Three-quarters of accounting industry hit by skills shortage

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.

“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.”