How to Overcome the Severe Resource Crunch Facing UK Accounting Firms

Traditional recruitment practices such as hiring in-house finance and accounting professionals for the increasing workload are not working out the way they used to because of:

• High costs of recruitment – from job postings to conducting tests and interviews, and recruiter fees, the costs of recruitment drives are shooting up like never before.
• High attrition rates – even after recruitment and training, professionals are quick to leave and join a competitor when offered higher pay or perks leaving the employer with a loss.
• Lengthy onboarding process – even after recruitment and training, there is a time gap for the recruits to integrate into the organisation’s processes and start bringing in revenue or contributing to the bottom line.
• Hidden costs of recruiting in-house – even after factoring in the costs of recruitment and hiring, and the salaries and benefits, there are other costs associated with full-time employees such as training costs, pensions, office space and equipment, paid leaves and other statutory benefits.