Firms plan to poach rivals to boost growth
Around one in five accounting firms are considering poaching staff and three quarters plan to increase fees, according to a Bloomsbury Professional survey.
The number of firms contemplating poaching senior staff from rivals has more than doubled in the last year as the economy grows.
Around 22% of 40 accounting firms surveyed said they were thinking about poaching staff, compared to 8% a year earlier.
Martin Casimir, managing director of Bloomsbury, a publisher of tax and accounting information, 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.”
Three quarters of firms are considering increasing hourly rates and project fees, up slightly from 73% in 2012.
The possibility of more redundancies in the accountancy profession seems to be receding with 83% of firms saying that they were unlikely to cut jobs to boost profitability.