The recession of 2008 may have happened almost a decade ago but its effects are still being felt across accountancy firms, as sweeping cutbacks have left businesses suffering with a lack of available qualified accountants. Demand is continuing to grow and it is projected that there will be 10,000 fewer qualified accountants by 2050. Inevitably, salaries are rising as companies compete against each other to attract the best candidates. However, whilst candidates expect competitive salaries, businesses must acknowledge that the new working generation is also highly motivated by opportunities for career progression and learning skills through high quality training.
The recruitment challenge is only going to get worse – and it is therefore crucial for businesses to do everything possible to entice the best candidates available now. Our latest eBook documents several key factors that will enable your company to attract new candidates whilst safeguarding the satisfaction of your current employees.
A business can utilise innovative technology to improve both overall performance and perception to candidates and clients. Manual activities that were once considered routine are now largely obsolete due to improvements in technology; meaning businesses that do not adopt these contemporary processes risk alienating the modern-day workforce. It is imperative that businesses make a concerted effort to keep up with increasingly sophisticated technology or else risk falling behind.
Money continues to be an important factor in a candidate’s decision, yet people also want to work for a company that promotes an ethical and inclusive environment. Furthermore, whilst businesses are typically apprehensive about significant investment into training employees, as there is no guarantee they will stick around, candidates greatly value their professional development. Companies must demonstrate to a candidate that they will be fully immersed in a continuing training programme.
Long-term forecasts indicate that the supply of qualified accountants is likely to decline further over the coming years, underlining the importance for a company to differentiate itself from its competitors in order to attract the best candidates available. Companies should show modern-day candidates that their environment is one in which individuals can thrive and develop both professionally and personally. They must also make it clear that they are evolving with technological innovations, as well as the changing motivations of employees.