August 22, 2024
Today’s smaller accountancy firms have undergone significant transformation compared to a decade ago. The accountancy profession is evolving rapidly, with small and medium-sized practices (SMPs) leading the charge, making them dynamic and promising environments for launching a finance career. Neil Johnson, editor at ACCA Careers, recently discussed this shift with Shibu Abraham, director of HR and administration at Kreston Menon in the UAE. Access the full article here, or read a summary down below.
Exposure and Growth
Mid-tier firms are increasingly appealing to top talent by offering diverse experiences, broader responsibilities, and the chance to build meaningful client relationships, which larger firms may not provide.
Shibu Abraham notes, “Big firms always had the edge in the war for talent, but recently market dynamics have changed. We can provide exposure to diverse industries and a variety of assignments. People get the chance to wear many hats and be involved in all aspects of an assignment rather than do a bit of work on a big project. If you’re willing to roll up your sleeves, take on more responsibility and upskill to better service clients, mid-tier firms offer unparalleled growth opportunities. With us, you get to become our clients’ trusted partners.”
Credible brands
At Kreston, mentoring and feedback are highly valued and informal and personal, as opposed to rigid or overly structured. “The partners and managers are inclined to support the growth of young professionals in their teams,” says Shibu. “You don’t have to wait for the annual performance reviews to analyse training and development needs. As the projects are short-term compared to large firms, interim and assignment-based performance appraisals are possible. The pat on the back matters.”
Competitive salaries
While small firms may struggle to match their larger counterparts in salaries, mid-tier firms are beginning to see parity. “Our salaries and benefits are almost on par, or at times better than the largest firms for the right talent,” shared Shibu. “We do understand that there is a cost involved in attracting and retaining talent, and we are up for it.”
Shibu highlights how mid-tier firms are increasingly competitive in compensation, recognising the importance of investing in top talent to attract and retain skilled professionals.
