This week we were very excited to hold our first face to face event since 2019, with some of our employer partners and representatives from ACCA, ICAEW and AAT. Our discussion focussed on the results our of May 2022 employer survey and subsequent report ‘Two years of turbulence – how recruitment, development and retention has adapted’ drawing comparisons with our 2020 data and looking at the impact of the pandemic on accountancy and finance training.
The report looks at the below areas in turn:
Recruitment and Resourcing
‘We hear regularly from employers that recruitment has become one of the areas they are finding most challenging to deal with’
- An increase in workload reported by 66% of our respondents has resulted in an increase in recruitment requirements for many employers.
- 79% of our respondents report an increase in salary expectations and 94% report an change in expectations around working practices.
Trainee and manager development
‘52% of respondents have noticed a change in the skills development needs of trainees who joined in the pandemic’
- Trainees need additional support with skills in communication, confidence, teamworking and problem solving.
- Managers need support in managing junior staff remotely.
‘Two of the biggest reasons for leaving an employer at the moment are a career change or leaving for a new employer in the sector’
- Employers are reporting that retention has become a challenge.
- Employers are looking at ways to retain talent which may include changes to working culture, development opportunities linked to the needs of trainees and wider benefits offered to new joiners.
The insights in the report sparked some really interesting discussions in the room and enabled the group to share their experiences as we emerge from the pandemic. Our Chairman and CEO Martin Taylor had this to say about our first face to face event in two years:
‘It was great to see many FI partners collaborating across a shared table rather than on Teams for this launch session. However, as our Insight Report demonstrates we are now in a world where a blend of working practices is expected, both for these types of sessions, for the workplace and for the delivery of professional education. We have adapted and we will continue to adapt but one thing was very clear; we are at our hearts social animals and huge benefits still exist from meeting in person (beyond pastries and good coffee!!)’
You can explore the final report today, which provides insights from our survey, our report also outlines some recommendations to mitigate common challenges to help employers to future proof existing finance training programmes.