The recent restructuring and job cuts in the Big Four
accountancy firms reported nationally which some attribute to previous
‘overhiring’ following the pandemic, is surprising to some in a market which
continues to grow.
News that Deloitte is to shed 800 roles and EY is to cut 5% of
its staff in its financial services practices, along with others in the Big
Four, could prompt a closer examination of career development and job security
in the accounting industry today.
Amidst the shifting dynamics and challenges within the major
firms, there's a notable contrast emerging in the landscape of the established,
independent accountancy firm, which can offer increased structured career
development and job security in this sector.
While larger firms may be grappling with staff reductions due to
excessive hiring and a slowdown in staff departures, independent accountancy
firms, smaller in size and more specialised in their services, present a more
promising scenario for career growth and stability for accountancy
professionals at all stages of their career.
Some may consider that a larger firm with a national or
international presence may offer a more stable structure and security for
professionals but there is undoubtedly fertile ground in independent
accountancy firms for individuals seeking a robust career trajectory and job
security.
Independent firms often have a specialisation and niche
expertise; often having a higher degree of specialisation in specific sectors
or services, creating opportunities for professionals to develop expertise in
niche areas. This focus allows for a deeper understanding of industries,
leading to career growth and further, more specialised roles.
Smaller firms also tend to be more agile in response to market
changes. Their adaptability enables quicker shifts in focus and strategy,
ensuring a more efficient utilisation of staff resources without excessive
overhiring or layoffs due to market fluctuations. Naturally, leading to more
job security.
Employees in independent firms typically have more hands-on
experience and increased responsibility early in their careers. Particularly in
firms like Hall Morrice with a track record of career development and training
for graduate trainees. This exposure contributes to rapid skill development and
growth opportunities, fostering a sense of job security through individual
skill diversification. Staff at all stages of their career can look around them
in our office and see colleagues who have progressed through the ranks to
senior roles. Job satisfaction also tends to flow from this increased
responsibility and the professional growth development opportunities.
Smaller firms often cultivate a closer-knit, supportive work
culture, leading to higher job satisfaction and a reduced turnover rate of
employees. This stable work environment provides a sense of security and
belonging that might be lacking in larger corporate environments.
Independent firms frequently work with a more diverse clientele,
exposing employees to a wider range of projects and direct client engagement.
This diversity offers professionals a broader spectrum of experiences,
fostering career advancement and job security.
Smaller firms are often more cautious in their recruitment
processes, maintaining a balanced approach to staffing that prevents
overhiring, ensuring the workforce aligns with market demands and growth. They
approach finding new team members with a balanced viewpoint, looking to recruit
staff who can complement the existing workforce and who will grow with the
firm.
By nature of their size and specialisation, independent
accountancy firms are often more resilient to economic fluctuations, reducing
the impact of market downturns on job security and career progression. They can
have a more robust resilience to local and national market fluctuations.
With flatter hierarchies and often less bureaucratic structures,
employees in independent firms often have more opportunities to innovate and
assume leadership roles, providing a clear path for career advancement.
This is important for any firm seeking to increase their staff
from the ‘millennial’ 18 to 34 age group. A recent
Virtuali/WorlplaceTrends.com study shows that 91% of millennials aspire to
reach leadership positions; 51% of them believing they have this trait.
Millennials are the largest generation in the workforce while
baby boomers are gearing up for retirement. They are the rising stars for any
firm poised to take the helm as the boomers step back, so giving them
experience and empowering them is crucial. Those who don’t feel engaged are
work are far more likely to job hop. Retention is key especially when it’s
estimated that the cost of employee turnover to a company is 150% of a salary.
Not to mention the costly effects of overworking existing staff.
While the recent staffing cuts in larger outfits highlight the
repercussions of overhiring, a slower turnover rate, the stability and growth
prospects in established independent accountancy firms stand out. The present
era, marked by greater specialisation, market resilience, and diverse
opportunities, highlight why individuals seeking a secure and progressive
career should consider gravitating towards independent firms.
Professionals in all sectors
of accountancy recognise the increasing attractiveness of fulfilling, stable,
and progressive careers in smaller firms and the career development and job
security which they can provide in a competitive market.
Des Petrie trained at Hall
Morrice and has been promoted internally throughout his career to his current
position of partner in the firm. Three senior managers and one director also
began at Hall Morrice as trainees and have continued their career journey with
the practice.
More about career
opportunities at Hall Morrice can be found at https://www.hall-morrice.co.uk/careers/.