The Global Talent Shortage
The Global Talent Shortage And Its Effects On The Accounting Industry
The world is changing at a pace faster than we can keep up with. The rise of digitalization, global connectivity and artificial intelligence (AI), has accelerated exponentially. So too is the talent acquisition and retention model changing at a rapid pace. Research indicates that the pandemic has caused significant skills shortages in the accounting industry in particular. In fact, according to a recent report published by the Professional & Business Services Council and the Financial Services Skills Commission, an average of 32% of UK firms are afflicted by shortages in financial, professional and business services skills.
The Perfect Storm
Increased domestic regulation now requires more work to be done by Professional Services firms in the UK but talent unpredictability renders them unable to pitch for new business. It’s a perfect storm. The sector’s dwindling influence in the job market as graduates gravitate toward other careers often perceived as being more attractive, along with the evaporation of talent from the top of business… being headhunted out…. leaves internal teams under increased pressure when focusing on the local market using the brand.
An International RPO Specialist
In order to remain competitive in a globalised world, business must evolve their talent acquisition and retention strategies, or risk becoming irrelevant. However, many business leaders do not know where to start. This is where an International Talent Strategy is required and is best outsourced to an International RPO (Recruitment Process Outsource) Specialist.
What is an International Talent Strategy?
An International Talent Strategy is a bespoke talent solution developed and implemented by an International RPO Specialist to complement a firm’s local recruitment programmes and initiatives. It aids in the process of sourcing, attracting and retaining the best talent from a global pool whilst minimising costly Partner time in the recruitment process. It is designed to provide talent predictability, dependability, and alignment throughout the firm, whilst mitigating against the risk of talent unpredictability and reputational damage through an incorrect talent fit. When implemented correctly, an International Talent Strategy will ensure an optimal talent fit; strengthening brand, increasing employee engagement, reducing employee turnover and improving company culture.
Recruiting and Retaining Top Talent
An International Talent Strategy is vital to businesses as it facilitates the recruitment of top talent from across the globe whilst also providing opportunity to deliver on key diversity and inclusion metrics. For example, GAP Talent, the largest recruiter of Southern African Chartered Accountants to the world, screens in excess of 1800 CA’s each year, and in doing so, continually develops a highly educated and technically very strong talent pool with relevance to the UK, Dutch, Irish, Australian and American markets.
GAP Talent is an International RPO Specialist with a 'first interview to landing' ratio of 1 in 2 or higher, well above the industry norm of 1 in 4. We complement our Partners’ local recruitment initiatives with Global Talent Strategies, project-geared partnerships and innovative screening and aftercare processes.
Our comprehensive pre-project screening process is aimed at identifying and eliminating potential complications prior to face-to-face interviews thereby ensuring an optimal talent fit for our clients.
Our market-leading post project aftercare programme ensures that Partners, Senior Managers, Managers and Audit Seniors are relieved from the burdens of on-boarding and when talent lands in their destination of choice, they are informed, happy and prepared.
With our network extending from Australia and New Zealand through Europe and the USA, we are the global leaders in this field. We've been delivering diversity, inclusion and great talent... whilst changing thousands of lives... for over 20 years… and we have the case studies and data to support this.
Partner with us. We have a solution for you.