Accountancy has always wanted STEM people, those with a background in science, technology, engineering and mathematics, according to Business Coach Della Hudson FCA, Founder of Minerva Accountants.

“The profession has always paid, and continues to pay, reasonably well. But now we’re up against software technology salaries, candidates with the right, numerate skillsets are being lured away,” she says.

For Hudson, there is a cruel irony in the current state of the accountancy jobs market for SMEs and small practices. Ever since Covid, headlines have bemoaned how there are never enough graduates to fill vacancies. Yet now, artificial intelligence (AI) is chipping away at staff numbers that were not robust enough in the first place.

Not wanting to concede defeat, Hudson last year hired a computing graduate and began to train her as an accountant, to develop someone with dual specialisms. This reflects Hudson’s view that the profession’s land rush to software is overlooking some important details.

“We need people who are tech savvy,” she says. “But they need to be able to do people-based things that technology can’t. Plus, I recently saw an interview with a software leader who was adamant that, despite the rise of AI, his industry still needs to hire juniors. Otherwise, where will it get its seniors from?”

In light of that challenging environment, here are five steps that Hudson thinks SMEs and small practices can take to compete for finance talent:

1. Flexibility of hours and location

“If we don’t have oodles of tech-style money to wave at people, we need to offer something they want,” Hudson says. “I set up my own practice to be able to work flexibly around my children, and I’ve offered that to my team, too.

“As we grew, I found that I had the pick of great, high-calibre people – predominantly mothers – who just wanted part time or flexible work, with the option to work from home. Of course, there are people who still believe in five days a week at the office. But we all used to believe in the tooth fairy, too.”

2. Training

Being clear with candidates that they will receive thorough and attentive training will help to build their confidence in you as an employer, Hudson notes.

“There’s another big point, here,” she says. “Training demands a huge investment of time – but the end product is someone who’s exactly right for your culture. I’m highly unlikely to recruit someone with a background at Deloitte, for example, because that’s so different to the way we do things. But if you shape a recruit to your culture, you’ll get a great fit.”

3. A sense of purpose

Founders and owners must provide a well-considered vision of what the business is trying to achieve, how it will develop and what sort of role candidates will play within that journey.

“Many small businesses are not terribly clear on where they’re going,” Hudson says. “But if the owner has managed to define a purpose and is able to articulate it, that means everyone is working towards the same goals. Plus, that purpose makes it easier for the team to fill gaps in situations where there are no procedures in place.”

4. The opportunity to work with good people

For Hudson, providing candidates with the anticipation of working not just with good colleagues, but good clients, is a powerful draw.

“In February, we always sit down and review our clients,” she says, “and sometimes, you do need to take action. For example, we had a client who was perfectly nice to me, but rather harsh to one of my team, and it wasn’t on. You have to think about how an employee’s heart might sink each time a certain number comes up on their phone.”

5. Being listened to

Every 90 days, Hudson’s firm has a planning meeting to look at what has been happening in the business and focus on what it needs to do to meet future goals.

“It’s great, because we get lots of input from different generations and it helps staff to be part of the process,” she says. “My team are the people who’ve been building relationships with clients, so it’s important to listen to their ideas. There’s always something good that we can use.”