Entering The Era of Trexit – The Risks & Opportunities for Accountancy Firms

The world has had a few surprises recently with the US election of Trump and Brexit shaking up the global economy. These times can seem daunting, but with challenges come opportunities to broaden your workforce, seek new talent and reassess your practices.

Brexit lampost

Employers in the UK & US

Employers in the UK & US may have tightened up their intake before these events but the if the predicted exodus of talent from these countries materialises, companies may regret their cautious approach. Reports have come in from the Canadian & New Zealand embassies showing American application figures skyrocketing, at up to ten times the normal rate (Independent). People in the UK are also applying in their droves to New Zealand, with Germany taking the top location destination in Europe (Independent).

When asked about the Brexit impact Joe Gardiner of credit comparison website TotalMoney.com said: “It might inspire them to think about moving abroad, when they see they could earn more elsewhere for doing the same job they love. Sometimes a change of scene is, as they say, as good as a rest – with the added bonus of making you even more money. And with the trigger about to be pulled on Article 50, you might want to start packing your bags sooner rather than later.”

Statistics from the UK recruitment market for August-October have shown the first quarter decline since April-June 2015 highlighting that firms are pulling back from hiring. However, research entitled ‘Feel the fear at work and do it anyway?’, which interviewed 1341 UK accountants during August 2016, found 40% of accountants are currently looking for a new job, with more than a third (35%) searching for roles overseas (Economia). From our own company’s research, these figures appear to reflect the general mood in the UK.  Accountancy firms would need to be careful that they do not face the last minute dash to fill key accountancy & finance roles if their current staff decide to embark on a future outside of the UK.

Impact for Internationally based Accountancy Firms

For employers based outside of the UK & US, all this poses an extraordinary opportunity to market your company and country as the perfect destination for accountants wanting to make their next big career move. We recently ran an event in Dublin with 60+ recently qualified Chartered Accountants where we explained the different opportunities around the world. These types of events offer the ideal platform for you to highlight why accountants should choose your company in this crowded marketplace. We currently have plans to run an even bigger event next year and offer speaking slots to international firms to pitch their business as an employer of choice.

The key thing for all companies to remember is that no matter you are located, or whatever sudden economic shocks you may experience, the right professionals for your organisations are out there – they just might be living in another part of the world. The best advice would be to try and take the time to assess the global marketplace and find out where the hottest talent is coming from.


If you would like further advice on recruitment or would like to talk us about finding the next generation of talent for your organisation then contact us here.