If you chose to become an accountant, then at the moment, it looks like you made a good choice! There has been research to suggest that the pandemic has led to significant skills shortages within the accounting industry which means that currently accountants are in demand.
A report published in June this year called "Skills for Success" looked at how financial, professional, and business services can address skills challenges to deliver recovery and growth in UK regions and nations. This report, published by the Professional and Business Services Council and the Financial Services Skills Commission found that an average of 32 percent of UK firms are suffering from shortages in financial, professional and business skills.
The report also offers insight on the impact of these talent shortages, with the sector's annual output expected to be 12 percent higher if skills gaps were plugged, which is equivalent to £38bn per year.
Firms need to be quick to snap up talent, and research shows that some firms are losing out due to lengthy recruitment processes and the fact that accountants have choice of where they are want to work. They are in demand. And after such a volatile time during the pandemic, research suggests that professionals are on the move. A report published by Personio shows that 38 percent of employees in the UK and Ireland are looking to change roles and/or companies in the next year, citing reasons such as pay cuts, poor work life balance and lack of opportunity for learning and development.
Matthew Lawford, who is operations director at accounting recruitment firm A J Chambers says "The competitiveness will have a major effect on the smaller firms. The top 10 are looking for staff, so they'll do so by looking at the top 20. And then the top 20 need to replenish the staff they've lost, so they’re going to look at the top 40. And then you have this trickle-down effect which quickly reaches the bottom and disproportionately affects certain firms. And these firms that are losing out, their options are to either pay bigger money or to offer the opportunity to move into a senior or partnership role."
With that in mind, companies that are looking to recruit accountants need to sharpen their recruitment processes and offer attractive incentives and renumeration packages to candidates they want to attract. There is currently a high level of talent in the accounting industry, exacerbated by the pandemic, so firms need to be quick to fill their skills gaps and make their offers of employment attractive. It's become a candidate-led market for now.
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