A rise in Accountancy Apprentices at First Intuition

27th June 2023

Historically June’s apprenticeship intake has always been the quietest. However, at First Intuition we are seeing that trend shift.

We believe the reason for the increase in mid-year sign ups is employers are actively becoming more flexible in the way they manage their hiring and training plans.
As a result, the number of new apprentices we have placed in 2023 had doubled from what it was in the same period of 2022.

Why are sign-ups for accountancy apprenticeships increasing? 

Business has never been as competitive as it is today.  In order to maintain their competitive advantage, companies are constantly seeking new and innovative ways of working.   However, new and innovative ways of working can only succeed if they are underpinned by similar improvements to the quality and productivity of the workforce that deliver them.  

This is where apprentices can help.  

Apprentices provide not only a cost-effective way to grow your workforce, but also help you to start to build for the future by developing your future managers and, ultimately, partners or directors.  However, succession is not the only reason to consider taking on accountancy apprentices.  The other benefits of ramping up your apprentice scheme include:

• Enhanced productivity 

Not only will your apprentices’ extra pairs of hands improve your productivity because of increased capacity, this extra capacity will also enable you to deploy your more experienced members of staff on higher value and more profitable tasks which will have a hugely positive knock-on effect across your workflow.

• Fresh perspectives 
 
Accountancy apprentices will bring a fresh set of eyes and a new perspective to your business.   As they are at the start of their career, they will have a natural enthusiasm and the energy to capitalise on this and the new ideas that so often go hand in hand with enthusiasm, ideas that should freshen up your working environment and working practices.  

• High cost-efficiency 

Taking on apprentices is a cost-effective talent development strategy.  Bringing new talent in at such an early stage allows you to nurture their raw talent and educate, train and develop them in the way that best suits your organisation.  Better still as they’ll be educated, trained and developed whilst doing actual paying work, their development costs will be covered as they build up a bank of real life experience.

• Bridging the Skills Gap

The accountancy profession is undergoing a transformative phase led by an increasing emphasis on technological advancements, data analytics and automation.  Hiring apprentices enables you to bridge the inevitable skills gap.  

You can integrate new talent with an interest in and understanding of these new areas that will complement the more traditional accounting practices of your more mature employees.  Moreover, your apprentices are also likely to be digitally savvy.  Their understanding of technology could enable them to spot better ways to leverage technology to help streamline your working practices, speed up turnaround times and improve service delivery.

• Increased staff retention

Employing an accountancy apprentice is an investment in your business’s future.  As their careers progress, so will your apprentices’ commitment to you as their employer.  Once their apprenticeship has been completed, almost all your apprentices will be eager to continue to work with you.  

Over time this will reduce recruitment costs and extend the length of time your employees stay with you which offers its own benefits in terms of continuity.

• Improving your diversity and inclusivity

All employers have a responsibility to improve the diversity and inclusivity of the UK’s working community.  

Apprenticeships offer an excellent opportunity to broaden the diversity and inclusivity of your team.  By attracting applicants from various social and ethnic backgrounds, you can tap into a pool of untapped talent you would probably never reach by recruiting more senior members of staff deeper into their careers or education.  

If you would like to unlock the transformative potential of accountancy apprenticeships, the deadline for sign-ups for completion for a September intake is the 17th of July.  To set the process in motion, please get in touch with our team at bd.yorkshire@firstintuition.co.uk.