Speaking ahead of today’s announcement of a 2% rise in the UK firm’s revenues, Land admitted that all firms had to confront a problem that would cost them money unless it was addressed. ‘The biggest problem we and our competitors have is a shortage of people,’ he said.
‘It has the potential to hold back our growth. I don’t think it has yet, but there will come a time when we’ll just not be able to take on any of certain types of assurance assignments.’
He said that firms only had to look at the US to see how significant a problem it could become. ‘In the US, it’s a major, major issue,’ he said. ‘There’s a skills shortage in this country. There’s a massive skills shortage in America.’
Land said E&Y was looking at a number of options to solve the problem. ‘Obviously, in the long-term you up your graduate recruitment, but that doesn’t solve your problem tomorrow,’ he said. ‘We’re obviously recruiting in the UK, although the market is very, very tight.’
E&Y is moving people around the world more on a short-term and longer-term basis as well as recruiting from South Africa, India and Pakistan.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars