Reflections on Change in the Accountancy Sector and My New Venture, Element45 – Mark Taylor

We recently spoke to a close contact of Adlestrop Consulting, Mark Taylor, about his new venture Element45 and to reflect on his time in the accountancy profession.

As I sit back and reflect on my 23 years in the accountancy sector, I am struck by the tremendous amount of change I have witnessed and been a part of throughout my career. The landscape of the accountancy profession has shifted dramatically, and these changes have profound implications for both firms and the professionals within them.

Bigger and broader

In recent years, there has been a new wave of consolidation within the sector, driven by private equity investment. This influx of capital has led to mergers and acquisitions, creating larger firms with more geographic reach and wider ranges of services. This consolidation presents both opportunities and challenges. On one hand, it creates the opportunity to access new clients and leverage economies of scale. On the other hand, it requires careful integration and management to create a cohesive culture and deliver consistent quality.

Leading accountancy firms offer a more extensive set of services than ever before these days, with areas like digital transformation, HR advisory services and ESG consulting now regularly featuring in terms of what is on offer to clients. In many cases, professionals face a constant challenge to keep fully abreast of exactly what their own firms can do to assist clients.

The Intensifying War for Talent

Whilst we’ve been talking about a War for Talent since the time I joined the sector, recruitment in the accountancy sector has evolved significantly over the years. The bar for talent has risen, and the competition to attract and retain top professionals is fiercer than ever. Firms are not just looking for technically proficient individuals; they need well-rounded professionals who fit the firm's culture.

Finding the right cultural fit is also crucial. In my experience, the most successful teams are those that share a common set of values and a strong sense of purpose. This alignment drives collaboration, innovation, and ultimately, success. Firms must differentiate themselves not just through compensation and benefits but by offering a compelling vision, a great place to work, and career development opportunities.

Clear and defined strategies are essential. They guide the firm’s direction, help retain top talent, and support strategic recruitment. A well-articulated strategy enables firms to plan for succession and ensures continuity of leadership. Ensuring a strong succession pipeline is one of the major challenges faced by the sector – especially in smaller firms which lack the scale of talent pools that larger firms benefit from.

My Next Chapter: Element45

As I transition into the next phase of my career, I am excited to introduce my new venture, Element45, which I co-founded with Paul Faulkner. Our goal is to support businesses in developing their current and future leaders, equipping them to tackle strategic challenges and drive organisational performance.

Developing great leaders is crucial for fostering a strong culture within any business or firm. While many firms have talented professionals with exceptional technical skills, they often lack the time, resources, or expertise to invest in comprehensive leadership development. This is where Element45 comes in.

Paul and I bring a unique blend of experience and knowledge to our leadership development work. We have designed an approach that can be tailored to a firm’s specific needs, providing their leaders with the tools, skills and know-how necessary to shape and grow their organisations. We focus on building well-rounded leaders who can inspire and guide their teams effectively.

We believe that by investing in leadership development, firms can create a solid foundation for long-term success. Strong leaders not only drive performance but also contribute to a positive and engaging workplace culture. This, in turn, helps attract and retain top talent, creating a virtuous cycle of growth and improvement.

At Element45, we are committed to helping businesses build the leadership capabilities they need to thrive in today’s complex environment. We look forward to partnering with firms to support their leaders and drive their success in the years to come.