Business Recovery

Three-quarters of accounting industry hit by skills shortage

According to Search Consultancy, businesses within the sector are 22% understaffed

Around three-quarters (74%) of businesses within the accounting sector are “feeling the strain” from a lack of skilled workers, according to research carried out by Search Consultancy. 

The firm’s report revealed that businesses within the industry are 22% understaffed, with the average lead time to hire a successful candidate being four months.

In the survey of managers across different sectors, 74% of those working within accounting and finance said the skills shortage was affecting their business, compared to 52% of managers who work in sales.

Some 39% of respondents said that a lack of qualified candidates was the main contributing factor to the issue, with a  further 31% of managers citing an inability to retain staff.]

Ed O’Connell, managing director of accountancy and finance at Search Consultancy, said: “The implications of Brexit and legislative and regulatory change offset by the global pandemic has seen an increasing demand for niche skills in key industries.

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“Businesses, now more than ever, have an increasing range of challenges which combined with a short supply of key talent means there is strong competition for the market’s key skills.”

He added: “In order for the skills gap to be plugged in the industry, we will need to encourage fresh talent to consider a career alongside continued training and investment in existing teams.”

 

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