More firms planning to recruit senior staff from rivals

by Richard Crump

More from this author

02 Jun 2014

  • Comments
Revolving door

THE NUMBER of accountancy firms contemplating poaching senior staff and their teams from their rivals has more than doubled in the last year, rising from 8% to 22% of all firms as the economy warms up, according to Bloomsbury Professional.

The renewed confidence is also reflected by the proportion of accountancy firms that feel able to increase their fees. According to the study, 75% of firms are now considering increasing hourly rates and project fees, a slight increase on 73% in 2012.

Martin Casimir, managing director of Bloomsbury Professional, which surveyed accountancy firms about how they planned to boost their profits, said: "Previously, firms were cautious about poaching senior employees from rivals as this would result in higher salaries and costs, without any certainty that they would win new business as a result."

"However, as the economy begins to recover, accountancy firms are on a more stable financial footing, and are determined to build up strength in order to be first in line for the increased amounts of advisory and corporate finance work they anticipate."

Expansion into new sectors is considered a possibility by 50% of accountancy firms, up from 39% in 2012.

The possibility of significant further redundancies in the accountancy sector now seems to be receding with 83% of firms saying that they were unlikely to cut head count in order to boost profitability.

"There are signs that accountancy firms are starting to feel fairly secure. A significant proportion are comfortable with the idea of increasing their fees which suggests that competition is becoming less fierce, while even more are prepared to make the investment needed to target new sectors for work," Casimir.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Financial Planning and Performance AnalystCabinet Office-Greater London-Competitive

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.