IRIS: British accountants are crippled by raging talent war
Nearly half (49%) of UK accountancy firms are suffering huge blows to growth, amid the skills and salary war raging across the profession. The figure was uncovered during research conducted by software provider of accountancy solutions IRIS Software Group.
Professional services firms have been hit hard by labour shortages, with many forced to turn work away due to a lack of staff, according to KPMG. IRIS also found a third (32%) cite the current skill set of talent in their firm as a barrier to growth in the next 12 months.
IRIS surveyed British accountancy firms to uncover the state of the profession as demands on their time increase as they play a vital role in helping businesses get back on their feet and boost the economy.
Nearly one in five firms don’t want to grow any fee-paying areas over the next 12 months, with 23% citing a lack of time and skill to market the business within the firm as the main reason why they aren’t looking to expand their business.
Jim Scott, MD for accountancy at IRIS, said:
The profession is gaining awareness of this fact – over half (55%) of accountants say managing work-life balance keeps them awake at night, and one in five say implementing flexible and hybrid working arrangements in their firm does the same.
“Firms need to empower teams with the best software to help them thrive wherever they choose to work. New starters, and even many who have been in the profession a while, expect consumer-like technology in the workplace and won’t think twice about leaving for a digital-first firm if technology and culture don’t meet their expectations. Firms must put this at the heart of their practice to win the talent war.”