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Accounting firms hit hard by labour shortages

Discussing Business Plan

Application numbers in the accountancy sector reach concerning levels with recent data showing a 33% decline between May 2022 and June 2022. That’s according to the latest data from the world’s largest network of job boards, Broadbean Technology.

Broadbean’s statistics also reveal a 36% decline in the number of applicants year-on-year between June 2021 and June 2022. This decline is in fact hindering the sector's strength and stability with reports of accounting firms being forced to turn away work due to lack of staff and nearly half of UK accountancy firms admitting to facing huge blows to their growth amid the shortages.

Alex Fourlis, Managing Director at Broadbean Technology commented:

“The UK’s skills crisis is continuing to be a focal issue, and for good reason as our data shows that these shortages are impacting almost every business, across every sector. While there is an undeniable shortage in blue-collar jobs such as retail and logistics, it’s actually the highly skilled sectors, such as accountants that are more of a concern for the UK’s economic bounce back, with candidates for these positions taking longer to train up and being harder to find. The lack of white-collar applicants should certainly cause concern as the UK is now in a position where it risks losing its status as an economic powerhouse.

“For employers and recruiters, now is a critical time. It’s now essential for businesses in the accountancy sector to rebuild and nurture dwindling talent pools, utilise innovative technology and maximise partnerships with external talent suppliers in order to find the undiscovered talent that is so desperately needed. Difficult times are ahead for the UK economy, and immediate action needs to be taken to establish a recruitment market that can best support the UK’s economic bounce back.”