Navigating challenges faced by CPA Firms in Talent Acquisition

In the fast-paced world of Accountancy, talent acquisition and retention has become a puzzle for many firms. Recruitment now comes with a unique set of challenges that are making it hard for the firms to acquire skilled professionals. The evolving industry and high expectations makes it difficult for the CPA firms to attract the right talent that fits their needs. Let’s take a look at a few of the key challenges faced by CPA firms today in talent acquisition and explore the solutions to overcome them.

• Shortage of skilled professionals

The top most cause of worry for the firms is the scarcity of skilled professionals in the market. The demand for professionals who are talented and well versed in this field is high, causing stiff completion in the market. Firms are finding it hard to find qualified talent with good industry knowledge that fit their requirements within their time frame, making it difficult for the firm to keep up with the client’s expectations and produce quality results.

• Competition within the industry

Accounting industry is a competitive field owing to the high standard of work expected of them. Firms are usually in competition with one another to choose from the same small pool of talented candidates. It often results in firms having to offer more compensation and benefits to acquire professionals they want or else risk compromising their performance. It affects small firms more in particular as they do not have the resources to compete with the bigger firms.

• Tedious recruitment process

The recruitment process is often time-consuming and not always fruitful. It can take up a lot of time and resources of the firm to find the right candidate. Not to mention in such a highly competitive market, if the firm’s recruitment process is not streamlined and time sensitive, they might end up losing on a potential candidate.

• Technological Advancements

The business world today is rapidly evolving, and that includes the Finance and Accounting industry. With new technological advancements being made constantly, the industry keeps adopting new methodologies and approaches. So it’s no longer sufficient to have an experienced and knowledgeable professional. Firms now need candidates who are also proficient with technology and skilled at adapting to the fast changing industry.

Now that we have addressed the main challenges, let’s look at the solutions to the recruitment challenges faced by CPA firms.

• Strategic recruitment / Outsourcing

Outsourcing easily and effectively addresses the challenges stated above. With outsourcing, firms get access to a large global talent pool and not have to settle for the limited local talent. Firms can work with highly skilled professionals that meet their requirements without competing with other firms. It is a cost-effective process that also saves the firm’s valuable time that would have been spent on the recruitment and training process.

Outsourcing is no longer a tool only wielded by large firms and businesses. Over the years it has evolved to meet the requirements of companies, small and big. By leveraging outsourcing, CPA firms can tackle their recruitment challenges and focus more on their core competencies. With Atika BPM, firms get access to onsite as well as offshore resources that are skilled and verified.

• Embrace technology

It’s time to embrace the changes brought by technological advancements. CPA firms should evolve with the changing times and offer regular training programs to their employees regarding the latest accounting tools and software. This not only allows the firms to retain their employees, but by keeping them current with the technology they drive their firm towards growth.

• Scaling as needed

Instead of hiring and keeping full-time staff for all roles, firms should instead choose to scale as needed. A lot of the times workload in a firm fluctuates over the year. CPA firms can work with staffing agencies that can offer them the flexibility to scale up or down as per their needs. They can scale up during the busy seasons without worrying about retaining the employees full-time.

It can definitely be challenging in today’s market for CPA firms to find and hire the right professionals, but it’s not impossible. With the right solutions, as listed above, the firms can ensure that they find the right talent and are able to navigate the complex landscape of recruitment successfully. Outsourcing offers the perfect solution to all recruitment headaches. If you are interested, get the right talent at the right time with Atika BPM’s flexible outsourcing and staffing solutions.