The accountancy sector is facing a crisis in recruitment, with a shortage of newly qualified accountants impacting the industry. Last year's concerns about a lack of talent in audit are continuing to have a direct impact on commercial entities' recruitment efforts in 2023.
According to recent data from Broadbean Technology, application numbers in the accountancy sector have reached concerningly low levels. The number of applicants declined by 36% year on year between June 2021 and June 2022, and there was a 33% decline in candidates between May 2022 and June 2022. Nearly half of UK accountancy firms are reportedly facing huge blows to their growth amid the skills shortage, with some firms being forced to turn away work due to a lack of staff.
Recruiters are concerned that this decline in applicant numbers could harm the sector's strength and stability. There are fears that the shortage of highly skilled candidates in fields such as accountancy could be potentially more of a concern for the UK's economic bounce back, as these positions take longer to train up and are harder to find.
Alex Fourlis, Managing Director at Broadbean Technology, highlights the need for businesses in the accountancy sector to rebuild and nurture dwindling talent pools, utilise innovative technology, and maximise partnerships with external talent suppliers to find the undiscovered talent that is so desperately needed.
ICAEW's RISE programme aims to raise the profile of the profession specifically to young people from low socioeconomic backgrounds. Initiatives like this to promote the multitude of opportunities a career as a chartered accountant offers are key, according to Simon Gray, Head of Business at ICAEW. In addition, embracing technology to increase efficiency and boost productivity should not be overlooked.
The accountancy sector has weathered the pandemic better than most, with businesses seeking the best advice turning to chartered accountants. However, the shortage of newly qualified accountants is likely to continue to impact recruitment efforts throughout 2023. Recruiters will need to rely on established networks and recommendations to find the best candidates for individual roles, and businesses will need to consider innovative approaches to attract and train new talent.
At Savant Recruitment, our team of Accountancy specialists possess extensive knowledge and expertise in talent solutions, supported by comprehensive market research. Whether you want to establish a team from the ground up or augment your current team, we are equipped to offer skilled support and guidance, as well as access to the best talent in the industry. If you require further information on how we can assist you, please don't hesitate to contact us at finance@savantrecruitment.com.
