In a survey conducted on behalf of recruitment consultancy Robert Half, 59% of top finance chiefs said they had increased ‘onshoring’ business compared with just 4% who said it had decreased over the last two years.
A better level of service and changes in costs were among the top reasons for the increase in onshoring in recent years, followed by skills shortages abroad and a lack of efficiency.
The survey asked 100 chief financial officers and finance directors about the level of onshoring and offshoring of business they had seen at their companies.
Matt Weston, director at Robert Half, put the shift down to fundamental changes facing firms which means they are under pressure to cut costs and max-out performance.
“UK firms are experiencing greater innovation and increased efficiencies, and finally have access to the necessary expertise that was previously hindering businesses that had moved their operations offshore,” Weston said.
“To avoid future skills shortages and ensure their workforce operates at an optimal level, financial services companies need to invest in adequate training programmes to develop these business-critical competencies. Failing this, employers are looking externally to recruit qualified professionals on both a temporary or permanent basis to meet strategic and operational objectives.”
Almost half (44%) of the business chiefs surveys who had returned business activities to the UK said it had resulted in increased service quality.
A further 42% said it had improved customer responsiveness, 41% said it had increased focus on the core business and 38% said it had led to an increased focus on innovation (38%).
