can cpa firms take advantage?
by 卡塔尔世界杯常规比赛时间 research
cpa firms have long been aware of the worsening talent shortage. fewer students are majoring in accountancy. fewer are pursuing cpa certification. and baby boomer leaders of accounting firms are retiring more often than ever.
more: does firm culture still matter? | tax and accounting jobs and salaries show strength | tax law is driving practice development | olympics of outsourcing and offshoring for accountants | new study: strong and steady growth for accountant jobs and salaries | turnover timebomb: 4 of 5 senior managers at risk | are client services a fourth-rate priority? | revenues rising as pricing models evolve | 150 credit hours: helping or hindering? | can’t recruit? retain! | the accountant as a strategic business partner | report: efficiency still the top priority for accounting firms
exclusively for pro members. log in here or 2022世界杯足球排名 today.
now financial leaders in the corporate sector are feeling the pinch. a survey issued by personnel agency personiv finds that 83 percent of senior corporate leaders recognize the accounting talent crunch, way up from 70 percent in 2022 and 63 percent in 2020. and 10 percent say the shortage is getting worse.
no surprise, then, that 90 percent of cfos who responded to the survey say they have outsourced at least some accounting functions.
irony and pain
the irony is painful. the need to outsource should be a boon to accounting firms that can provide the needed services. but many accounting firms are themselves having to outsource functions because they, too, are shorthanded.
the respondents – financial leaders and managers in companies of all sizes in more than 20 industries – reported an average of two open accounting positions in their organizations. all have at least one opening, and some reported up to five.
the shortage is impacting corporate bottom lines in several ways.
- the search process now takes an average of 44 days, with some positions taking as long as 120 days to fill.
- with fewer applicants to choose from, qualification standards are lower, so onboarding, training and supervision take longer.
- salary expectations are higher, though several other factors affect the attraction of talent.
- unfilled positions force existing employees to take on more work.
- employees not specialized in the work they take on are more likely to make mistakes. (a gartner survey recently found that a third of accountants admit to making at least a few errors each week because of capacity constraints.)
- overburdened employees are more likely to burn out and quit, resulting in additional costs to the company.
ai? not yet
outsourcing is still the most common corporate solution to unfilled accounting positions. some see possible solutions in automation and artificial intelligence, but most are still in wait-and-see mode.
the survey asked what factors were “extremely important” in attracting key accounting talent.
surprise! salary and benefits ranked last out of seven choices.
- 17 percent say positive company culture is extremely important.
- 16 percent say it’s work-life balance.
- 15 percent say it’s recognition and achievement.
- 15 percent say it’s an inclusive work environment.
- 14 percent say it’s career and professional development.
- 12 percent say it’s full remote work environment.
- 10 percent say it’s competitive salary and benefits.
accounting firms that can find good talent can take advantage of the corporate shortage. but the competition for qualified personnel is tough, and the solution to the problem is not going to be easy.