In a recently published article on the coveted accaglobal platform, we read some emerging amid the acute talent shortage in the CPA and accounting world. The article is insightful and a must-read for accountants and CPAs battling the talent crunch in their respective firms. With the ever-growing demand for experienced accountants, businesses of all natures across all industries are looking for skilled CPAs to help them navigate the complex terrain that is accounting. Yet, due to the ongoing shortage of proficient CPA talent, often, the right CPA talent is hard to come by.
In this blog, we delve into the new themes that have surfaced amidst the talent shortage, the most sought-after skill, and practical strategies for organizations to retain their skilled resources by leveraging these themes. Whether you’re managing a thriving accounting function or in the process of building one, this blog provides insightful tips to prepare you for the future of accounting. Join us as we explore the contemporary themes that shape the global CPA talent market.
Inclusivity & Diversity = Productivity
Gone are the days when organizations demanded productivity at all costs. While it is a slow and gradual change, most significant organizations have begun transitioning towards creating more human-centered workplaces. Organizations are paying great attention to inclusivity, diversity, mental well-being, and the aspirations of their staff. According to Accaglobal’s global talent survey across the accountancy profession, ~73% of the participants believe that a culture of inclusivity and diversity is critical in deciding the organizations they want to work with. While many organizations claim to be diversity-focused workplaces, the survey found that much work still needs to be done, with 41% of the participants suggesting that their organization focuses more on specific aspects of diversity than others.
Broadening Career Opportunity Spectrum
Many accountants believe they have endless career opportunities, with most indicating taking external roles in the future. This has made retaining skilled accounting talent a challenge for CPA firms worldwide. To overcome this challenge, organizations need to be mindful of the career aspirations of their internal staff and offer them the necessary opportunities to grow. This can be achieved by diversifying the roles, duties, and overall career trajectory of their internal staff.
Uncertain Global Economy
58% of the respondents in the survey suggested that they will seek an internal par rise in the year 2024, while a staggering 50% believe that they will have to leave their current organization if they want to get one. While the global economy is still under strain, those stats are firm indicators of employee mindset. Monetary growth is as significant as growing in terms of role at your existing or new firm. Thus, employers must ensure that compensation is not one of the reasons why they lose a great talent.
The Emergence of AI
The emergence of artificial intelligence as an enabler is revolutionizing many industries worldwide. The accounting industry is no exception. According to 78% of the respondents from Accaglobal’s global talent survey, they are optimistic about AI being a great enabler for the finance profession. However, its relentless pace of change remains a concern for one-third of the employees who responded to the survey. While the future driven entirely by AI is still quite hard to envisage, the one certain thing is that it will bring with it many changes, and if you are to survive those changes, you need to embrace them and accept them as an opportunity to grow.
Mental Health Must Take Centerstage
Complaints of employees suffering from mental health are nothing new. However, with a constant dialogue around the significance of mental health, employers across the globe are actively taking measures to make sure that they address it with utmost care. In Accaglobal’s global talent survey, 57% accepted the fact that their mental health does take a toll due to work pressures, and over half of the respondents still feel that their employers need to do a lot to ensure that mental health remains a priority. If you are an employer, you must consider this and provide you actively conduct workshops and events around mental wellbeing.
Hybrid Is the Way to Go
The hybrid work culture is slowly gaining traction across all industries, with more employers allowing employees to work in a hybrid model. The catch, however, remains that the employers insist on full-time work from the office, while 78% of Accaglobal’s global talent survey respondents suggested that hybrid is their preferred choice of operation. This expectation mismatch leads to many employees choosing a hybrid employer over the ones insisting on being full-time in an office. This also is a significant reason why many firms lose their skilled resources. So, as an employer, you must make sure that you are offering flexibility of work to your employees.
The Broadening Skillset of CPAs
The role of traditional number-crunching CPAs is becoming obsolete with every passing day. Modern CPAs are broadening their skills by learning data analytics, advisory services, and unique problem-solving capabilities. While as a CPA, the onus is upon you to constantly upskill for continuous career progression, as an employer, you must foster a culture of constant learning and growth for your employees. This will help your employees move up the corporate ladder faster and help you build a pool of diversified talent, which can be instrumental in your organization’s growth.
Embrace Change & Build the Workplace of the Future
While all the emerging trends around accountancy talent point towards significant changes that employers must make to accommodate, attract, and retain accounting talent, it is essential to mention that by embracing these changes, you will be building a workplace for the future. This will help you make a strong brand for yourself and provide a sense of belonging to your existing staff. Accounting as a profession will continue to evolve with the global ecosystem, and if you focus on standing out as a human-centered CPA practice with endless opportunities to grow and learn, you will continue to thrive as a business, come what may. If you need to diversify your firm’s offerings or build a global team of yours, you can always reach out to us at [email protected], and we will be happy to help.
