1 in 3 UK Accountants to search for new job in the next 12 months
Following on from our article, improving your staff retention, we’ve discovered some further research that takes a look at the state of the industry and how it could be affected in the coming months.
Following on from a study carried out by careersinaudit.com, it has been revealed that as much as 63% of current UK accountants could be actively searching for a new job over the next 12 months.
Despite the reported increases in hiring in the finance and accountancy sectors, it appears that accountants are currently dissatisfied with their current career progression and guidance. 35% of those surveyed quoted this as their primary reason for wanting to leave their current posting and look for something elsewhere. It must be stressed, this elsewhere was not always out of the industry.
Its More Than Just a Job
The research highlights the importance of mapping career progression and training for your staff, not only for attracting the most talented new hires but for maintaining your staff and improving retention. When asked to expand on the results, Simon Wright of careersinaudit.com described today’s accountants – both those in the industry and newly-qualified – as being highly ‘motivated and ambitious’, commenting on an expressed willingness to travel around the globe for their next job.
It is this willingness to move around that has opened up worldwide accountancy markets for candidates. As we’ve already discussed, work-life balance and quality of life are having an increased precedent placed on them by the generation that makes up the majority of newly-qualifieds, and the places individuals listed as being willing to move to where typically places with typically warmer climates; especially Australia, New Zealand and North America.
This places a greater emphasis on progression being implemented and planned out by senior management to ensure that there is a greater degree of job satisfaction within the industry. Simply put, your accountants like to know they are working towards moving upwards in the industry.
This desire is also visible amongst newly-qualified accountants. As pay is increasing, now is a great time to invest some thought into career progression for any newly-qualified’s you may be taking on; doing so could well be a great way of maximising job satisfaction for those just entering your organisation, bolstering your staff retention in the long run.
According to Wright, half of the accountants surveyed have a five year career plan that caters for progression and over a third of newly-qualified accountants are expecting a promotion imminently.