Why Attracting Accounting Talent Is So Hard (And How To Fix It)
The accounting industry in the United States has been facing a significant challenge in recent years: attracting and retaining top talent. As the demand for skilled accountants continues to grow, firms are struggling to find qualified candidates to fill their open positions. But not everything is lost.
In this blog post, we will explore the reasons behind this talent shortage and offer practical solutions for accounting firms to overcome these challenges.
Reasons for the Talent Shortage
Changing Skill Requirements
The accounting profession has evolved rapidly in recent years, with technology playing an increasingly important role. As a result, the skillset required of accountants has expanded beyond traditional accounting knowledge to include expertise in data analytics, cybersecurity, and other specialized areas. This shift in skill requirements has made it more difficult for firms to find candidates with the right mix of technical and accounting skills.
Aging Workforce
The accounting industry is facing an aging workforce, with many experienced professionals approaching retirement age. This has created a gap in the talent pool, as there are not enough young professionals entering the field to replace those who are retiring. This issue is exacerbated by the fact that younger generations often perceive accounting as a less attractive career option compared to other fields, such as technology or finance.
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Competition for Talent
Accounting firms are not only competing with each other for top talent but also with other industries that require similar skill sets. For example, tech companies and financial institutions are increasingly seeking professionals with accounting backgrounds, offering competitive salaries and attractive benefits packages. This has made it more challenging for accounting firms to attract and retain the best candidates.
Limited Talent Pipeline
The talent pipeline for accounting professionals is limited, with fewer students pursuing accounting degrees and certifications. This can be attributed to several factors, including the perception of accounting as a less exciting career path and the increasing demand for professionals with specialized skills in other fields.
How can we fix this?
Understanding what employees want is the first step. Meeting those needs is key to combating corporate brain drain and goes a long way towards winning the war for talent for good. With a few compromises, the result pays back over the long term.
It's because 100% of the accounting positions are chasing 20% of the accountants. If you are only in the 50th percentile, you have no chance. Apparently, firms would rather lose business than hire what they can get. I have an accounting degree that I never used because I could never get a job in the field. Any of these companies in supposed "desperate" need of an accountant could give me a call, but none will. It's all made up.