By Adam Venokur, CPA/PFS, CFP, Northeast Regional Leader at Aprio.
The accounting profession has made significant strides in addressing an ongoing talent gap, employing diverse strategies and tactics with varying degrees of success. However, the profession’s evolution, while supported by technological advancements and progressive transformation, still hasn’t been enough to attract and retain younger generations to the extent needed. According to the American Institute of Certified Public Accountants, the number of first-time CPA exam candidates decreased by 33% between 2016 and 2021.
Recruiting and cultivating Millennials and Gen Z workers has become critical for the sustainability of firms, and that’s not simply because new accountants are needed to replace those who retire. Young team members are crucial for long-term viability, bringing fresh perspectives that propel the sector forward. Their inclusion ensures continuity, injects innovative thinking into processes, and enables companies to deliver cutting-edge solutions tailored to clients’ evolving needs.
Technology Attracts Young Talent, Delivers Streamlined Workloads
Technology has revolutionized the accounting industry, making it more appealing to up-and-coming generations. Automation and other optimized processes free new hires from routine tasks, which allows them to provide immediate value to clients. However, given the constantly evolving digital landscape, firms must remain on the cutting edge and continually invest in solutions to streamline operations. Resources and tools like AI-driven timesheet programs and data visualization platforms can exemplify a company’s commitment to innovation and signify the value placed on employees’ time. These advancements enhance operational efficiency and position the firm as a progressive and attractive workplace for tech-savvy rising professionals.
Additionally, firms can amplify their presence to young professionals through social media. The importance of social media in recruitment and retention cannot be overstated. Accounting firms that maintain a strong online presence across platforms like LinkedIn, Twitter, and Instagram are better positioned to connect with younger talent. Increasing an organization’s online visibility affirms its relevance and willingness to adapt in an increasingly digital world – a strength clearly valued by job seekers in the 18-34 age range, as 73% of them found their last position through social media.
Meaningful Engagement is Key to Retaining a Younger Workforce
Once on staff, engaging young talent through meaningful work from the outset is vital. Accounting firms must provide fulfilling experiences by selecting newly hired professionals to work on advanced projects, participate in client meetings, and contribute to business development. This exposure gives them a front-row seat to the industry’s transformative work, moving beyond tax preparation, data entry and number-crunching. To further demonstrate the impact of their efforts, organizations can motivate and encourage new hires by engaging them in different operations, such as innovative solution design and client advisory services.
Accountancy is a numbers-based field, but it also entails a fair amount of planning, organization and strategy to analyze financial data and help guide clients’ decision-making. Essentially, accounting firms serve as trusted advisors to clients, which presents an opportunity to immerse young professionals in the process of offering guidance and expertise. Empowered by the knowledge they’re making a difference in people’s lives, businesses and futures instill a sense of pride in new hires and help them understand the value of their contributions.
Feedback and gratitude also play pivotal roles in keeping junior accounting professionals engaged and content with their career decisions. Public recognition and reward programs are powerful tools for boosting morale and satisfaction. In fact, recently published research found that receiving more awards would make approximately 79% of millennial respondents more devoted to their employer, and 40% of all workers surveyed would be more dedicated to their jobs if their efforts were recognized.
Consistently acknowledging employees’ contributions — such as by awarding them points they can redeem for prizes and incentives — demonstrates appreciation and value while fostering a sense of accomplishment. Programs can even transcend hierarchical boundaries to encourage firm partners and other company leaders to embrace the benefits of rewards initiatives, ensuring a positive work culture that inspires excellence from the top down.
Cultivate a Purpose-Driven Culture That Values the Whole Employee
Offering competitive compensation and standard benefits will always be a requirement to attract the top accounting talent, regardless of age. However, newer generations have expressed a keen interest in unconventional perks that prioritize well-being, flexibility and growth. Programs and resources that facilitate a healthy work-life balance are highly valued, such as student loan repayment, flexible schedules, mental health support and professional development training opportunities for career advancement. To stand out, firms should tailor their benefit packages to meet the unique needs and expectations of younger talent, which demonstrates a genuine investment in their overall quality of life.
Creating an engaging and purpose-driven work environment is key to attracting and retaining Millennials and Gen Z staffers. Team-building activities, group outings and events, feedback sessions, and initiatives that make employees feel valued and connected to company goals are essential. A fun, collaborative atmosphere where employees feel like team members is irresistible. Firms committed to developing and sustaining a strong culture rooted in a shared mission and core values foster a sense of belonging among employees, even in companies with various locations across the nation.
To combat the growing accountant talent shortage, the industry must take its innovation, purpose, and people-driven approach to new heights. Harnessing technology, social media, meaningful engagement, and a culture of recognition is crucial to bridge the generational gap and drive sustainable growth. Make the creation of collaborative and authentic workplaces an indispensable part of the equation so professionals can thrive, grow, and make a lasting impact. Firms that prioritize this mission will become magnets for top Millennial and Gen Z talent, propelling the industry’s progress.
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Adam Venokur, CPA/PFS, CFP, Northeast Regional Leader at Aprio, is a seasoned accounting expert with over 25 years of experience serving public and private sector clients in real estate and construction, staffing services, entertainment, music, sports, digital media, healthcare and legal services. As a Certified Public Accountant, Certified Financial Planner, and Personal Financial Planning Specialist, Adam delivers comprehensive accounting, tax, and business advisory services.
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Tags: Firm Management, Staffing
