Having trouble retaining your best talents? The candidates you’ve interviewed don't convenience you?
The shortage of accounting talent has a significant impact on firms. With fewer qualified candidates available, companies are forced to compete aggressively for talent, driving up salaries and making it difficult to attract and retain top performers. The shortage of talent also means that firms may be forced to compromise on the qualifications of their hires, leading to a potential reduction in the quality of services they offer.
To address this issue, firms must understand the skills and qualities that are in high demand among employers and take steps to make themselves more attractive to top accounting talent. This includes offering competitive compensation packages, providing career growth opportunities, fostering a positive company culture, and prioritizing work-life balance. A talent attraction quiz can help firms assess their attractiveness to potential hires and identify areas for improvement.
The Current State of Accounting Talent
Automation and advancements in technology have transformed the way accounting services are delivered, leading to a greater emphasis on analytical skills and a reduced focus on manual bookkeeping tasks. This shift has led to an increased demand for accounting talent with advanced technical skills, such as data analysis and programming abilities.
However, despite the growing demand for skilled accounting professionals, there is a shortage of talent in the job market. According to the American Institute of CPAs (AICPA), there is a projected shortage of 90,000 accounting professionals in the United States alone by the year 2022. This shortage has been attributed to several factors, including an aging workforce, a lack of interest among younger generations in pursuing accounting careers, and increased competition for talent from other industries.
>> Ready to start hiring? Fill out the form and one of Vintti's account executives will contact you within 24 hours.
The Talent Attraction Quiz
The Talent Attraction Quiz is a tool that firms can use to assess their attractiveness to potential accounting talent hires. The quiz is designed to evaluate various aspects of a company's culture, compensation, career growth opportunities, and work-life balance.
Let’s get on it:
Company Culture
- Do you have a clearly defined company culture that emphasizes collaboration and respect?
- Do you foster a positive work environment that celebrates individual and team achievements?
- Do you provide ongoing feedback, recognition, and opportunities for personal and professional growth to ensure that your employees feel valued and supported?
- Do you have initiatives in place to promote diversity and inclusion in the workplace?
If your answers are mostly yes, you have a strong company culture that values collaboration, respect, and continuous improvement. This is an attractive trait for potential accounting talents, as it signals that your firm is committed to providing a positive and supportive work environment.
If your answers are mostly no, your firm may not have a clearly defined company culture that emphasizes collaboration and respect. This can be a red flag for potential accounting hires, as it may suggest a negative work environment and a lack of support from management.
Compensation
- Are your salaries and benefits packages competitive with other firms in the industry?
- Do you offer benefits such as health insurance, retirement plans, and bonuses?
- Do you incentivize and reward high performers with competitive salaries, bonuses, and opportunities for advancement?
If your answers are mostly yes, your firm offers competitive salaries and benefits packages that are in line with other firms in the industry. This is important for attracting top accounting talent, as compensation is one of the key factors that candidates consider when evaluating job offers.
If your answers are mostly no, your firm may be falling behind on salaries and benefits packages. This can be a turnoff for potential accounting hires. If possible, revise your investment in hired talents because the word travels fast.
Career Growth Opportunities
- Do you offer ongoing training and development opportunities to support the professional development of your employees?
- Do you provide clear career paths and opportunities for promotion based on merit and performance?
- Do you assign challenging and varied projects to employees to ensure that they are challenged and engaged in their work?
- Do you have a mentorship program in place to help employees reach their full potential?
If your answers are mostly yes, you provide ample opportunities for professional development, career advancement, and personal growth. This is an attractive trait for potential accounting hires, as it signals that your firm is committed to helping employees reach their full potential and achieve their career goals.
If your answers are mostly no, your firm has limited career prospects and a lack of investment in employee growth and development. In the accounting industry, this means that your employees might get bored fast and lose their motivation.
Work-Life Balance
- Do you prioritize work-life balance for your employees?
- Do you offer flexibility in terms of working hours and remote work?
- Do you promote employee wellness and mental health through wellness programs and mental health resources?
- Do you have initiatives in place to prevent burnout?
If your answers are mostly yes, your firm prioritizes work-life balance and offers flexible working arrangements, wellness programs, and mental health resources. This is an attractive trait for potential accounting hires, as it signals that your firm values the well-being of its employees and supports their work-life balance needs.
If your answers are mostly no, your firm is still in 2019. Flexible working arrangements are almost nonnegotiable these days. Reconsider going for at least a hybrid office, we promise you you’ll even save money and work more smoothly.
How Well Is Your Accounting Firm Doing?
The Talent Attraction Quiz can be a useful tool for evaluating your firm's strengths and weaknesses in these key areas and identifying opportunities for improvement. By regularly assessing and improving your firm's attractiveness to potential hires, you can stay competitive in the job market and build a strong, high-performing team of accounting professionals.
Attracting top accounting talent to your firm requires a multifaceted approach that takes into account the needs and preferences of potential hires. By focusing on areas such as company culture, compensation, career growth opportunities, and work-life balance, you can create a more attractive work environment for potential accounting hires and increase your chances to sort the talent shortage.
The Talent Attraction Quiz can be a useful tool for evaluating your firm's strengths and weaknesses in these key areas and identifying opportunities for improvement. By regularly assessing and improving your firm's attractiveness to potential hires, you can stay competitive in the job market and build a strong, high-performing team of accounting professionals.
>> Ready to start hiring? Fill out the form and one of Vintti's account executives will contact you within 24 hours.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
