Practices must offer the whole package to attract young talent
ACCA has released its latest Generation Next report ‘Managing Talent in Small and Medium Practices (SMPs)’. The research takes a closer look at the aspirations of younger finance professionals working in SMPs and builds on ACCA’s Generation Next survey, which polled close to 19,000 professionals under the age of 36.
Ben Baruch, Head of ACCA’s SME Policy, said: ‘This research places new pressures on SMPs to rethink how they attract, develop, and retain young talent. On-the-job training and mentoring are seen as the most effective learning activities. If employers are to retain the best and brightest, they must look to develop effective talent management strategies that are suited for a generation with ambition.’
Apprenticeships such as ACCA’s Professional Accountant Apprenticeship (Level 7) can help smaller businesses compete with larger employers by offering a high-quality qualification, as well as career progression which is really important for young professionals as evidenced by ACCA’s research. These fully funded apprenticeships offer a new way to attract young talent into the practice profession, allowing SMPs to offer more structured career paths for younger professionals in the early stages of their career, eventually aiding with retention.
The government has recently confirmed the funding band for the Professional Accountant Apprenticeship. This apprenticeship is the funded gateway to ACCA chartered certified status and is also the only accountancy pathway with the options of a BSc Hons in Applied Accounting and an MSc in Professional Accountancy. Employers can access a maximum of £21,000 to train a Level 7 apprentice.
ACCA is hosting a live webinar with training provider BPP this Thursday 23 November at 12.30pm. This is an opportunity for you to learn more about the new apprenticeship.