The Next Generation of Managers

With university fees on the increase, many young people are looking at alternative routes into their chosen careers. Should employers now be looking to school leavers instead of graduates for their next generation of managers?

University is no longer a financially viable option for most young people and it’s fair to say that it hasn’t been a guaranteed route into the majority of graduates’ chosen careers for some time. Recent research commissioned by the AAT and the CEBR revealed that an estimated 55% of this year’s university leavers will graduate into unemployment or unskilled roles.

While many young people might feel a door has been closed to them with university fees being hiked up, it’s actually a really exciting time for ambitious school leavers and businesses alike. We are currently noticing a big trend with employers recruiting school leavers over graduates through apprenticeship schemes. Proctor & Gamble for instance have adopted this approach, solely recruiting school leavers for their European Finance Centre, with lots of other companies of varying size and scale following suit.

Why? Firstly, school leavers tend to have a strong idea about the career they want and therefore are determined to work hard to achieve their career goals rather than it just being something they ‘fell into’. School leavers on apprenticeship schemes have a strong sense of pride and willingness to learn. They don’t come with huge expectations and are aware how lucky they are to be earning, training and working at the same time. They also tend to have a good work ethic and are used to a school routine – this lends itself well to the office environment.

School leavers also have a strong sense of loyalty to their employer and apprentice scheme. They invest in the business and the business invests in them. This sense of worth instils confidence in the school leaver and as they climb the career ladder they inevitably add more value to the business. School leavers are not just stop-gapping before something better comes along.

Not only can apprenticeship schemes be more cost effective, but all businesses across all sectors must appreciate the benefits of cherry picking highly motivated young people.

While of course I understand that there will always be some professions which will always need graduates of a certain calibre, I do think there are still many businesses nationwide that haven’t considered hiring anyone other that a graduate and it’s these employers who should think again. 

I’m excited by our apprenticeship programme and the new school leavers joining us this autumn. They have the right foundations that our business needs. If they work hard, maintain a positive attitude and are supported properly, then they will go far. In this fragile economy all employers should wise up and see the potential of a school leaver, knowing what a sound and solid investment they can truly be.



Jane Scott Paul has been Chief Executive of the AAT since 1997. Under Jane’s leadership, the AAT has grown to an overall membership of 120,000 with an influential voice in the education, training, development and support of accounting technicians worldwide. She was awarded Honorary Membership of the Chartered Institute of Public Finance and Accountancy (CIPFA) in 2003 and the OBE in 2008 for services to the accountancy profession.

The Effect of UK Visa Restrictions on British Business

The Highly Skilled Migrant Programme and its subsequent points-based replacement, the Tier 1 (General), has always provided a route for UK businesses to access the best international talent.

However, on 23rd November 2010, Home Secretary Theresa May announced that the Tier 1 (General) route will be closed effective of April 2011 in an attempt to place a limit on non-EU economic migration to the UK. A temporary cap is already in place. Replacing the Tier 1 is the ‘Exceptional Talent’ Visa, which will provide space for just 1000 individuals from a Science, Cultural or Sporting background, unlikely to stretch to Accountancy or Finance. The next best option for skilled overseas candidates is to apply for a Tier 2 Visa which will require them to gain sponsorship and a job offer from a UK company, or the Tier 5 which will limit their stay to 2 years. Even then Tier 2 Visas have been limited to 20,700 places per year themselves.

Many critics believe that these kinds of restrictions are particularly harmful when the state of the UK economy is still vulnerable and skills shortages are very much apparent. Businesses are particularly worried about losing key staff due to difficulties renewing their visas. A recent survey from the Chartered Institute of Personnel and Development (CIPD) and KPMG revealed that 17 per cent of UK employers have been unable to recruit non-EU migrant workers due to the temporary UK immigration cap. According to these figures, more than 52 per cent of the people moving to the UK with visas came from outside the EU.

The cap will have differing implications. Multinational institutions will find some peace of mind in that there are no restrictions imposed on intercompany transfers. Smaller companies and many public sector institutions such as the NHS, with 30% of their workforce born overseas, will not find this a possibility. Universities may have to cut jobs due to a fall in international enrolments and loss in fees. Monash University had to cut 300 academic jobs on the back of changes in immigration regulation in Australia in late 2010. Companies with sponsorship certificates set aside will sees these cut which may be detrimental with the proliferation of BRIC economies and greater emerging market talent.

Recruitment companies will be increasingly required to supply outstanding candidates as the demand for migrant workers increases and supply invariably drops. Certain finance contract markets such as Product Control, which is characterised by a high turnover of international professionals in particular, may see a rise in rates in order to secure international contractors from a smaller pool of talent. In general, agencies will need to keep better track of highly-skilled candidates, not just from abroad but from home as well.

Restrictions are likely to free up more jobs for British Citizens, but will this be at the cost of sourcing the best candidate for the job?



Craig Klessa is a Consultant for Product Control at Marks Sattin.

Will the AWR turn life upside down for financial temps and contractors?

In my last blog post I discussed the impending Agency Workers Regulations (AWR) and what their impact could be for the UK’s interim and freelance accountancy professionals. We’ve now had the Department for Business Innovation and Skills (BIS) publish its guidance notes on the new legislation and the picture has become a lot clearer.

As experienced freelancers in the accountancy world will know, the temporary worker industry is one that has experienced a lot of legislative change over the last 10 years and correctly structured support service providers, i.e. specialist freelance accountants and umbrella companies, have adapted and thrived. Good service providers talk about working within new legislation, not around it, and the AWR will be no different; this is good news for the thousands of freelance accountancy and finance professionals that rely on them to ensure they are running their businesses compliantly.

In fact, most ‘good’ umbrella company business models are eight tenths of the way to being a compliant solution to the AWR already. These are the umbrellas that have a robust contract of employment in place with the freelancers who use their services and who demonstrably behave as a true employer should. The less scrupulous providers (that do exist out there) will really struggle with this as their contracts of employment have no basis in case law and their attitudes to compliance are ‘relaxed’, to say the least.

Freelance finance professionals who are paid via their agency’s PAYE are going to see some significant changes and it’s worthwhile looking at the alternative options open to them. Make sure you aren’t missing out on some of the additional benefits available to temps and freelancers as a result of the AWR.

All change?

The AWR is not as daunting as some commentators have alluded to and it does provide opportunities for freelancers to work with umbrella companies and benefit from additional perks.

For career freelancers, a model based on ‘full employment’ is the answer. This would involve the agency worker being employed by the umbrella company on a permanent basis with the umbrella company providing pay between assignments, holidays and pensions. The umbrella will also work with the recruitment agency partners to help you find your next assignment and you will still have your existing right to claim legitimate business expenses to boost your take-home pay – not something that will necessarily be offered by the alternatives.

What is the full employment model?

The full employment model takes elements from what has become known as the Swedish Derogation – a fancy-sounding name for a clause negotiated by the Swedish delegation when the Agency Workers Directive was debated at EU level. To put it simply, it means that the AWR rights to equal pay of an agency worker no longer exist when agency workers are employed on a permanent basis by their umbrella company or temporary work agency and receive pay in-between assignments. Under these circumstances, the protection afforded by the AWR becomes superfluous as the worker is already protected as a full employee.

However, there are conditions to this, with the first one being that the agency worker needs to be genuinely employed by the umbrella company or agency with a permanent contract of employment in place, and that the contract was entered into before the beginning of the worker’s first assignment.

There are some conditions to this though that you need to be aware of. Ask your agency or service provider if they will:

• Pay you during non-working periods when you are between assignments
• Take reasonable steps to help you find your next assignment
• Make sure that any suitable available work is offered to you
• Pay you a “minimum amount” for an aggregated period of not less than 4 calendar weeks (subject to national minimum wage)
• The “minimum amount” must be at least 50% of your pay from your previous assignment. However, it cannot be less than the national minimum wage

We are almost there

In recent years, correctly structured umbrella companies have transformed themselves into risk mitigation employment businesses, using robust over-arching contracts of employment with contractors to mitigate the risks faced by hirers and freelancers alike. It means that ‘good’ umbrella companies are taking full responsibility for freelancers’ employment rights and the associated risks, all of which have been polarised by the AWR.

From this position, for many umbrella companies, it’s become their responsibility to develop the solution to the AWR and as a result, the ‘true’ umbrella companies are not far off becoming a compliant post-AWR business model. This is where the ‘full employment’ model comes in.

As a result, ‘umbrella company’ is a phrase that is likely to become redundant, replaced by phrases such as ‘outsourced employment services provider’, for example, but for freelancers, recruiters and their end-clients this is good news. As long as the freelancer has a robust contract of employment in place with their umbrella that meets all of the above requirements, then all of the responsibilities regarding pay that come with the introduction of the AWR lie with the umbrella. Should a tribunal ever come about, it will be the umbrella that the tribunal is brought against.

Freelance accountancy and finance professionals will, however, need to conduct due diligence to ensure that the agencies and umbrella companies they are working with are applying the ‘full employment’ model correctly and have the financial strength to ensure they can pay you if you find yourself without an assignment. A good place to start is the membership of FCSA.


Rob Crossland is the Chief executive of the Parasol family of companies, which also includes ClearSky Accounting, and provides umbrella PAYE services to over 9,000 freelancers in the UK.

The Peaks and Troughs of Hiring Management Consultants

Management consulting is often defined as a profession that provides advice in a specific area of expertise. However, another well-established view is that management consultants are people who you pay lots of money to tell you what you already know. It is clear that as the economy changes, so do public opinions, and with them, the need for consulting.

This line of work is one of the first to react to changes in the economy and following the recent drop, the second quarter recruitment figures show a sharp increase in hiring.

According to various management consulting-focussed websites, the consulting industry is steadily accelerating and has been for the most part of the year. More specifically, financial services consulting is a huge industry in its own right and the main focus for many large firms is seeing a dramatic increase in hiring; this is a prime example of the ‘peaks and troughs’ of recruitment.

Financial services topped an consultant poll as the industry leading the way in expected acceleration of hires by consultancy firms. This view is backed up by the Big Four; according to KPMG, the biggest increase in 2010 has been in their advisory functions that “have ambitious growth targets over the next two years”, whilst PwC revealed that “consulting will be a big focus for recruitment again for 2011 with  ambitious growth targets in this area”. Keeping up with the trend, Deloitte announced that they would be recruiting “predominantly in the technology and consulting area”.

Another huge indicator of the current shape of the market are the figures being announced by a number of management consultancies themselves. One specialist financial services consultancy has made over 100 new hires since March, and is in place to continue this massive growth into next year with a further 250 planned, almost doubling in size.

The explanation behind a lot of the growth in the market is mainly a simple reflection of the financial services industry and the economy as a whole. When times are hard in a struggling economy, paying someone lots of money to tell you what you already know is the first thing cut in a bid to save capital, but hiring an experienced management consultant is often the first thing done when a business looks to recover. An MD of a city-based boutique supported this idea, stating that “there’s been so much change in financial services, a lot of it government enforced, that consultants have been having a field day”.

This can be seen as a very basic indicator of market opinion on the economy, which in turn can help to form an outlook for the rest of the recruitment industry.

So, while we are experiencing uncertain financial times at the moment, with not a day going by without another headline from Vince Cable or Mervyn King, perhaps it is not all doom and gloom. 

Often the first sign of a change in fortunes, the aggressive growth acceleration of management consultancies suggests businesses and the economy are also getting ready to grow again. As a result I would now expect the recruitment industry to follow, enjoying the ride to the next peak. 



Andrew Wilde is a Consultant in the Management Consultancy team at Marks Sattin, working across a range of industries. Andrew has a strong portfolio of clients within Financial Services, placing Principals and Senior Managers in high profile Banking, Payments and Capital Markets positions.

Selling your interpersonal skills in a competitive market

The Director of Recruitment at PwC has gone on record to say that it is no longer enough for accountancy professionals to simply have well-developed technical skills; they must also possess excellent interpersonal skills and the ability to build relationships.

Employers looking to recruit now consider a candidate’s technical ability as ‘a given’. So how do you sell your value and make yourself stand out from the crowd as the candidate of choice against fierce competition? This is a common question asked of us from those who are searching for new opportunities, either with a move from practice into industry, or to further their career within a commercial environment.

Within the industry, the key competencies that employers are looking for is a good solid academic grounding, in addition to the industry standard qualifications of ACA, ACCA or CIMA. Almost all applicants will have this type of background, making it evident why these additional qualities are so important – they are what recruiters want to see from the best candidates.

The ability to confidently communicate with others at different levels within the organisational hierarchy is key. Just as important (if not more so) is the ability to communicate technical information in a manner in which others without an accountancy background can understand and assess, in order to make strategic commercial decisions.

Much easier to demonstrate through the interview process than on paper, interviewers will commonly attempt to assess your interpersonal skills by posing probing questions about your experiences that reflect the manner in which you deal with divergence, and interact within a team environment. While interpersonal skills are much more efficiently demonstrated during the interview process, it is possible to reflect these abilities on your CV in order to make your listed technical skills and experience stand out. Highlighting your reporting abilities and any management experience acquired through the implementation of your duties will show evidence of your communication and teamwork experience.

The focus on the importance of these additional skills is not to belittle how crucial technical expertise and the extensive associated skill set is. Rather, it is to highlight employers’ awareness of the need for well-rounded individuals with commercial acumen in positions of responsibility, and that in clearly demonstrating such during the application process, you will present yourself in the most attractive light and therefore maximise your chances of achieving your goal – the job.



Adam Parsons is the Head of Alexander Lloyd’s Professional Practice division, specialising in recruitment of senior accountancy and finance professionals within the Public Practice sector across Sussex, Surrey, Kent and London.

 

The Modern Apprentice

With the rise in university fees and the decline in graduate jobs, young people are wise to look to other alternatives. A degree is no longer a guaranteed route into a profession. Figures released in January show that one in five recent graduates are still unemployed six months on – and this does not include people who might be employed in entry level jobs.

Conversely, at the Association of Accounting Technicians (AAT), we have noticed an increase in the number of employers choosing to recruit school leavers instead of graduates. Examples include P&G, who are solely recruiting school leavers within their European Finance Centre. However, this trend is not just restricted to the large multinationals but seems to be across the board in companies of all shapes and sizes.

This growth has also been reflected in our student figures. In 2010, the number of students under the age of 18 grew by 11%, suggesting that both employers and young people are moving towards this approach.

Along with earning a salary, accountancy apprentice training with the AAT can avoid student debt but still reward a professionally recognised qualification. The apprentice gets to put the skills they’re learning into practice, which means the qualification is put into context. In the case of accountancy, qualifying with the AAT enables you to progress and become a chartered accountant more quickly than someone with a degree. It is quite possible that someone going through this route could qualify as a chartered accountant at 21 – the average age of a university graduate.

Not only are there benefits for the apprentice, there are also benefits for businesses too. Research from the National Apprenticeship Service (NAS) shows:

• 80% of employers who employ apprentices agree they make their workplace more productive;
• 88% of employers who employ apprentices believe that Apprenticeships lead to a more motivated and satisfied workforce;
• 83% of employers who employ apprentices rely on their Apprenticeships programme to provide the skilled workers they need for the future.

The AAT has developed an apprenticeship programme for employers who want to complement their finance recruitment with employees undertaking work-based training. As the AAT Accounting Qualification is so practical, it means as the employer, you get to see the benefits of training immediately.

Employing an AAT apprentice can also be cost-effective. Government funding is available depending on the needs of your organisation and your training requirements. You can access full funding for all 16-18 year olds – so you only need to pay their salary. You could also be eligible for funding for apprentices aged 19 years and over. In addition, the Government has committed to recruit 75,000 new apprentices by 2014. AAT has a dedicated Account Management team who can provide advice on financial support.

Extra administration can be a worry for employers. But you won’t be bombarded with forms and paperwork; your apprentice’s training provider will do most of the admin for you, including a health and safety check. However, you will need to commit to supporting your apprentice's time spent out of the office, and provide a mentor for them at work.

An apprenticeship not only offers value for money but helps you grow someone into your organisation’s culture. Above all, you’re giving someone a great opportunity to take their first step in their accountancy career.

7-11 February marks National Apprenticeship Week. For further details of the National Apprenticeship Service and how they can help your business, please visit www.apprenticeships.org.uk. For further information, please contact the AAT.



Rob Alder is Business Development Manager at AAT. He is responsible for looking after the business relationships between AAT and employers training and developing their staff with AAT qualifications.

Solvency II: An increase in demand for knowledgeable professionals

Financial services organisations face yet another major challenge in the European Union’s new directive for Insurers. The proposed new EU legislation establishes a new framework to govern the capital requirements of insurance companies, which has far-reaching consequences on how firms are managed. For this reason, the implementation of Solvency II represents a significant demand for knowledgeable professionals on the market.

Taking Action

The financial regulator wrote to insurance firms in August 2009 reminding them of the impact Solvency II will have on their businesses. Although the framework directive will not take effect until October 2012, the financial regulator strenuously recommends firms to commence planning for the implementation process now.

There is no excuse for inaction or delay. Given the enormous range of the Solvency II directive, a 2012 timeline appears extremely short. The implementation of such a change demands active boardroom direction, a full understanding of the implications at all levels of the business, clear allocation of management responsibilities and the earliest possible investment of resources.

Demand Surge

The Solvency II directive will necessitate the establishment of the following functions: risk management, actuarial, internal audit, internal control and compliance. The need for competent and suitably-qualified individuals is heightened by a ‘demand surge’ for knowledgeable professionals as the implementation deadline looms.

Early recruitment activities will not only cut the costs and help alleviate any last-minute panics; they will also allow time to develop a dialogue with supervisors and embed the new risk and capital management framework into the strategic and operational management of the business.

Approach

Adherence to Solvency II regulations will present major challenges and potential opportunities to many insurers and professional service firms.

It is important to constantly keep abreast of developments in legislation, as well as analysing how this will affect human capital management requirements.

All professional recruitment areas will be significantly changed by Solvency II. It is our aim to prepare for how Solvency II will affect recruitment and to supply knowledgeable professionals who can help our clients through this major industry challenge.



Barry Richardson is a Senior Consultant with Marks Sattin in Dublin, specialising within the Insurance Sector. Barry’s client portfolio within Marks Sattin ranges from large multi-national insurance and reinsurance companies to small and medium-sized broking houses.

 

‘Blue Monday’ Sparks Mass Job Hunting

The arrival of the statistically ‘most depressing day of the year’ – Monday 16th January – drove a 505% increase of traffic to our job site – suggesting that disillusioned employees chose that day as the first day of 2011 to start the search for a new job.

With terrible weather not helping the mood and causing some commuters difficult journeys and delays, people with a long way to travel may have decided to look for something closer to home.

‘Blue Monday’ traditionally falls on the third Monday of January, when the memory of Christmas revelry has dissipated and the harsh reality of summer a good few months away leaves people cold.

It is no coincidence that as people wind down over December, traffic levels to recruitment sites slow dramatically in comparison to the rest of the year. But with January bringing New Year’s resolutions to find that perfect job, it is no wonder that site traffic is on the up.

So far, January has been both candidate and job-rich, with an increase in both finance and accounting professionals looking for work and employers creating new roles.

Jobseekers know that there is generally an influx of new exciting roles after the end-of-year lull, and since ‘Blue Monday’ is the third Monday of the month, it has given recruiters the time to source and upload their roles onto their sites. The peak of visitors hit a high between 12pm and 2pm, the lunchtime slot, suggesting that the majority of people are already at work when they are looking.

We have been able to note that, with the rise of the smartphone and mobile-friendly technology, jobseekers are now logging onto job sites at all times of the day – accessing the web when on their commute and even at their desks without fear of being caught in the act.

The amount of traffic also rises between 6pm and 9pm, when people can sit and watch TV or eat dinner with full access to online jobs and mobile apps at their fingertips. We are looking forward to seeing how jobseeking trends progress as technology advances throughout 2011.



Dan Jones is Manager of the Accountancy & Finance Division at Alexander Lloyd.

 

Tax: A truly commercial opportunity

Why have in-house tax positions and other similar roles been appearing on accountancy job boards across the internet? It seems that over the last year there has been an explosion of this style of job opportunity. Top accountancy practices are now being matched role for role, job for job by commercial/in-house opportunities.

There are very strong reasons for this trend developing. Prior to 2010, one of the key trends in the taxation market was the increased desire amongst companies to bring a tax resource in-house for the first time – a so-called Greenfield position. This was in part due to the economic climate that underwent unprecedented change, and throughout that period of time the field of taxation saw significant changes and developments.
 
Liquidity issues rose to the forefront of groups’ business decisions, and the challenges that faced Tax Directors and CFOs alike greatly expanded and evolved. Other issues that changed and challenged previous corporate thinking around taxation matters were the corporate scandals, increased regulation and governance. This heightened scrutiny from both internal and external forces highlighted the need for effective risk management, especially around the complex and technical area of tax. The overall management of tax departments, as well as the implementation of newly-introduced reporting standards (FIN48, FAS109) and tax processes, led to this desire to bring tax functions in-house so there could be greater control over this business function.

The 2009 Finance Bill was a rude awakening to UK-based businesses to the need to manage tax risk. Accordingly, the trend of building in-house tax capability began. There is now a far greater onus than ever on all corporate functions to implement best practice regarding tax matters. Subsequently, we are assisting a significant proportion of our clients in setting up these ‘Greenfield’ tax functions. As always, one of the significant advantages of having tax functions in-house is that it enables companies to add significant commerciality to their finance function, through the expertise that a tax professional brings.

Owing to the success of these initial Greenfield positions, other groups are now starting to go through the same thought processes and initiate searches for suitable candidates, and those who initially set up functions are now seeking to expand their tax functions.

One of the first positions these newly-established tax teams seek is that of an indirect tax expert. This is a direct result of increased legislation around this area of taxation from both the UK and EU. This has led to a greater demand on those candidates with expertise in this niche area of tax. But what has led to the success of these virgin tax functions? Candidates.

As always within recruitment, and especially tax recruitment, there has been a premium on those candidates with the ideal experience. But what makes a ‘perfect’ tax candidate? Clients always initially seek candidates with a blend of experience between leading accountancy practices and sector specific industry/in-house work. However, this isn’t always essential, and as with all niche recruitment the candidates with the strongest technical ability will almost inevitably be the most successful.

The success of these Greenfield positions is always down to the availability of suitable candidates, and with the year progressing and recruitment starting to increase across the board, these candidates will be at a premium.

As Benjamin Franklin once said: “Certainty? In this world nothing is certain but death and taxes.” However with the market as it is, the only thing that seems certain is that the need for tax accountants will continue to increase.



Matthew Tupper is a taxation consultant, working on the highly experienced and specialised tax team at Marks Sattin. He covers all aspects of the taxation recruitment market, from Leading Banks, Top Accountancy Practises and Multinationals through to PE Houses, Tax Consultancies and Small Enterprises.

The Gap in the Market: Not-For-Profit Recruitment

It was John F Kennedy who once famously stated that written in Chinese, the word ‘crisis’ comprises two characters –  one that represents ‘danger’, and the other ‘opportunity’. At the height of the global economic crisis, never was this quote more poignant for recruiters.

You might hear that it’s shut-up-shop time for recruitment. However, recruitment within the Not-For-Profit (NFP) sector could and should be seen as an opportunity to be grasped with both hands. This is particularly true for those who specialise in business analysis, change management, financial consultancy and systems implementation.

What is the NFP sector?

It is hard to accurately define what the boundaries of the NFP arena are. Essentially, it incorporates local community groups to large multi-branch organisations, consisting of registered charities, professional bodies, trade associations, housing associations, voluntary organisations and arts and heritage establishments. Unlike the public sector (which is often aligned to NFP and is determined by a single source of income), NFP establishments are run independently.

A big question we are faced with today is how dependent is the NFP sector upon government spending plans? It is clear that the majority of housing associations and organisations that receive some government funding are likely to ‘hold fire’ on financial expansion until it is clear what plans have been laid out in the Government’s Spending Review on October 20th. However, it is less clear what knock-on effect the proposed spending review of October 20th will have.

Crisis or opportunity?

Some areas, such as housing and social enterprise, will be faced with inevitable workforce reductions through redundancies. However, as an optimist I see this as an opportunity for accountants to come into their own. Why? Because we could be at a turning point for the level of involvement that third sector organisations have in our society. As such, charities, social enterprises and all NFP organisations must ready themselves and have their eyes wide open to the challenges their very survival depends upon. Value for money and budget forecasting have never been more essential. Strengthening leadership and financial management, performing routine evaluations to prove the value of services, cost analysis and change management are just some of the tools vital to ensuring economical survival; creating opportunities for accountants to tend to the needs of organisations that are reliant on implementing reform.

The political philosopher Karl Marx, once said that “power is the ownership or resources”. If this is true, then we are posed with the chance to provide a unique service to their clients at a much-needed time. In essence, it has never been more important to focus on the service recruitment consultants are providing within the NFP arena. Financial leadership, financial consultancy and business analysis are vital in securing the survival of such entities amidst the current economic conditions of the NFP market.

According to the Financial Times, companies are likely to invest in “the expertise of such practitioners to ensure economic efficiency is maintained”. It is therefore clear that a rational approach to financial decisions is needed.
 
Unlike the private domain, NFP relies on the support and dedication of its members to flourish. In starving them of financial resources, or indeed reducing the amount they receive, is to jeopardise the foundations of their existence. With a focus on catering to needs and marketing real value for accountants, NFP establishments are likely to come through the recession in better shape than they entered it. It would seem that when one door shuts, another can indeed open.



Jonathan Male is a Consultant on the Not-for-Profit team at Marks Sattin. He covers temporary recruitment across an ever-expanding portfolio of non-profitable organisations including: Charities, International Development Organisations, Housing Associations, Educational Institutions and Social Enterprises.