Services

The services sector has been the main engine of growth for the UK economy for the past two decades but now it is at the beck and call of a decade of disruption. Brexit, the accelerating impact of a tidal wave of economic, technological and social change will challenge this status quo. Novello Search works with some of the leading organisations and CEOs and CFOs who will shape the future of this sector.   

 

Subsectors we can supply in:

  • Transport & Logistics
  • Travel & Hospitality Business Services
  • Real Estate Services
  • Professional Services

 

How we see the future for the services sector

As global economic power gravitates towards the east, the current trading patterns will change and urban centres of major emerging markets will be the driving force of the world economy. Brexit will also create predictable uncertainty and the UK may face a decade of sluggish growth.

In the UK services sector, most commentators expect Education and Healthcare to add over 1 million jobs by 2030, business services around 1.5 million, and the creative services sector to add 1 million jobs.

This sector is so broad that it would be a bold task to predict the future in every corner, so we have singled out how we see the future for professional services, where we believe the following will hold true:

Offshoring is here to stay

The era of offshoring will continue as competitive pricing erodes margins and the pressure to keep costs down continues to grow – we have even noticed a growing trend to offshore the CFO role. That approach is risky and has its obvious downsides.

Cloud domination!

Cloud Accounting will eventually be the norm with pretty much everything transactional being fully automated by 2030 – this will drive improved efficiency, cheaper operating costs and mobility but will not be good for everyone in accounting as AI will take over MI reporting and interpretation, too.

Automation leading to diversification

Accountancy firms will become ever more reliant on generating revenue streams through business advisory services as everything becomes automated via cloud services. The outcome of this will be that clients become more transient with the ability to port their accounts to new suppliers by giving them their passwords. Before this was more complex as everything was stored on a hard drive.

IT to change the legal services sector

Law Firms can’t escape the technological landscape either as a 2017 report suggested. It is thought that around 100,000 jobs within the legal sector will become automated in the next two decades, as technology transforms the profession.  

More complex demands from clients and the Millennial generation entering the workplace will change the skill-sets sought by legal firms, with a report by Accountancy Practice earmarking 2020 as the tipping point for the legal sector.  

Around 31,000 jobs have already been lost to technological advances, according to the report, including roles such as legal secretaries.  A further 39% of legal jobs are classed as ‘high risk’ when it comes to automation, with many people in danger of redundancy in the next twenty years.

A major period of law firm consolidation lasting to 2030

The gap between successful and struggling law firms will widen as those at the bottom fail to invest in technological infrastructure, leading to greater consolidation at a faster pace.

Further niching to chase improvements on the bottom line

Law firms, management consultancy firms and accountancy firms will all need to carve out very specific niches if they wish to remain profitable.

Sectors we cover

Financial Services

Financial Services

Tech & Comms

Technology & Communication

Real Estate

Real Estate

Consumer

Consumer

Healthcare

Healthcare

Energy

Energy

Media

Media

Our services include

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Outplacement

Onboarding

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Novello Search recruits both permanent and interim CEO’s across a multitude of sectors. We have invested many years building our network of clients and candidates resulting in some of the most interesting mandates and strongest pipeline of candidates out there.

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CFO

Our portfolio of clients ranges from PE Funds and their assets; later stage VC backed companies; family run firms; other investor-backed businesses to stand alone corporates in a range of sectors. Both our clients and candidates are fully assessed and qualified before introducing them to you.

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