AAT backs Skills Compact to support upskilling and boost employability

The AAT (Association of Accounting Technicians) has announced support for the Financial Services Skills Compact; a landmark, shared agreement between government, the Financial Services Skills Commission, and firms in the sector, to work together to close skills gaps.

Research carried out by the AAT suggests that the accounting and bookkeeping sector could grow by £8bn through productivity gains realised by AI, yet skills shortages are impeding progress. Their findings also show that over a third of employers in the sector have struggled to recruit for finance and accounting positions in the last year, meaning substantial economic gains remain out of reach.

AAT’s research shows upskilling in ‘power skills,’ such as leadership, could add £1.2bn to the economy; a significant benefit of closing skills gaps. Research by the AAT also shows that targeted investment in digital literacy training could reduce these skills gaps in accounting by up to 9%.

As a supporter of the Skills Compact, AAT will support the goals of investing in upskilling, including in AI, while building routes for new talent to help make these potential sector gains a reality.

Claire Bennison, Executive Director of Customer, Partnerships, and Innovation at AAT said: “Supporting the Skills Compact is an extension of our firm commitment to tackle skills shortages in professional and business services. It’s why we embed digital skills across our entire qualification suite, ensure our CPD offering to members matches skills needs, and deliver short courses for finance and non-finance workers alike. 

“Taking action to close skills gaps is vital if we are to unlock individual potential and drive growth. ONS data shows that productivity is in the doldrums with a persistent drop in employment at the same time as employers are crying out for skilled talent. Through the collective action of the Skills Compact we can make the essential progress needed to meet workforce demands and in turn power productivity.”

Claire Tunley, Chief Executive, Financial Services Skills Commission, said: “The skills challenge facing the sector cannot be addressed by employers alone; it requires collaboration across industry, professional bodies, educators and government. Through the Financial Services Skills Compact, we have a once-in-a-generation opportunity to bring these partners together, meaning that more than 270,000 workers will benefit from investment in their skills.

“That’s why we’re pleased to welcome the AAT as supporters of the Skills Compact. As a leading professional body, they will help us to make progress by representing the voices of 150,000 members and students. We look forward to working with the association on this collective effort to invest in people, develop talent pipelines and close the sector’s skills gaps.”