RECRUITERS are urging the accountancy sector to avoid repeating mistakes in wake of 2008 global financial crisis when recovering from the impact of the coronavirus.
Recruitment agency Core-Asset Consulting highlighted the importance of attracting more people into the sector and warned against the cutting of graduate schemes and middle management that reduces the pipeline of future leaders.
It said that before the economic shock of Covid-19, a growing shortage of accountants in Scotland was reflected by newly-qualified practitioners breaking the £40,000 average salary ceiling for the first time, with six-figure salaries commonplace among experienced operators.
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Edinburgh-based Core-Asset has warned the sector of a range of underlying issues with the potential of intensifying over the coming months as a result of the pandemic, including succession planning, with a shortage of middle management today resulting, in-part, from swingeing cuts to graduate placement opportunities relating to the 2008 recession.
John Docherty, associate director with Core-Asset Consulting, said: “Clearly, the outbreak is devastating so many businesses and livelihoods, and I just hope we can all get through this in the healthiest possible position.
“That said, accountants in Scotland, on the whole, should find themselves in a better position than many trades. It’s hard to think there won’t still be excess demand for roles, such was the prevailing shortfall."
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He added: “I sincerely hope that firms also think thoroughly before cutting either middle management or graduate schemes off the back of the impending downturn, as happened throughout the last recession – and for which we’re paying for today with a reduced pipeline of clear future leaders. “
He said: “It’s critically important that we attract more accountancy and finance professionals into the sector for its own future health.”
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