Neil Johnson (ACCA Careers editor)
With few exceptions, talent challenges are a common theme for practices all over the world. The pressures are legion, from experienced staff leaving for industry roles to a tight pipeline of new entrants to the profession, from covid19 and the great resignation to greater salary demands amid rising inflation and a worrying global economic outlook.
All this at a time when practices are seeing a ripening environment for business development, with new clients falling from the branches of the Big Four and other firms, combined with brimming SME and startup sectors.
Missed opportunities
Scott Golding, associate portfolio director at practice recruitment specialist AJ Chambers, says: "What must be incredibly frustrating for owners and equity holders is that this crisis for talent has coincided with an opportunity to win bigger and better work. With EY offloading its advisory services and the cascade impact of these larger clients trickling down to the wider market, there’s a big chance to win some very exciting marquee clients, but a tricky dilemma if for capacity reasons you can’t service them."
Dipping into the talent market for the skills, knowledge and experience you need is an increasingly expensive option and a wild ride for many HRs and practice owners.
The much more practical alternative is to focus on retaining key staff by showing they are valued.
Golding says: "Setting your stall out early, with clear communication of what milestones need to be met to achieve promotions, and allowing more freedom and responsibility and earning potential, is key for ambitious personnel."
A focus on learning, development, progression and succession is also vital, as are non-salary benefits such as flexibility, work with purpose, mental health schemes and private health insurance.
There is no one-size-fits-all approach to creating a retentive environment, but the sooner you make a start on the effort the better.
Cultural attractions
While staffing challenges and skills shortages are real, they are not insurmountable, as the case of Scrutton Bland shows. Over the past two and a half years, the UK-based practice has increased its staff numbers through hiring and retention.
The firm has cultivated a culture based on doing the right thing, trust, empowerment and a sense of belonging. It mentors and knowledge-shares, encourages self-development and exploration with learning and development tools, and promotes internal moves.
Key to the firm’s long-term retention strategy are internal progression and "growing its own" through apprenticeship, trainee and graduate schemes, looking externally only to supplement the workforce.
"The idea is to get, keep and grow staff," says HR director Caroline Bixby.
The nine current equity partners pursued a mix of career routes, from trainees to graduates and industry experience, showing that there’s opportunity to climb to the top whatever the background.
The practice’s neurodiverse-friendly L&D systems understand and support diff
