Skills shortage spells salary boost for new accountants

Recent research by financial recruiter Robert Half shows the global talent shortage for accounting professionals is continuing apace. And as the skills gap grows, salaries for new accountants are reaching record levels.

Robert Half’s Global Financial Salary Guide shows that salaries for entry level positions rose significantly between 2006 and 2007. The average assistant accountant position experienced a 25% boost, with recent graduates now earning an average of £19,500 compared to £15,500 for 2006.

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Coaching can help retain talented employees

Karen Geddes | | Permalink

When salaries are on the up and skilled staff are in short supply, firms need to make sure they know what will attract AND keep their employees. Hiring and training talented staff is an expensive business: if they leave you before you have seen a return on your investment, it can be a significant drain on the bottom line. According to the Chartered Institute of Personnel and Development (Recruitment, retention and turnover 2007 survey report) a lack of training and developmental opportunities is a major reason for ‘voluntary turnover’. They advise making line managers accountable for staff turnover in their teams. I’d also advise supplementing training with ongoing coaching and mentoring to help retain and develop the talent within your firm. In my experience, by showing your commitment to employees’ personal development in this way, their loyalty to the organisation increases and they are less inclined to move on.