• According to a recent survey by Sellick Partnership, almost half (49%) of Accountants surveyed have changed their jobs in the past two years.
• Accounting firms are finding it difficult to fill resulting job openings.

Accountants reconsidering their job roles in the UK

The field of accountancy in the UK is experiencing a noticeable shift, with many professionals looking for new opportunities.

The situation is worsened by post-pandemic skills gaps and an uncertain economic outlook.

A recent report by Sellick Partnership, a UK-based professional services recruitment specialist shows that almost half (49%) of those surveyed have changed their jobs in the past two years.

The survey also found that a third of accountants are not completely satisfied with their jobs and are seeking better benefits by switching roles.

Even those with esteemed qualifications like CA (Chartered Accountant), ACCA (Association of Chartered Certified Accountants), CIMA (Chartered Institute of Management Accountants), and AAT (Association of Accounting Technicians) are reconsidering their career options.

Factors contributing to the Accountants’ move

Here’s what the Sellick Partnership survey reveals about an accountant’s decision to leave a job within an organization.

Insufficient Compensation:

• The survey indicated that salary (57%) holds prime importance when professionals make job decisions. Many are also looking for additional benefits, such as an attractive bonus structure.
• A significant 35% expressed dissatisfaction with their compensation, feeling either slightly or significantly underpaid.
• An astonishing 28% believed their salaries did not match industry standards.

Absence of Flexible Work Arrangements:

• Concerns about maintaining work-life balance and enduring long hours have contributed to burnout among professionals.

Lack of Clearly Defined Career Plans:

• A notable 38% of respondents mentioned that they didn’t have a well-defined career development plan.

Culture and Mentorship in an Organization:

• 25% of professionals also emphasized the value of a harmonious company culture and mentorship opportunities.

• How firms can attract and retain more talent

  John Thistlewaite, a senior consultant at Sellick Partnership told Accountancy Daily, that the accountancy sector is undergoing a transformative phase, requiring effective employee engagement strategies for talent retention.

  Thistlewaite further mentioned that with candidates placing increasing importance on social values, employers must adapt to align with the evolving expectations in today’s marketplace.

  Apart from that firms should consider the following steps to retain talent:

  1. Shift in Work Models: The shift to hybrid working can reshape the appeal of traditional work models. Firms can adapt to these changing preferences to attract and retain new talent.
  2. Comprehensive Support and Growth: Providing comprehensive training, development opportunities, and robust support mechanisms can contribute to employee retention.
  3. Enhanced Packages: Employers must offer better job packages. This can attract many professionals seeking a fulfilling work environment in the wake of the cost of living crisis in the UK.
  4. Inclusive Work Environments and Growth Prospects: Just re-evaluating compensation packages is not going to cut it. Firms need to foster inclusive work environments and offer growth prospects to their employees as well.

  Ireland, Germany USA and overall Europe are also facing the talent crunch

  The abovementioned factors and Brexit have resulted in a brain drain in the UK.

  The Institute of Chartered Accountants in England and Wales (ICAEW) highlighted a shortage of skilled individuals in key areas like audit and accountancy. Ireland too has declared Accounting as a critical skill.

  “Ireland’s talent crunch has impacted the areas of accounting, auditing, tax, corporate finance, and even cybersecurity. The demand is evident at all levels, especially Graduates, and entry-level positions are challenging to fill. Numerous vacancies exist across the UHY offices in the EU and UK also.” said Alan Farrelly – Managing Director at UHY Farrelly Dawe White.

  This is not just a case in Europe, as more than 300,000 accountants and auditors in the USA left their positions in the last 2 years as well.

  This creates an amazing opportunity for experienced expat accounting and more so for Auditing professionals to seek opportunities in Europe and UK.

  (When it comes to the USA, a lot has been outsourced to India, Brazil, Philippines amongst other countries. The UK too has been doing the same. However several firms in Germany and even Ireland avoid outsourcing work.)