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Your Questions
ANSWERED
Accountancy
Skills!
by MHAIRI DUFFIN,
ONLINE CONTENT EDITOR,
Is there a shortage?
GAAPWeb
While the Recruitment industry as a whole is experiencing an now being forced to accept that their employees really are their
extreme skills shortage, it seems that the Finance and biggest asset.
Accounting sector has been the worst hit.
How GAAPweb can help
There are several reasons for this shortage. One key reason that GAAPweb is currently working to help companies address the
qualified Finance Professionals are scarce is that the entry level problems caused by the skills shortage. In particular, a lot of
qualification to study finance and economics at degree level, time has been spent liaising with clients in the Channel Islands
has increased. The industry is now competing with medicine where the lack of Finance and Accounting Professionals is a
and law to attract undergraduates leading to a decline in major problem.
graduate Accountants.
Jersey in particular is home to major financial companies such
How the role of an Accountant has changed as Ernst & Young, Royal Bank of Canada and Ogiers. An
The changing role of the Accountant also plays a part in the impressive 60% of the island’s revenue is generated through
struggle for staff. Employers are not just looking for general Finance and the Support industries. GAAPweb spotted the huge
accounting skills when they recruit but are also looking for potential of the island to attract candidates and had recently
people who can add value to clients and the internal team embarked on a campaign to encourage people to the Island.
dynamic. For the modern day accounting professional
prerequisite skills include: in-depth industry knowledge; The first step was to do a bit of investigative work and find out
communication skills; IT knowledge and leadership ability. what proportion of GAAPweb’s subscriber base would be
interested in a move to Jersey. This involved running a poll
The difficulty of finding a work/life balance is also an issue for onsite asking users if they would consider relocating to Jersey.
many Accountants. The fast-pace and long hours traditionally Email messages were also sent out to candidates to point out
associated with the finance sector are off-putting for many. the benefits of moving to Jersey and encourage people to visit
Changing priorities mean that a huge salary package is not the site and take the poll. The feedback from this was
always enough of a reason to work the long hours that are often extremely positive and uncovered a great number of candidates
required in high level financial roles. interested in making the move, some of whom were already
cleared to work in Jersey.
How it has affected how employers recruit
The shortage of skilled Accountants has altered employers’ Armed with the knowledge that roles in Jersey are of interest to
attitude towards recruiting and training staff. Some employers candidates, GAAPweb has worked to raise awareness of the
are now taking in graduates from non-financial disciplines and numerous opportunities that exist. A micro-site has been
training them to professional level internally. created to provide information on the benefits and restrictions of
working in Jersey, giving candidates a feel for what the Island is
Bigger companies are using competitive packages along with like. Future plans exist to specifically target the graduate and
the promise of training and development programs to attract newly qualified audience, a demographic greatly in demand
candidates to them. Brand recognition also plays a big part in from many Jersey companies.
people’s job choices and so many companies can use their
brand name to their advantage. GAAPweb’s CV database is another initiative to help employers
track down the staff they need. This allows firms to be more
Smaller companies, with less brand recognition, are competing proactive in their search for candidates and search under the
with the big names by focusing on communicating their culture, criteria that is important to them.
philosophy and vision to attract potential candidates. A
demonstrated willingness to consider flexible working hours and The skills shortage is changing the way we recruit. Employers
secondments abroad is also a good way to encourage people to are becoming more proactive and more care is being taken to
the company. match the right person to the right job. Ultimately, what has
seemed like a problem may turn out to benefit both employers
The good news for Finance Professionals is that employers are and candidates in the long run.
20/20 sixty four
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