The worrying picture emerging in the accountancy sector is that firms are struggling to focus on talent management strategies, with senior managers increasingly concerned about skills shortages, as well as a need to retain, nurture and attract talent if they are to meet the challenges of the future.

Following a survey of 1,500 employers and employees, 49% of businesses admitted that they had serious skills gaps in their businesses. For 36% of these organisations, this has led to a negative effect on performance. The UK recruitment market moved in a positive direction in 2011 compared to 2010, with some growth reported, albeit in small incremental steps.