four ways to address the talent shortage.
by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics
the accounting industry has just begun to make its most radical change.
- it isn’t the tech.
- it isn’t the shift to advisory services.
- it isn’t the remote offices.
- it isn’t the mergers and acquisitions.
it’s all those things, plus what they all add up to: personnel.
more: four accountability steps for firm success | how to build a standout team | five keys to becoming a high-performing firm | assessing your firm | the 4 traits of great cpa leaders | why leaders must ensure clarity | incremental vs. exceptional success
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the industry has been suffering a shortage of professionals for many years now. decades. everybody talks about it, but nobody is doing much about it … until now. and, according to charles hylan’s foreword to the 2022 rosenberg survey, the solution is a combination of several significant changes.
alternative workforce
hylan, managing director of the growth partnership, which authored the survey, sees an increasing reliance on outsourcing, onshoring and offshoring. one of his client accounting firms, for example, is hiring two professionals in the philippines who will work online just like any local remote worker. “bottom line,” hylan says, “firms are coming to the harsh realization that they simply are not going to be able to hire enough people via the traditional channels.”
non-traditional hires
as client accounting services (cas) continues to offer greater revenue opportunities, cpa firms are looking for people who are smart but not necessarily certified in public accountancy. for many cas functions, expertise in technology or finance, for example, can contribute more to a team’s capabilities than redundant skills in accountancy.
remote work
the accounting industry has always been known as rather slow to adapt. but the advent of covid-19 was the kind of emergency that drove firms to quick action. the very nature of the business made it relatively easy to move staff and practitioners out of the office.
now it’s occurring to firms that “remote” can reach across the country as quickly as around the corner. the pool of potential personnel is now huge, and because they can be in the outback of arkansas as easily as in midtown manhattan, they may be willing to work for more affordable salaries.
technology
technology is the linchpin that makes all of the above possible as it changes the makeup of professional teams and the strategy of any pro-growth accounting practice. tech makes it possible to pull in talent from around the world, offer new services and multiply output exponentially – not to mention income per partner. so, even if unskilled in accounting or finance, it professionals are becoming an essential pillar of personnel performance.
terry putney, of transition advisors, noted in the survey that “far and away, the number one struggle firms have is staffing.” putney sees successful firms taking four primary approaches to attract and retaining talent:
- increased compensation to become much more competitive with other accounting firms and non-accounting companies that are alternatives for accounting professionals
- use of remote workspace, especially in high-cost markets, to recruit from parts of the u.s. where it is easier to offer premium compensation
- retaining the services of national recruiting companies or taking aggressive approaches on online job sites such as indeed or linkedin
- increased use of offshore workers from india, philippines, south africa, and elsewhere.
the potential of previously impossible combinations of personnel is changing the nature of strategic planning. the challenge now is to knit together unprecedented teams of disparate professionals to offer unprecedented services at unprecedented velocity and volume.