Have you discussed succession planning in your accountancy firm?
A great accountancy practice is only as good as the people working in it and if something should happen unexpectedly or with notice to one of your key players, knowing what that means to your workforce is mission critical.
If the pandemic has taught us one thing it’s that risk management is a big deal and something that we should invest time and money into. But now we’ve settled into this new way of working there’s a real chance that complacency might be setting in at accountancy firms. The future looks a little brighter so leadership teams might consider taking their feet off the accelerator after what has undoubtedly been a challenging period. But rather than sit back and relax, a settled period in practice is actually the time to be planning for what comes next.
But what are the key benefits to succession planning in accountancy?
We’ve already mentioned that succession planning is a massive part of reducing risk to your accountancy practice, be it big or small. The absence of a key organisational player can impact clients, staff, your brand values, organisational growth and profit so there’s no understating the need to have a plan in place.
But you’ll also benefit from a more organised recruitment approach. Emergency recruitment can be expensive and unproductive. There’s really nothing worse than having an urgent gap to fill and making decisions to bring people in to your firm who may not be the right fit. Our experience tells us that a rushed hire is usually a risky one. If you expect to have high level positions to fill (particularly Partner or Partner Designate roles) then working with a niche accountancy recruiter on a retained basis is a really good idea. You’ll want to know about the cream of the accountancy crop and be the first to hear about potential recruits who are preparing for Partnership.
Succession planning is also a great way to retain the brilliant staff you already have. If your employees have a long-term vision of their careers in accountancy in your organisation they are more likely to be loyal and work hard for its future success.
You’ll also expect to save money and time on your staff training when you have a succession plan in place. You’ll have a clear pathway for your valued staff to follow to ensure that they are in a strong position to fill the gaps you expect to have. You’ll be able to link the personal development and appraisal plans for your staff into your plan and really offer a cohesive approach when it comes to your employee value benefits.
And who doesn’t feel better when they have a plan in place?! As a senior leader it’s important that you free up as much of your time as possible to focus on company strategy and increasing the bottom line. By investing time in planning for the future makeup of your organisation and then outsourcing the recruitment for these posts to experts like us, you’ll have more time to focus on your high level vision.
“We’ve been observing accountancy firms from a distance for more than a decade and there’s a clear link between high performing practices and clear succession and growth planning. If you haven’t yet made it a priority for your business, we really recommend you make it a goal for 2021 and we’d be delighted to offer our experience should you need advice.”
Garry Howling, MD, Public Practice Recruitment Ltd
If you are looking to recruit for your accountancy practice, Public Practice Recruitment Ltd can help.
Exclusively developed for the accountancy industry, our professional accountancy recruitment team will seek the highest calibre of candidate for your role, so you’ll be confident they will actively contribute to the success of your accountancy firm.
Call Public Practice Recruitment Ltd today on 03335 777 787 to discover how we can support you.