conservative MP and then Spectator editor was forced by his party leader, Michael Howard, to slink into town to personally apologise to the natives after publishing stinging criticism of them, such was the national outcry.
Strong musical, sporting and political associations mean Liverpool has engendered affection and hostility, admiration and ridicule, cynicism and empathy, in equal measure. But until recently, few people would associate the place with big business - or with high culture.
Yet next year will see Liverpool crowned as the European City of Culture, welcoming an anticipated additional two million visitors to a host of musical, theatrical, heritage, architectural and artistic events - hugely expanding the tourism and leisure sector, with an enormous injection of investment in construction. And this is all on top of the arrival and expansion of prestigious banks and financial companies who in recent years have increasingly identified Liverpool as a dependable source of good people.
Culture vultures
'Winning the Capital of Culture has increased the focus on the city, particularly its financial services sector, and has protected a lot of construction and development initiatives here,' says Duncan Lyons, consultant at Manpower Professional in Liverpool . 'There has been major regeneration throughout the city, with projects totalling well over £1bn.'
Simon Massey, branch manager of Robert Half Finance & Accounting in the city, is in no doubt that Liverpool is on the up: 'With all the investment pouring in, construction is one of the main sectors that's recruiting. But hotels and hospitality companies are all gearing up for next year too, and preparing for a major influx of visitors.
'The city looks like a construction site, with office blocks and hotels going up everywhere - but it's great. There's a more affluent, optimistic feel to the place.'
Safia Saeed, chair of the Liverpool Chartered Accountants Student Association (LCASA), said, 'For businesses, Liverpool today offers a great all-round package - there's better housing for employees and more to do.
'When the Albert Dock area was revamped [in 1988], local people didn't connect - it was too tourism-focused. Now they see more shops and the new Arena and Conference Centre, and they think it's great. For companies, it's less expensive than in Manchester and London , and transport links are excellent.'
Hot sectors
According to Manpower, confidence is spreading to other industries: 'FMCG companies are busy recruiting, including food manufacturers,' says Lyons . 'The retail sector is also buoyant, as well as, of course, financial services.'
Public investment and partnerships with private organisations are contributing to the generation of more wealth: 'The government has approved a second Mersey crossing, as well as new routes at Liverpool Airport ,' says Massey. 'Because of that, companies in other parts of the country are seeing what's happening here and are increasingly relocating their finance functions - we've recently been managing projects to recruit whole teams, and more new employers are anticipated.'
The tightening regulatory regime is also driving recruitment activity: 'We're seeing more first-time movers from practice into industry,' says Massey. 'Increases in the need to meet financial regulations is affecting organisations' workloads. There's a shorter supply of people coming through from practice, because of headcount freezes in graduate intakes a few years ago. That's pushing up salaries for those who want to move after qualifying into compliance-type roles.'
Gillian Brown, regional manager for RK Accountancy in the North West, says everyone is benefiting from Liverpool's resurgence - and that recruitment levels are unlikely to tail off: 'The fact is that Liverpool has a vibrancy, energy and modern feel about it, now that the whole of the local economy is doing well. SMEs in the city have been increasing headcounts and already a professional services quarter is developing.'
Temping goes public
Drives to keep expenditure down have meant that public and not-for-profit organisations in the region may not be not expanding existing teams with the intensity of recent years. But Lyons says temporary and contract recruitment is busy: 'There's been heavy recruitment on the interim side, particularly in specialist skill areas such as treasury, where cash management is critical,' he explains. 'Organisations in sectors such as social housing and education are the busiest, certainly more than in government departments and agencies.'
Massey says public services employers like taking on people with for-profit experience, as they demonstrate skills that transfer readily to a cost-cutting environment: 'Accountants from industry understand what it's like to have to manage costs while still maintaining efficiencies and retaining a commercial outlook,' he says. 'There's also increasing space for those people, as accountants who have trained in the public sector are themselves finding a demand for their skills in the private sector, and leaving.'
Skills in demand
Liverpool 's accountancy recruitment drive is largely centred on mainstream accounting skills. 'Financial controllers want good generalists,' explains Massey. 'Instead of people who are purely focused on either financial or management accountants, they want a mix of skills. Businesses here want more from their accounts team - even though companies are doing well, they are still demanding a lot for their money.
'They also want to see evidence of ability to lead teams,' he continues. 'Those part-qualifieds and newly qualifieds who are taken on now must be the finance managers of tomorrow.'
But old-fashioned technical and supervisory skills are not enough. 'People who have project accounting experience are highly popular,' says Lyons . 'Employers are looking for strong reporting skills, as well as versatility and the ability to relate in cross-functional teams. Those are important assets when companies have to react swiftly to changing markets and want their finance teams to be able to support rapid business growth.'
Brown believes ACCA and CIMA are more well-matched in the area than in the past: 'There was a tendency to favour CIMA as so much of the economy was dominated by manufacturing and engineering - but employers are more interested in your achievements and skills, as well as your general approach to your work and studies. If you have a commercial focus and varied work experience, that will secure interest.'
Because of the need for people to hit the ground running, accounting technicians have been proving popular with employers, according to Brown: 'They like AAT studiers coming through - especially practice, which like their practical, hands-on approach,' she says. 'And interestingly, many of those AATs are also looking for support to go onto study one of the chartered qualifications. Providing study support is a far bigger pull than a salary increase for most candidates.'
Simon Hoolihan, LCASA vice-chair, believes it's never been better for students and newly qualifieds: 'Prospects at all levels in the city are improving,' he says. 'There are more opportunities in areas like corporate finance and transaction services.
'Networking opportunities are great - organisations like ourselves and Merseyside Young Professionals have a full calendar. We'll be doing our bit to celebrate the Capital of Culture by putting on our biggest student dinner ever in February 2008. This year, we're holding a five-aside football tournament, barbequeue, careers evening and quiz night.'
Trainees calling the shots
Massey believes students and passed finalists are in a stronger position to make demands of employers: 'We're hearing of more instances of candidates being proactively asking for mentoring, or for opportunities to combine practical experience with their studies,' he says. 'Companies are slowly cottoning on to the fact that winning the war for talent means doing what it takes to create loyalty and stability.
'Giving their key people more experience - for instance, by moving them around the finance function - gives them the benefit of better skilled accountants while helping with retention. Candidates who are stuck in roles that don't match what they're studying are more likely to look to move if they don't get support from their employer. Successful companies are the ones that look after those guys - they recognise that they're the future of finance.'
Liverpool 's growing prominence as a place to do business means the city is increasingly a magnet for those who previously left to seek their fortune in more traditional employment centres. 'The fantastic thing is that we're taking calls all the time from people who've moved to London - even those in fairly senior roles - who have heard that big companies are moving in,' says Massey. 'They're asking to register so that they can hear of jobs that might give them that incentive to come back.'
Such is interest in the city that Robert Half and RK Accountancy have both recently moved premises themselves - and taken on more consultants to cope with current and future demand.
'It's not just returners, though,' says Massey. 'There are also many people who're not from Liverpool at all who're making enquiries. They now see it as an attractive city to live and work in - and they're more prepared to consider relocating for the right opportunity.
'There are great things happening here - and the Capital of Culture has put Liverpool firmly back on the map.'
Simon Hoolihan concludes, 'I've lived in Liverpool all my life and I've never known it to be as upbeat as it is now. Only ten years ago, I'd never have thought I could live in the city centre - but I've just bought an apartment there and I can't wait to move in.'
Salary Snapshot: Liverpool
Source: Hays Accountancy & Finance |
