Skills Shortages in Accountancy and Finance

By April 20, 2014 September 3rd, 2014 Accounts & Finance, Career Advice and Tips

Since starting as an Accounting and Finance Recruitment Consultant, I have encountered some skills shortages for niche roles:

  • A shortage of good quality IFA’s, Mortgage Advisors, Payroll, Purchase Ledger, Compliance candidates.
  • Last recession meant not many new Mortgage Advisors were coming through the ranks due to companies downsizing.
  • A demand to fit hours round lifestyle (part time is popular) which do not meet business needs of a full time employee.

With a limited pool of candidates, it is tempting just to hire someone, in fact anyone, to ensure the job is done.  I say this is unwise.  Just because someone has the right skills, it is not enough; they also need to fit into your culture.

Culture fit is important to ensure that your new recruit both performs and stays with you.  Here are some statistics from Mark Murphy (Hiring For Attitude) to make you think:

26% of people can’t accept feedback

23% of people are unable to understand and manage emotions

17% lack motivation

15% have the wrong temperament

11% do not have the technical skills

46% of new hires fail in the first 18 months

Only 19% will be highly successful

So how do you attract a top performer that will stay with your company.  Look beyond qualifications and experience and look at look at attitude and culture fit too.  Hire sponges, not rocks; you can teach skills, you cannot teach attitude.

Still not convinced?  Consider this – An £18,000 salary will actually cost you £42,000 in recruitment, training, and other staff training the new recruit instead of doing their normal job.

Skills shortages mean that it is a candidate’s market, but with a structured recruitment campaign, compelling reasons to come and work for you and the right Recruitment Agency partner, you can recruit the right candidate for your role.