By David Osborne.
A global accounting industry survey of more than 6,000 accountants and auditors conducted earlier this year revealed the No. 1 challenge respondents currently face is attracting and retaining skilled talent.
Like most sectors, the accounting industry is feeling the effects of the shift in the labor market as workers quit their jobs in search of better roles and greater job satisfaction. The result? Accounting organizations are competing like never before to appeal to employees who are in a position to pick and choose their work environment.
This is particularly true when it comes to Millennials and Gen Zs, born in 1980 or later. Forbes reports that with Millennials on the verge of becoming an overwhelming majority in the workforce (75 percent by 2025) and Gen Zs fast on their heels as greater numbers enter the workforce, the combined influence of the two generations will dramatically transform the workplace. This younger population has very different career expectations and wants than prior generations.
So, how can accounting firms attract and retain top young accounting talent? Working closely with hundreds of accounting and auditing professionals globally, I’ve identified top five strategies that successful organizations apply to effectively do so.
- Rethink employee skills. Understanding the mindset and goals of Millennials and Gen Zs, and how they differ from traditional roles, is key. With the accounting landscape changing rapidly – facing emerging trends such as blockchain, cryptocurrency, the metaverse and ESG – it’s critical to rethink the skills of industry up-and-comers.
- Provide growth, learning opportunities. A recent Caseware study shows that accounting professionals see themselves as creative problem solvers rather than “number crunchers,” and organizations today must provide platforms for newcomers to maximize their creativity. The chance to continually develop new capabilities – particularly when it comes to adoption of the latest accounting technologies – is significant for young accountants, promoting a sense of stability and personal satisfaction, and reinforcing that they’re in an exciting, forward-thinking profession.
- Boost employee engagement. According to the Deloitte Global 2023 Gen Z and Millennial Survey, young people are concerned about corporate social responsibility (CSR) – the impact of their work on their corporate community, the local community and the world at large – and want to feel empowered to drive change within their organization. Employers must provide opportunities for young professionals to positively influence their environments.
- Ensure work-life balance. The COVID-19 pandemic has shifted ideas and demands about where and how people work. To maximize job satisfaction organizations today must support work-life balance through initiatives such as hybrid work environments, creative time-off schemes, and allowing people the freedom to work where they are most productive – especially during the long hours of tax season.
- Adopt a quality management mindset. While older generations may have simply accepted whatever management offered, younger workers are putting a premium on quality oversight. They may choose to simply leave a job and work elsewhere instead of putting up with poor management. Gartner recently noted that in the wake of the pandemic, members of leadership teams have become relationship managers, focusing on people under their supervision as much as their work.
David Osborne is CEO of Caseware International, the leading software-as-a-service (SaaS) provider to the auditing and accounting industry.
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Tags: Accounting, Advisory, Auditing, Digital Currency, ESG, Firm Management, Staffing
