Edinburgh recruiter urges accounting firms to not repeat mistakes from 2008 financial crisis

Recruiters are urging firms in the accountancy sector to use the recovery from the coronavirus outbreak as a chance to “reset” their firm’s values and tackle long-standing management issues.

Core-Asset Consulting's John Docherty warns against repeating errors from 2008.

Edinburgh-based Core-Asset Consulting has warned that underlying issues among accounting firms, which existed prior to the economic shock of Covid-19, are at risk of intensifying in the fallout from the pandemic.

It has cautioned that practices should not exacerbate issues such as succession planning, with the sector’s current shortage of middle management resulting from deep cuts and a lack of graduate opportunities in the wake of the 2008 recession.

Core-Asset also flagged cultural topics surrounding flexible and home-working, compassionate leave and the importance of supportive workplaces.

Associate director John Docherty said: “I sincerely hope that firms think thoroughly before cutting either middle management or graduate schemes off the back of the impending downturn, as happened in the last recession – and for which we’re paying for today with a reduced pipeline of clear future leaders. It’s critically important that we attract more accountancy and finance professionals into the sector for its own future health.

“We’re now being forced to have our entire workforces work from home. More than ever before, workplaces are going to have to prove to many seeking a career move that they can be an attractive, flexible employer.”