A recent study conducted by the British Chambers of Commerce revealed that 75% of businesses in the UK currently provide flexible work options, including remote working and flexible hours
Accounting firms that adapt to evolving working behaviours will be able to tap into a pool of fresh talent that was previously inaccessible, according to Katie Smith, people director at UK accounting firm Old Mill.
A recent study conducted by the British Chambers of Commerce (BCC) revealed that 75% of businesses in the UK currently provide flexible work options, including remote working and flexible hours.
Additionally, findings research by accounts payable automation and purchase-to-payment provider Yooz, found that the leading strategies employed by finance leaders to retain and attract accountancy talent are flexible working (49%) and remote working (38%).
Smith says Old Mill’s change of approach has allowed the firm to enter “new geographical locations, as well as attracting people who are seeking a different work life balance and are looking for opportunities to work more flexibly than roles offered by the traditional 9-5 desk-based model”.
“Being able to offer fully supported flexible working has opened up a huge talent pool of people that may have previously been closed to us,” she added.
This is echoed by Wendy McGarvey, head of HR & recruitment at UK accounting firm TC Group, who says having the flexible working option helps attract prospective employees. It is important for the firm to consult its employees on potential working policies to ensure the strategies suit them, she says.
“Whenever we look to implement something new, we would always look to talk to the employees that it affects before implementing. Some offices have also implemented a 9-day working fortnight which employees say has really improved their wellbeing.
Old Mill has started an Employee Voice Forum which allows them to discuss key initiatives with its employees, giving them regular dialogue on any future policies.
Flexible working now “permanent”
According to a report conducted by Owl Labs, 70% of individuals who shifted to remote work during the pandemic find virtual meetings to be less stressful, with 64% expressing a preference for hybrid meetings.
Smith believes a flexible working environment has now solidified its place as a “permanent fixture”.
“The talent landscape has undergone a profound transformation. More individuals than ever before have gained the flexibility to work in a manner that suits their unique needs.
“Some thrive in traditional office settings, while others excel in remote or hybrid work environments – the key realisation is, there is no right or wrong way to work,” Smith argues.
TC Group’s McGarvey believes remote work can lead to high productivity but only if there is “trust” in place with employees.
“For junior employees going through training, this is not always as easy to do remotely and therefore for these individuals we would always recommend being in the office for training to be able to get the most from it.”
Can WFH affect advisory services?
According to Accountancy Age’s 50+50 report 2022, published in partnership with Modulr, consultancy fee income across the UK’s top 100 firms grew by a momentous 169% in 2022 from £1.3 billion to £3.5 billion.
However, the Financial Times reported in September that Deloitte was set to cut 800 jobs in the UK, with its advisory services being targeted for redundancies.
Deloitte’s chief executive, Richard Houston said the risks of redundancies has been sparked by a slowdown in growth, which, combined with the ongoing economic uncertainty, means we have to consider the shape of our business and may mean we have to make some difficult decisions.”
But this does not seem to have affected mid-market firms, with Old Mill’s Smith saying the firm has “seen strong revenue growth whilst operating a flexible structure”.
“So, have proven that high performance can be achieved through working in a variety of locations, and, perhaps most importantly, that office-based roles aren’t always vital to achieve great results.”
