Accountancy practices – Pulling out all the stops to attract the best talent
Accountancy firms were once dogged by the stigma of long hours and poor work-life balance which impacted their ability to attract and retain talent. Firms have worked hard to change this stereotype and are shifting the focus of their recruitment processes.
Attracting talent is a significant challenge for practice firms; 83% (more than double the market average 36%) told us that they found it hard to attract talent to their organisation. Line managers within accountancy practices will confirm this has been the case for a considerable period of time.
We recently undertook research amongst 2,000 accounting and finance staff in the UK on a wide range of work place issues. The results revealed that practice firms have invested the most time and effort and are offering the greatest level of flexibility in order to tackle talent attraction and retention.
In contrast to many other sectors, almost half (48%) of accountancy practices have worked to understand their employees and are re-doubling their efforts to ‘offer clear career paths’. In contrast, in the accounting and finance sector as a whole less than a quarter (23%) offer a clear career path, favouring training and development (34%).
Strong and wide-ranging opportunities in practice
Traditionally the London market has benefited from aggressive expansion within corporate finance and forensic accounting; we now seeing this spread to cover regional firms. We see two specific trends at the moment: candidates from smaller, often regional firms, seeking to work for the Big 4; and, we also see candidates seeking to move in the opposite direction. The indication is that it’s about workload, portfolio mix and ultimately, work-life balance.
- There remains a healthy requirement for CPI and JIEB candidates across both personal and corporate insolvency. While demand for insolvency accountants levelled off in 2006, it has taken off again in 2008. The majority (97%) of insolvency practitioners all over the UK expect to see the market continue to climb as the effects of the credit crunch take hold.
- ACA and ACCA professionals, whether part-qualified or qualified, benefit from constant demand in audit. Strong portfolio experience and cultural fit are likely to set outstanding audit candidates out from the crowd.
- Tempting salaries continue to lure practising accountants to go into industry. This is starting to be addresses as we are seeing increases in accountancy practices (4%) start to out pace the industry average (3.7%).
- Accountants with exposure to industry are eagerly welcomed back into practice as firms are keen to draw from commercial exposure. The most desirable accountancy professional is newly qualified with a top 10 firm, or returning to practice after 2-3 years experience in industry.
Changing the approach to the recruitment process
As qualified accountants are increasingly fought over, firms are adapting their recruitment processes to keep pace with other employers competing for talent. Five years ago firms had the luxury of a drawn out interview process to ensure they recruited the right individual. With talented finance professionals now in ever higher demand, astute employers are redesigning their interviews to better assess candidates’ suitability in fewer meetings. The difference means being able to offer a position much faster than other competing employers, and economising on the man hours needed to interview.
Competencies are fast becoming the preferred method of assessing, prioritising and selecting candidates. To keep pace with majority of larger companies within the industry who are already employing a competency framework, increasing numbers of practice firms are using them to assess skills, behaviours and approach to specific scenarios required to succeed in their environment. With the interview being used as a selling point, not just a recruitment process, firms are successfully attracting larger numbers of international candidates. Conference calling and the payment of travel expenses, for instance, facilitate their recruitment. This trend will help meet the demand for accountancy talent, raise the profile of the sector and help beat the drum showcasing practice as a highly desirable area to work in.
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