Standard methods of recruitment are not enough to help accountancy firms bridge talent shortages and skills gaps, according to Jenny Catlin, head of professional education at Deloitte.
“Graduate recruitment on its own, and recruiting experienced employees on its own, will not help us fill the roles and the skill gaps. We need to be looking into different ways of bringing people in and upskilling them in order to fill those gaps.”
A report published last summer by the Professional & Business Services Council and the Financial Services Skills Commission found that 32 percent of UK firms are experiencing shortages in financial, professional, and business services skills.
According to Catlin, apprenticeships enable employers to reach a wider talent pool.
“It’s a good high-quality alternative to university. We offer them a professional qualification or a degree qualification, and they can study towards that whilst they’re working, without incurring any debt.”
Deloitte offers a variety of apprenticeship programmes to school leavers, which currently attract over 600 young adults studying towards the ACA qualification.
Lily Montgomery, audit partner at HW Fisher offers a similar view, arguing that apprenticeships equip young talent with critical skills for the service industry.
“Staff are the key to a service industry profession and the skills learnt throughout the apprenticeship help to build well-rounded individuals,” she says.
According to data from Grant Thornton’s Business Outlook Tracker, investment expectations for skills development in the mid-market have fluctuated greatly throughout 2021. At the start of last year, 47 percent of businesses said they intended to invest more in skills development over the next six months. However, that figure fell to 31 percent in December.
“Mid-market employers are increasingly recognising the agility and flexibility of apprenticeships as an effective development tool,” said Justin Rix, head of talent solutions at Grant Thornton.
“We’re seeing clients taking an increasingly strategic use of apprenticeships to address issues such as improving diversity in the workforce, achieving sustainable recruitment and replacing traditional graduate programmes with highly desirable qualifications.”
The evolution of apprenticeships
Catlin goes on to note that numerous reforms have taken place in the apprenticeship world during the past four to five years. One of the main changes has been the introduction of the apprenticeship levy, she says.
“The types of apprenticeships available have changed, so five years ago we couldn’t have offered these professional qualifications as part of an apprenticeship, but now employers are very much in the driving seat when it comes to apprenticeships, which means that we now have a much better range of apprenticeships to meet our need.”
Under the Apprenticeship Levy, there is now a pot of money that firms can only spend on apprenticeships training. This has played a key role in the development of apprenticeship programs.
“The Levy has become an integrated part of learning and development funding for thousands of our clients over the last few years, with full funding available for qualifications up to master’s degree level,” says Rix.
According to Montgomery, the apprenticeship program at HW Fisher has also undergone some major changes to be more appealing to the young target.
“It is now equally as focused on the exams and subject matter as well as the softer skills and development logs. The apprentices are becoming well-rounded in a variety of areas.”
The ideal apprentice
Firms are aware that they must look for a set of qualities in apprentices, rather than a conventional set of skills.
“What we ask for is energy, passion and commitment – we want them to be inquiring and inquisitive, and then we’ll train them up to get the professional and technical skills they need,” says Catlin.
“They will study for a prestigious qualification, so for example in accounting that could be the ACA, and they also get the opportunity to apply that learning in the workplace. They’ll pass exams which are absolutely critical but then they’ll also get development around the soft skills in the workplace which you can only learn on the job.”
According to Montgomery, HW Fisher is looking for apprentices that possess motivation and enthusiasm.
“We want our apprentices to develop a professional and strong work ethic, and skills in teamwork and collaboration, adaptability, critical thinking, leadership.
“We are trying to provide them with the skills and knowledge to form the future of the business. The young talent available is incredibly strong and so we want to be able to maximise their skills set and encourage them to take responsibility at an early stage in their career.”