Rethinking Recruitment: Adapting Hiring Strategies in Public Accounting to Attract and Retain Top Talent

Over the past few years, there has been a high demand in the market for skilled professionals such as accountants, tax accountants, auditors, managers, and senior managers within the public accounting sector, despite economic slowdowns and layoffs resulting from mergers and acquisitions. In addition to the high demand, a shortage of candidates has arisen due to factors such as Baby Boomers' early retirements, declining enrollment in accounting programs, and changes in CPA licensing requirements. The situation becomes more challenging when companies continue to rely on traditional methods. There are firms that still require candidates to undergo multiple interviews, significantly prolonging the hiring process and potentially causing candidates to lose interest. While one issue is the shortage of available candidates, another challenge arises from a company's slower pace in moving candidates through the hiring process, especially considering candidates may be simultaneously interviewing with other companies. Another concern is the onsite requirement. In my recruiting experience, it has occurred more than once that when I presented a promising candidate, hard to find due to the scarcity of available and interested candidates, my clients interviewed them and spoke about a fully onsite schedule although the job description described a hybrid one. We are witnessing a candidate-driven market where candidates are in high demand across companies of all sizes, granting them numerous options to choose the best fit and changing the job description during an interview does not bode well. Lastly, salaries are lower in public accounting due to the longer hours for the same annual pay even though accountants gain more experience working with the complexity of several clients and industries. Salaries are higher in the private sector, but the accountants only know the reality of the company for which they are working. In the financial sector, the salaries are higher too, but it is hard to break into this sector unless you develop a strong network. In conclusion, the evolving talent acquisition in the accounting industry underscores the importance of adaptability and efficiency. Companies must modernize their hiring practices to attract top talent, minimizing unnecessary steps and offering flexible schedules, considering we are in a candidate-driven market and the competition is high for skilled professionals. Likewise, candidates should carefully evaluate potential employers, weighing factors such as company culture, growth opportunities, and long-term commitment. By addressing these challenges and embracing change, both clients and candidates can navigate the evolving landscape of the accounting recruitment industry successfully.

Source:

https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm