While Australia’s COVID recovery is well underway, the pandemic has reshaped the fabric of the accounting industry in ways it otherwise might not have, as a fight to lure and retain talent has left mid-level advisers “holding the majority of the cards”, according to one specialist recruiter.
Specialist accounting recruiters Richard Lloyd will release the results of new research on Thursday that show that a majority of Sydney-based accountants feel that the pandemic offered them a work/life balance and would like to continue working from home in some capacity, while more than half are looking for new opportunities.
“Has the pendulum swung too far in favour of candidates? We do believe that mid-level candidates are holding the majority of the cards in today’s climate,” said David Landau, founding director of Richard Lloyd.
“Employers need to be aware of the current climate. Candidates want not only career progression and new challenges, but they want a safe and secure environment with the flexibility that they have become used to.”
The report found that more than 87 per cent of respondents emerged from the throes of the pandemic wanting to continue working from home at least one day per week, citing new-found hybrid working arrangements as a “silver lining” of the pandemic’s impact.
Only 12 per cent of those surveyed reported not wanting to work from home at all. A majority said that the change has offered them a work/life balance previously unavailable to them.
Avoiding daily commutes and being afforded the opportunity to work on house chores during lunch breaks were also common answers in favour of the change, while some just felt more comfortable working from their home offices.
While Sydney’s local industry is likely to embrace working from home as the “new norm”, the report notes that the arrangement doesn’t come without its challenges. Among them were issues communicating with colleagues and a general dissatisfaction with the lack of social interaction they once enjoyed pre-pandemic.
The report found that 73 per cent of respondents were dissatisfied with the decreased level of human interaction thrust upon them by working-from-home arrangements, while 50 per cent of those holding managerial positions were dissatisfied with response times from those reporting to them remotely.
While most of those surveyed reported feeling “satisfied” at work, a large cohort reported an eagerness for finding something new. More than 58 per cent of respondents noted they’d move for a change, a majority of whom cited career progression, higher pay and a new challenge as the core drivers.
The figures fold into a broader, nationwide trend which has seen firms take creative approaches to lure and retain talent.
A 2021 salary guide released by specialist recruitment firm Robert Half in March highlighted a talent shortage in the professional services industry, showing that accounting and financial services firms are rushing to offer unique non-financial benefits and rising salaries.
“2020 was a turbulent year for employment in Australia as the pandemic sent shockwaves through the economy,” said David Jones, senior managing director Asia-Pacific at Robert Half.
The report found that salary trends in 2021 for new employees leaned heavily towards attracting top, new talent. About 70 per cent of respondents said they were willing to increase their initial salary offering, with 40 per cent of them saying they’d only do so for top talent, while the remaining 30 per cent would look to increase salaries across the board.
But businesses were in favour of offering salary increases to existing staff as well, as 70 per cent of respondents reported moving to offer raises. In a bid to bolster retainment, businesses are also looking to offer non-financial benefits to existing staff, with 64 per cent introducing new non-financial benefits to do so.
“As the market shifts into recovery mode, opportunities will start to expand again as companies kickstart new initiatives and agendas,” Mr Jones said. “A considerable number of these [are] driven by the shift to remote working, business planning and revenue generation, and digital transformation and cyber-security agendas.”
Respondents eager to attract new talent and keep the top performers they already have, according to the report, are getting more creative in their approach to non-financial employee benefits.
“Although competitive salaries remain key to retaining and attracting skilled candidates,” Mr Jones said, “not all companies can offer the highest salaries for the skills they need — particularly in sectors still feeling the impact of COVID-19.”
The most popular benefits offered were flexible work hours, accounting for 30 per cent; health insurance at 29 per cent; and permanent hybrid working arrangements — which would involve a mix of office and remote work — at 27 per cent.
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