Close to a third of accountancy firms are facing skills gaps in all areas of business, including financial and professional, according to research. This means that the standard methods of recruitment are not working as well as they should be, and many firms are struggling to keep on top of talent shortages and a lack of skills. It’s not enough to simply recruit graduates and experienced employees, and filling in the gaps will require some level of upskilling elsewhere.
The Benefits of Hiring an Apprentice
In 2021, Professional & Business Services Council and the Financial Services Skills Commission published a report, stating that 32% of UK firms are struggling. However, one way to combat this could be with apprenticeships. With apprenticeships, employers can reach a much wider pool of candidates. Though university is one route towards a career in accounting, an apprenticeship allows a candidate to ‘learn on the job’ and study alongside earning. According to one expert, apprenticeships provide young people with the skills needed within the industry.
At the start of last year, almost half of businesses said they hoped to invest more into skills developments. However, the amount of businesses fell to 31% by December. This data comes from Grant Thornton’s Business Outlook Tracker, and highlights that the intention to invest into skills slowly waivered.
Head of Talent Solutions at Grant Thornton, Justin Rix, explained: “Mid-market employers are increasingly recognising the agility and flexibility of apprenticeships as an effective development tool. We’re seeing clients taking an increasingly strategic use of apprenticeships to address issues such as improving diversity in the workforce, achieving sustainable recruitment and replacing traditional graduate programmes with highly desirable qualifications.”
The World of Apprenticeships is Changing
A number of changes have occurred in the world of apprenticeships over the last few years, such as the introduction of the Apprenticeship Levy. This refers to money that firms are able to use, but only for the development of apprenticeship programs. It’s there to help businesses take on, train and develop apprenticeships in the hope of bridging the skills gap.
The type of apprenticeships offered now are very different to those offered in previous years, and many now include training towards a professional qualification. Employers are now able to drive apprenticeships within their industry, which has led to a wider range of apprenticeships being offered.
Finding the Perfect Apprentice
In order to find the right apprentice, firms need to look for a certain set of qualities. Instead of simply seeking someone with conventional skills, they need to choose someone who is energised and passionate about the industry. As long as someone is inquiring and keen to learn, they can be trained to ensure they have the professional and technical skills needed to build a successful career in accounting