Tips for successful succession planning
Talent shortage is costing UK businesses more than £2bn a year in higher salaries and recruitment fees according to research conducted by Open University, a situation that is likely to worsen as Britain’s ‘baby boomers’ continue to retire.
The Office for National Statistics estimates that UK workers aged above 50 years old is expected to rise to 13.8 million by 2020, whereas the number of employees below 50 is predicted to drop by 700,000. In turn, the country’s overall workforce is anticipated to reduce significantly.
Accountancy firms of all sizes face a constant battle to retain and develop leading talent who are considered the future of their firms and fundamental to exceeding their clients’ service expectations.
In Wesleyan Bank’s latest guide, Steve Deutsch, Chief Executive of Wesleyan Bank, highlights the top five tips that accountancy firms should adopt to achieve successful succession planning.
Download the guide to find out how to:
- Create a long-term plan
- Decide who to transfer ownership to
- Where to find support for the process
Wesleyan Bank possesses a thorough knowledge of the accounting sector and provides an extensive range of financial solutions to guide retiring partners who are selling their share in a practice through this process.