There’s a huge trend of mergers and acquisitions within public practice right now. Whilst this is a great thing for the business development of firms, it can bring wider implications for staff.
Mergers and acquisitions (M&As) often cause seismic shifts and huge cultural changes within firms. If you’re an accountant working for one of these firms, you’ll likely be the one of the last to hear the news. Being kept in the dark about such a huge incoming change is bound to stir up emotions.
M&As can also prompt firms to move location, reshuffle their teams, or change their direction of business entirely. The shift to an M&A culture is likely to ruffle more than a few feathers and cause a lot of staff to consider moving somewhere else.
Are you currently questioning whether to ‘weather’ the change, or find a different role within a more settled practice? If so, keep reading.
In today’s blog, we’ll answer some important questions that may be causing career concerns as a result of the M&A news at your firm.
Will my job be at risk?
Sadly, we can’t peer into a crystal ball to predict the future. The short answer is: no-one knows. The leaders at your newly formed firm may not even have a clue themselves.
In our experience, the impact of acquisitions and mergers can take anywhere between a month and eighteen months to take full effect. Typically, leadership teams will have their hands full with overseeing structural and leadership adjustments. Therefore, it may take a while before they can really consider the impact that the M&A will have on the existing workforce. Unfortunately, this puts the below-leadership team in grey, unchartered territory where no one knows what’s happening or what the future may bring.
However, if you are feeling really worried about potential cuts coming your way, it’s better to act now. You have nothing to lose from taking ownership of your career. In fact, you have a lot to gain!
Put some feelers out for something new. Start building or tapping into your existing network of contacts, explore the current job market, and do everything you can to put yourself in a good place if a notice of redundancy does find its way into your hands. If workforce cuts are going to be made, you could be competing with your current colleagues for the same jobs, so do everything you can today to ensure that you’re ahead of the game.
I’ve been promised a promotion. Will it be worth waiting for?
If this is a concern of yours, our answer is always: move on.
While your loyalty to your firm is admirable, it’s likely costing you, in more ways than one. You are the one that’s in the driving seat of your career. And if we’re putting it really bluntly, you’re fortunate to be qualified in a sector that’s desperate for your skills and will move heaven-and-earth to secure them.
Waiting for a pay rise, additional benefits or a promotion is never a good idea. Why wait for more money when you could already be earning it somewhere else? The unfortunate reality is that some firms make empty promises in a bid to retain talent. Don’t be hoodwinked by deceptive employers.
At Public Practice Recruitment Ltd, we remind our candidates of their worth. We acknowledge how valuable your skillset is. It’s why we always encourage job-seeking accountants to get with the right employer and join a firm that recognises and rewards their talent.
Do you have your sights set on Partnership, but you’re not sure when the time is right? Accelerate the journey with our roadmap to Partnership.
Could there be opportunities for me to develop my career within the new M&A culture?
If it’s study support or on-going training that you’re looking for, we have some bad news for you.
Unfortunately, during a time of restructuring, firms are unlikely to offer further learning and progression opportunities. It’s typical for management to put a temporary freeze on spending while they adapt their strategy to pivot their service offering to match the new makeup of the firm.
Similarly to what we’ve said above – don’t wait for firms to make true on their word. There are hundreds of firms within public practice that will be delighted to offer you the benefits you’re looking for. We encourage you to put yourself and your career goals first. If that means jumping the gun, so be it.
“Your decisions about your future following a merger or an acquisition doesn’t mean you have to hand in your notice immediately. Instead, it’s worth having an honest and candid conversation with your manager. Even if you’re not sure that you want to find a new job, there’s no harm in finding out what alternatives are out there.” – Garry Howling, Managing Director at Public Practice Recruitment Ltd.
Is it a good time to enter the job market?
Yes. In fact, now is a brilliant time to be a job-seeking accountant, as there are incredible job opportunities in abundance!
Whether you’re an auditor, tax professional, client manager or your skills fall somewhere in between, there are thousands of public practice roles across the UK. The current skills shortage and other economic factors affecting recruitment within public practice means candidates can be pickier with what firms they want to work for.
And to top it off, we’re noticing that firms are offering market-beating salaries and benefits to secure talent. So, if you’re looking for a salary increase, progression opportunities, or better employee perks, you’ll find it elsewhere.
The skills shortage brings challenges to firms, but it is an opportunity for you. Discover how you can use the staffing crisis to your advantage and land the best jobs available.
Are you considering changing job to join a settled practice that can give you what you want and deserve?
Here at Public Practice Recruitment Ltd, we always have our ear to the ground to monitor how the market is moving and shaking. When it comes to the business development of accountancy firms, we have years of experience working with candidates who are looking for new opportunities because of the operational decisions made by their firm.
If you’re in the same boat, our experienced team is here to provide the career guidance you need to secure the best opportunities. Reach out today for an initial chat or upload your CV here.
