The finance industry could face a skills shortage during the next five years if it does not attract or retain the next generation of accountants, according to a report by recruiter Robert Half.

The report found that “Generation Y” workers (those born after 1980) have a different set of values from previous generations, and are far less likely to remain in a job or a profession for their whole career.

Companies also found they need to “sell” themselves to Gen Y workers, who have high expectations of work culture.

“As the impact of the global economic crisis continues, the profession must look beyond the downturn and continue to focus on attracting and retaining the next wave of finance and accounting professionals,” says Phil Sheridan, UK managing director of Robert Half.

“Both employer and employee are facing a new set of challenges, with the industry needing to work hard to rebrand itself in order to become more attractive to today’s young people, and new entrants needing to stand out from the crowd.”

The report also found future skills are being threatened as new entrants become too specialised early in their careers.

This means they miss out on broader experience they would traditionally receive on entering the industry.