How can firms fight the accounting hiring crisis?

Accountancy practice has battled through several turbulent years, facing a skills gap before the pandemic even hit. Now, accountancy practice is in a state of crisis. But what can firms do to find talented candidates during this challenging hiring period?

It’s fair to say that UK firms with vacancies to fill are feeling the pressure, with nearly half (49%) attributing a long-lasting skills and salary war to huge blows to growth. With 74% of accountancy firms reporting to be “feeling the strain” from a lack of skilled workers, securing high calibre candidates is essential for the recovery of the sector.

What’s the crisis? Whilst the majority of accountancy practices are hunting for promising candidates, the vast majority are struggling to do so. In August 2022, Big Four firm Deloitte reported that 82.4% of hiring managers were struggling to find accounting talent. Three key areas have been identified as putting pressure on talent needs across firms:

1. Increasing workload has created a need for more headcount in existing areas
2. A significant technological skills gap
3. A remarkable number of vacancies following the Great Resignation

Dubbed the Great Resignation, the unprecedented mass exodus from jobs following the start of the pandemic is a phenomenon that swept across all industries. So, three years on from the first lockdown and despite a looming recession, why are employees continuing to quit in large numbers?

When it comes to accountants, almost a quarter are reported to be in the process of leaving their jobs. With workforces weakening, the skills gap widening, and the pay war far from peace, how can this gloomy outlook be improved across accountancy practice?

What can your firm do to combat the crisis?

• Nurture your workforce – One of the key challenges facing accountancy firms is retaining talent. With no end in sight for the Great Resignation, firms need to be nurturing their workforce to champion their skills, training, and future with the company. Whilst professional development is an investment, it’s key to keeping employees engaged and working towards progression. As experts in accountancy recruitment, we know a thing or two about what it takes to keep employees happy, so read our top tips for accountant retention to discover some easy steps your firm can take.

• Be a competitive employer – As the skills and salary war fights on, firms need to be more competitive than ever to stand out from the rest. Create a salary and benefits package that truly appeals to the wants and needs of candidates, considering the changing ways of working, modern families, and what kind of work environment you want to foster. The significant shift to flexible and hybrid working is here to stay and we know from working closely with candidates that this is an essential benefit for the majority. Partner with an employee benefits provider to offer your employees – and future employees – the best possible options that work for them.

• Work with accountancy practice recruitment experts – In what is perhaps the most challenging hiring landscape the sector has known, a helping hand could go a long way. Here at Public Practice Recruitment Ltd, we’re working with some truly standout candidates who are keen to work with forward-thinking firms that offer a supportive working environment with professional development opportunities and a clear path to progression. This tells us that candidates are looking for loyalty, and that brings great promise for firms who need to secure and retain solid skillsets within their team.

Here at Public Practice Recruitment Ltd, we help accountancy practices across the UK secure the right candidates who add value and strengthen skillsets. Can we do this for you? Discuss your recruitment needs in a zero commitment call with our Managing Director Garry Howling by contacting us today.