Discover how providing young accounting professionals with an ACA qualification from ICAEW can enhance your organisation's resilience, cultivate your talent pool, and reinforce your workforce.
In today's fast-paced business environment, it's essential for organisations to attract, develop and retain young talent to drive forward innovation. Accounting professionals are no exception, and employers need to ensure they have a pipeline of skilled and knowledgeable young accountants to take on key management roles in the future.
ICAEW offers a range of qualifications, including the ACA Qualification, all of which allows employers to develop accountancy talent in their workforce. In this blog, we'll explore the benefits of investing in young talent, and how an accounting apprenticeship with ICAEW can strengthen and develop skilled finance professionals for your organisation.
One of the key benefits of an apprenticeship is the emphasis on practical, off-the-job training. Apprentices can apply their learning directly to their work, gaining practical experience and developing the skills needed to contribute to the organisation's success. This can help to create a sense of ownership and investment in the organisation, leading to higher employee retention rates and a more positive workplace culture.
ICAEW's apprenticeships also provide a comprehensive understanding of the latest industry trends and technological advancements, ensuring that apprentices are equipped with the knowledge needed to help their organisation stay ahead of the competition. By staying current with industry trends, organisations can identify new opportunities and adapt more quickly to changing market conditions, helping to ensure long-term success.
Moreover, apprenticeships can also be a valuable avenue for existing employees, particularly those from diverse backgrounds, to advance their careers and attain senior positions within the accounting profession. This can help to break down barriers to progression and create a more inclusive and diverse workplace for all staff members. By promoting social mobility and offering opportunities for professional development, apprenticeships can enable individuals to reach their full potential regardless of their background or socio-economic status.
ICAEW Apprenticeships are designed specifically with the development of your staff in mind, Offering this route to chartered accountancy will not only make your organisation more attractive to young talent, but will also help you to create a loyal workforce that is better suited to your business needs.
By providing apprentices with off-the-job training, professional development opportunities, and support from experienced mentors, you’ll be fostering a heightened sense of purpose and commitment among young professionals. In turn, this can help to improve staff retention as your apprentices begin to feel valued and more empowered in their roles.
ICAEW Apprenticeships offer a comprehensive approach that covers both technical and soft skills, preparing existing employees to meet the challenges of the accounting sector head-on. Investing in ICAEW Apprenticeships can enhance your workforce's technical and soft skills, leading to improved productivity and growth. With a focus on continuous learning and development, ICAEW Apprenticeships help businesses remain competitive in the accounting industry. Discover how ICAEW Apprenticeships can enhance your workforce's skills and productivity. Learn more about ICAEW’s Apprenticeship routes and equip your team with the tools they need to become successful finance professionals.
ICAEW offers a range of qualifications, including the ACA Qualification, all of which allows employers to develop accountancy talent in their workforce. In this blog, we'll explore the benefits of investing in young talent, and how an accounting apprenticeship with ICAEW can strengthen and develop skilled finance professionals for your organisation.
Addressing the talent shortage in the accountancy profession
The accounting profession has faced a significant challenge in past years as many mature professionals retire, leaving a talent shortage in their wake. This talent shortage is creating a significant obstacle for organisations dependent on their ability to retain accountants internally, as they struggle to find qualified professionals to fill roles at all levels.
The need to develop and retain young talent is vital in ensuring that there is a steady stream of skilled professionals entering the profession.
Apprenticeships are tailored to meet the needs of both you and your apprentices. They provide a contemporary skill set and knowledge base that can make apprentices an invaluable asset to your organisation.
By providing young talent with practical experience, professional development opportunities, and mentorship from industry leaders, an apprenticeship can help to fill the skills gap created by retiring professionals.
Empower your employees to help drive innovation and adaptability
To stay ahead of the competition in today's rapidly changing business environment, organisations need to be agile and adaptable. Empowering young talent in the workforce can drive innovation and change, bringing a fresh perspective and openness to new ideas and ways of working. By doing so, organisations can quickly adapt to new challenges and opportunities, enabling them to stay ahead of the curve.One of the key benefits of an apprenticeship is the emphasis on practical, off-the-job training. Apprentices can apply their learning directly to their work, gaining practical experience and developing the skills needed to contribute to the organisation's success. This can help to create a sense of ownership and investment in the organisation, leading to higher employee retention rates and a more positive workplace culture.
ICAEW's apprenticeships also provide a comprehensive understanding of the latest industry trends and technological advancements, ensuring that apprentices are equipped with the knowledge needed to help their organisation stay ahead of the competition. By staying current with industry trends, organisations can identify new opportunities and adapt more quickly to changing market conditions, helping to ensure long-term success.
Reducing recruitment and training costs
Recruiting and training new employees can be a costly process for organisations, particularly for specialised roles such as accountants. According to a 2022 ISE Student Recruitment Survey, the average cost of recruiting a new graduate employee in the UK is now over £4,000. Opting instead to upskill your existing workforce through apprenticeships can help to reduce the cost of recruitment and training for your organisation. By accessing funding available through the apprenticeship levy, employers can reduce the cost of recruitment and training, while also providing young talent with a valuable opportunity to develop their skills and progress in their careers.Improving diversity and inclusion
Developing and retaining young talent in the workforce can also help to improve diversity and inclusion within organisations. According to a study by McKinsey, organisations with more diverse workforces are more likely to achieve above-average financial performance (up to 35% more). Young talent often comes from a diverse range of backgrounds and experiences, which can help to bring new perspectives and ideas to the workplace. This can help to improve decision-making, drive innovation, and improve financial performance.Moreover, apprenticeships can also be a valuable avenue for existing employees, particularly those from diverse backgrounds, to advance their careers and attain senior positions within the accounting profession. This can help to break down barriers to progression and create a more inclusive and diverse workplace for all staff members. By promoting social mobility and offering opportunities for professional development, apprenticeships can enable individuals to reach their full potential regardless of their background or socio-economic status.
Improving staff retention
According to a study from Gallup, research shows that offering opportunities for career development and growth is a critical factor in retaining millennials in the workforce. By providing young talent with opportunities for professional development and career progression, organisations can create a more engaged and committed working culture. This can help to improve staff retention, reduce turnover, and ultimately improve organisational performance.ICAEW Apprenticeships are designed specifically with the development of your staff in mind, Offering this route to chartered accountancy will not only make your organisation more attractive to young talent, but will also help you to create a loyal workforce that is better suited to your business needs.
By providing apprentices with off-the-job training, professional development opportunities, and support from experienced mentors, you’ll be fostering a heightened sense of purpose and commitment among young professionals. In turn, this can help to improve staff retention as your apprentices begin to feel valued and more empowered in their roles.
Develop young accountancy talent in your business with ICAEW
Perhaps now more than ever before, it's essential for businesses to stay up-to-date with the latest industry advancements. To cultivate and retain the best young talent in the field of accountancy, professional development is key.ICAEW Apprenticeships offer a comprehensive approach that covers both technical and soft skills, preparing existing employees to meet the challenges of the accounting sector head-on. Investing in ICAEW Apprenticeships can enhance your workforce's technical and soft skills, leading to improved productivity and growth. With a focus on continuous learning and development, ICAEW Apprenticeships help businesses remain competitive in the accounting industry. Discover how ICAEW Apprenticeships can enhance your workforce's skills and productivity. Learn more about ICAEW’s Apprenticeship routes and equip your team with the tools they need to become successful finance professionals.