SUCCESSION PLANNING – HOW EQUIPPED ARE YOU FOR

Celebrating International Day of Accounting with David Cameron, Vice President of the LCASS

International Day of Accounting is an annual celebration to commemorate the publication of Luca Pacioli's book on double-entry bookkeeping in 1494 which is the bedrock of modern day accounting. In the modern day, International Day of Accounting is about the appreciation of the crucial work Accountants do and the recognition of their importance for business longevity and success. This year, we caught up with David Cameron of EY's Restructuring Team and Vice Presidentof the Leeds Chartered Accountants Student Society (LCASS) to gather his advice for those in the early days of their accounting career and insights about all things ACA.Starting a Career in Accounting 1.What advice would you give to someone just starting their career in accounting?I would say the sooner you realise that all of the exams require a fair amount of work and can’t be blagged (no matter how easy you found A-levels or university), the better. ACA is tough but I think it is certainly passable for most people, as long as you put the work in. The next big piece of advice I would give is if you go into the initial mundane tasks, when you first start, with a positive can-do attitude, it goes such a long way. The people who go into tasks with that outlook often find they move onto much more interesting tasks, quickly. Finally, the last tip I’d give to anyone starting out in accountancy is start building your network straight away, not only will it benefit your career in the end when everyone climbs the ranks together, it is even more beneficial from a social point of view at the junior levels. People you meet at networking events will become your friends and just enhance your overall experience when you are starting out. 2.How can recent graduates make themselves stand out to potential employers?It sounds cliché but I think showing your personality in an interview and just being yourself is something people feel as though they shouldn’t do. I really believe that that’s by far the easiest way to stand out. The majority of applicants will also have a great CV, the way you will stand out is by the employer thinking that they will enjoy working with you every day. Picking an ACA Specialism 3.Can you share some insights on the different specialisms available whilst studying ACA?Audit and Assurance:Examining financial statements and processes to verify accuracy and provide confidence to stakeholders through regulatory compliance. Tax:Advice on tax planning, compliance or strategy, dependent on what department of tax you’re in. Transactions:This could be a role in Mergers & Acquisitions/Corporate Finance, Transaction Due Diligence or Restructuring. 4.How did you decide on your own specialism, and what influenced your choice?I work within the Restructuring service line and absolutely love it. I’d always had a big interest in how businesses work operationally, and Restructuring allows me to assist businesses through times of distress with the hope that we can help to provide a solution to save/improve the business. Being in the service line I am in, it has allowed me to think outside the box and use problem solving at work as there is never the same solution for each business in a time of crisis, with solutions ranging from running an accelerated sale process of the business to possibly refinancing its existing debt. What the ACA Has to Offer5.What are the key benefits of pursuing the ACA qualification?First and foremost, the comprehensive skillset you acquire through completion of the ACA qualification shouldn’t be overlooked as it allows you to apply knowledge you have learnt from topics/exams usually unrelated to your usual job role to situations where it is required or even personal situations. I believe that the practical work experience you gain (at least 450 days of practical work experience) whilst completing your ACA enables you to improve your technical skills at a far quicker rate as you are utilising knowledge you have learnt at work on a daily basis, to better your understanding of the technical aspects, something which you don’t get to do at university or school. I would say the largest benefit is realistically the career flexibility and opportunities it allows you to have access to. As mentioned above, there are so many different avenues that you can go down through having an ACA qualification. If you don’t like one role, you can quite easily try something different. 6.How does the ACA prepare accountants for the challenges both inside and outside of the profession?As touched on above, the comprehensive knowledge gained from an ACA qualification is fantastic and can be applied to so many different scenarios outside of an accountancy role, such as personal tax planning or even the strong financial acumen gained to assist with running your own business. ACA also of course reiterates the importance of ethical behaviour and integrity throughout your studying period which helps instil such traits into students. Learnings from this will help students make correct decisions at work or even in their own personal life when faced with difficult choices. Personal Journey into Accountancy 7.Can you tell us about your journey into accountancy and what inspired you to choose this career?I joined the EY Leeds Restructuring team back in 2020 via the school leaver programme. I probably got unlucky with the year I joined given we were in the midst of the pandemic, however, what I was certain of even back then was no matter what, I still just wanted to get into work rather than continue full time education. I was keen on the potential qualifications I would come out of university with; however, I knew that I had always much preferred working throughout school than the education side of things. I was drawn to the Restructuring apprenticeship due to the element of problem solving involved and the opportunity to leverage commercial skills. Admittedly, I wasn’t overjoyed about the prospect of 15 ACA exams, however, I knew the end goal was worth it and provided some incentive. Four years later and I have completed my ACA and my apprenticeship. I’d recommend this path to many, for the experience and level of qualification I’ve been able to obtain by such a young age, coupled with the opportunity to meet so many people that will be mates for life. 8.Looking back, is there anything you would have done differently in your career path?Nothing I would change that’s in my control. It would’ve been ideal to have joined at a time outside of the pandemic as it did effect the social side of things for the first year or so. To find out more about the ACA click here.Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAYand let's chart your career path together.

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I am often asked, “what is the one thing that companies can do to improve their recruitment process?” And whilst my answer may sometimes vary depending on an organisation’s particular circumstances, there is one thing which stands out that every company no matter of their size, position within the marketplace or industry sector should give real focus to if they want to ensure greater success from their recruitment and retention efforts: succession planning.

When it comes to succession planning, it is often assumed that this primarily relates to the top job – the passing of the crown so to speak. But effective succession planning should run right throughout an organisation embracing leadership roles, management positions and ensuring that business critical skills are not lost from any area of the operation should an individual move on from the company.

There are numerous scenarios which can occur where it is vital that organisations have one eye on the future; retirement being one of the most obvious and in many ways most straightforward to plan for. However, the majority of situations that can arise will potentially do so with very little notice – a period of absence due to maternity or paternity leave, caring responsibilities, illness or staff moving onto new roles – and companies all too often find themselves in a position where they need to react.

There may be some operations, such as family-run businesses, where the succession routes may appear to be a little easier to navigate; however, these businesses are not without their challenges, should the natural successor harbour career ambitions of a different kind or the skills which are required for the next phase of development need to be sourced externally.

A key factor is recognising that the ‘job for life’ culture is not something which either employers or employees can rely upon. Unless, for example, you are talking about a shareholder in a business, there is very little by way of guarantees that a business owner can give an employee in relation to their long-term job security. Similarly, employers will need to wrestle with their own lack of certainty surrounding talented individuals potentially looking elsewhere for new opportunities to further their careers.

Planning an effective succession strategy can be a balancing act when it comes to weighing up the more immediate needs for the business with potential requirements for the future. However, by affording the matter more care and attention over a longer period of time - with the benefit of considering and reconsidering possible paths in light of changes to business operations - will result in a much more considered outcome than one where necessity and urgency have taken precedence.

Starting sensible conversations early will provide businesses with the opportunity to plan for a smooth transition well enough in advance of even the most out-of-the-blue departures. And it must be stressed that succession planning is not about ‘preventing’ people from leaving – it is about establishing and developing a culture which enables effective processes to deal with people leaving to put in place.

It is important to open channels for constructive conversations where both sides can feel they can be honest about what their career ambitions are and how and when they want to achieve these and what the goals and aspirations are of the business which could provide the opportunities for those to be realised. Nothing should be assumed – and whilst the lack of a completely clear path may cause unease for ambitious employees, it is vital not to over-promise and under-deliver in an attempt to secure their commitment to the organisation.

Taking a flexible approach is key; it may not be about finding that one individual that will step into another’s shoes – for example establishing a new divisional structure may provide opportunities to support talented employees’ career ambitions whilst strengthening the team at a senior level to take the business forward.And by ensuring that the right training and development programmes are in place, this will enable likely successors to harness skills and expertise and to foster their leadership skills in readiness for the future.

A succession plan should be flexible and ever-evolving, subject to ongoing discussions, revisits and adaptions as situations and circumstances change. And change is inevitable as factors from both within and outside a business influence its trajectory, however that change will be far easier to manage with a more successful outcome where there is a clear strategy firmly in place.

Sharp Consultancy specialises in the recruitment and executive search of finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for temporary, interim and permanent roles across the full spectrum of positions throughout Yorkshire and beyond. CONTACT US today and speak to a member of our team about your recruitment needs or next career move.