From Struggle to Success: Recruiters UK Transform Accounting Talent Acquisition

Is the glass half empty or half full? When faced with the pressing talent shortages in the UK accounting sector, this question becomes more than a matter of perspective—it becomes a strategic pivot point for recruiters. The current market is undeniably a seller’s market for talent, where candidates hold the leverage of choice. To transform the struggle into success, UK accounting firms must adapt their talent acquisition strategies to the changing tides.

A recent survey by the Association of Chartered Certified Accountants (ACCA) paints a stark picture: 90% of employers in the finance and accounting sector are grappling with significant recruitment challenges (AccountingWeb). This talent squeeze is not just a transient phase but a persistent trend that is likely to push salary figures upward, placing additional pressure on smaller firms.

In the face of these challenges, the concept of outsourcing emerges as a viable option for UK accounting firms. It is not only a means to fill immediate gaps but also a strategy to manage costs and access a global talent pool. Outsourcing can be particularly beneficial for routine tasks, enabling firms to focus their in-house resources on higher-value activities.

However, outsourcing is not a panacea. The long-term solution lies in the ability of firms to discover, create, and train talent internally. Sally Cosgrove of PwC UK suggests a paradigm shift—from a war for talent to a war to develop talent (AccountancyAge). This approach requires a commitment to nurturing skills and investing in the professional growth of employees.

Despite the evident need for robust talent strategies, a report by AJ Chambers reveals that only 9.5 percent of business owners in accounting and finance prioritized assessing their recruitment strategy during the pandemic, and less than five percent focused on talent acquisition (AccountancyAge). This oversight may have contributed to the current predicament, underscoring the importance of proactive and strategic talent management.

To gain an edge in the current race for talent, firms must transform their Talent Acquisition (TA) teams from transactional functions into strategic business partners. Korn Ferry’s insights suggest that the best companies employ strategies and tactics that deliver exceptional business value (Korn Ferry). This involves leveraging data analytics, refining employer branding, and enhancing the candidate experience to attract and retain top talent.

In conclusion, the path from struggle to success in UK accounting talent acquisition requires a multifaceted approach. Firms must embrace outsourcing for its immediate benefits but also invest in the long-term development of talent. By prioritizing strategic talent management and elevating the role of TA teams, firms can not only navigate the current talent shortage but also build a resilient and competitive workforce.

Are UK accounting firms ready to transform their approach to talent acquisition, and how will they balance the short-term gains of outsourcing with the long-term benefits of talent development?

About

In the realm of Banking and Investments, Warner Scott excels with international and regional banks and investment houses across London and the Middle East. They specialize in areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, and Risk Management & Compliance, including senior C-suite appointments.

In Accounting and Finance, they collaborate with The Big 4, Top 50 accounting firms, and global consultancies, offering expertise in Audit, Risk & Compliance, Taxation (Private Client, Expatriate, Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.

Their Digital & Fintech practice supports large banks, digital startups, and innovative Fintech companies. They specialize in FinTech innovations such as AI, Blockchain, Cloud Computing, Big Data, InfoSec/Cybersecurity across Application, Infrastructure, Network, Cloud, IoT securities, Digital Leadership, Transformation, Software Development, and Data Science & Analytics, Privacy, and Architecture.

Read more

References

– “Looming Talent Gap in the Accounting Industry and Your Action Plan.” AccountingWeb, https://www.accountingweb.co.uk/community/industry-insights/looming-talent-gap-in-the-accounting-industry-and-your-action-plan.

– “Accounting Firms Must Discover, Create, and Train Talent Amid Global Shortage.” AccountancyAge, https://www.accountancyage.com/2022/07/08/accounting-firms-must-discover-create-and-train-talent-amid-global-shortage/.

– “Accounting Firms Losing Out on Talent in Candidate-Led Market, Experts Say.” AccountancyAge, https://www.accountancyage.com/2021/08/06/accounting-firms-losing-out-on-talent-in-candidate-led-market-experts-say/.

– “Transform Your Talent Acquisition Strategies.” Korn Ferry, https://www.kornferry.com/insights/featured-topics/talent-recruitment/transform-your-talent-acquisition-strategies.