Why attracting accounting talent is so hard? (and how to fix it)
- 12 Sep 2022
- 3 minutes read
We have observed that over the last few years, business and service providers have faced a lot of challenges concerning talent acquisition, attraction, and retention; like every other sector, bookkeeping, accounting, taxation, and other sectors related to finance are also facing similar challenges in terms of talent attraction.
There are numerous explanations for these challenges with talent attraction. Still, there is a straightforward consequence: A lack of talented individuals leads to interrupted business growth and a slow business development rate. According to a report issued by PwC, “Around a quarter of CEOs said they had already had to cancel or delay a key strategic initiative over the previous 12 months because the right people weren’t available to execute it”.
As the economy is noticing a massive rise in business activities and agitation all over the market for hiring accounting and bookkeeping enthusiasts, attracting decent talent is becoming challenging and expensive. The State and Federal Tax regulations are becoming more strict; a considerable number of accountants are being absorbed in the taxation endeavors.
Although the problem has spread its roots, it is never too late. Once you know the problem and its reasons, half of the solution is already in your hand. You just need to unfold some cards and think about how you can reverse the scenario that is currently prevailing in the economy.
Business owners and accounting giants can brainstorm to find a way to attract accounting talent. It is easy to hire and train accountants, but retaining the same account for years is pretty tough. If you intend to fix this talent shortage issue, you need to have a broad mind and think about what went wrong such that the accountant had to resign.
There are scenarios where the accountants resign because they are getting better opportunities elsewhere at a higher price. In such cases, the employer is rendered helpless as they have a budget to follow. This is a common scenario, but all accountants do not resign for such reasons, and there are several other factors that we are going to discuss below.
Table of Contents
Why attracting accounting talent is so hard?
1. Technical Advancements
In the past, the most important requirement for a bagging employemnt in the accounting sector was the ability to decipher numbers. Advances in technology have totally eradicated that need.
Web-based applications, automation and cloud computing have allowed us to crunch numbers way quicker than any hum resource working as an accountant. This implies enterprises are liberal to start looking for professionals who can spot meanings, trends, or patterns by processing data. Not to forget the skill to avail these insights to broader business contexts.
2. Contemporary Requirements
Today's applicants know what they are looking for in a position. But while it's clear that compensation and benefits (see Good Pay) are taken into account, the recently conducted Manpower Survey finds that candidates are quite probable to be motivated if flexibility, purpose, and personalization are offered.
How to fix it?
We can work on this issues with talent attraction. A company must focus at the needs of its employees, as fulfilling these requirements is key to erradicating corporate brain drain. This may be achieved by making some amendments, but you would notice the results in the long run:
While giving people meaning, you need to state your mission clearly and honestly. You may put this on your website, marketing materials, and mention this while interviewing candidates.
Another finding from the Talent Survey is that 81% of workers now expect their employers to provide training and information. If they are giving proper training resources and learning material, they could be long-term employees and as they have a higher confidence in the organisation and they are retained for the skills they have gained through the training.
With more professionals working from home in 2020, many experts appreciate the time saved by commuting and the potential for more control over their schedules. You must be prepared that the candidates might ask about job flexibility in the interview and ideally come up with a candid answer that can check both boxes.
- Work Culture
We all know the cliché of financial services workers wearing formals. A more formal approach to business still exists for many companies, but changes are being observed in the marketplace.
Now that we are aware of the circumstances that have led to difficulties in attracting accounting talent, we need to take care that our recruitment process, and human resource strategies are devised keeping in mind the well-being and mental health of finance professionals. Not only the challenges, but we have also highlighted the steps you can take to fix the situation prevailing in the economy so that any shortage of accounting talent is curbed from society.
It is highly recommended that the business owners become open to technology, automation and other contemporary ideas to offer flexibility to the financial professionals. This will assist a lot in business growth and development, and boost up inventory resources and revenues.