Do you have the capacity for an economic bounce back?
There was an interesting article on today’s (2 June) ICAEW Daily Briefing commenting that the recent lockdown and resultant imminent recession is likely to be shortly followed by a strong economic bounce back – because of the nature of the imposed restriction on business and the build-up of pent up demand. you can view the article here.
Accountants are busy
Speaking to our accountancy clients recently, although apprehensive about the fate of some of their clients in the worst affected sectors, many are really busy, with lots of work coming in. Many of their clients have caught up with things and now want up-to-date accounts for the bank etc. Most accountancy firms have now brought back all of their staff from furlough to help deal with the work.
Continuity of staffing
Whilst we are seeing some short-term apprehensions about recruitment plans, firms are also aware of the longer term consequences of not recruiting. There is a risk that, if recruitment is put on hold, there will be staff shortages in a year’s time. This is likely to create a gap with not enough staff at the lower end to support the work of senior staff. If any of those senior staff then choose to leave, there won’t be the staff to step up and fill the gap. Maintaining a flow of new trainees is essential to maintain continuity of staffing.
Recruit today to build the practice of tomorrow
One of the perpetual issues which accountancy firms have is being able to recruit good quality, experienced staff. To this end, over the years many firms have adopted a ‘grow your own’ staff development strategy in order to have an annual supply of trainees coming through the ranks. Whilst the coronavirus has thrown the world upside down for a time, the accountancy firms who take a long term look at their futures, will be the ones to prosper. Their plans must consider the capacity requirements of the firm in order to deal with current and future client demands. The concept of recruiting today to build the practice of tomorrow, is still very relevant, especially if we experience a strong bounce back of the economy.
If you’d like to discuss your current and future strategy for recruiting and training accounting students, call me on 01392 435349 or email [email protected]
Written by Simon Deane