News
20 Oct 2014 11:20am

Late retirement a barrier to promotion

More than a quarter of accountants say the late retirement of colleagues has obstructed their career, with over 40% planning to work beyond the age of 65

Research by accountancy recruiter Marks Sattin, shows that while only 1% of the current accountancy workforce is over the age of 60, 43% of accountants believe they will continue working after the age of 65.

Nearly two thirds (63%) of accountants believe it is now harder to progress to director and partner level than it was for previous generations and 28% said their career progress has been obstructed by older colleagues delaying retirement.

Of those who said their career progression had been delayed, 73% decided to move firms. Across all respondents, 85% said they would consider moving if faced by such a situation.

Dave Way, managing director of Marks Sattin, warned firms that without ensuring clear plans for career development, they could lose top talent.

He said, “With the economy grinding back into gear, more firms are competing for a finite pool of highly quality accountants, many of whom would have little difficulty finding a well-paid position.

“In order to stay ahead of the competiton and retain tomorrow’s leaders, businesses need to ensure that junior and mid-level accountants are aware of how their career development will be supported, what they need to do to achieve their next promotion and the benefit of learning from and working alongside more senior colleagues.”

Ellie Clayton

 

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