CFOs struggling to bolster their accounting and tax staffs, and perhaps hoping to source young talent from independent accounting firms, may find it’s easier said than done.
Why? Because many such firms are themselves struggling on the same front. In fact, recruitment and retention is often their biggest talent-related challenge.
That’s the case for 37% of accounting firms with more than 50 employees, according to a global survey of 2,373 tax and accounting professionals by information services provider Wolters Kluwer.
Among U.S. survey respondents, a 41% plurality said attracting right talent is a significant talent-related concern. Second, at 39%, was retaining skilled professionals.
Third was balancing workload and employee well-being. However, on a global basis, that was the top issue for accounting firms globally.
That’s quite a shift from the traditional long hours younger accountants put in while striving to make partner at their firms. “Working 60-70 hours a week to climb the ladder [isn’t] seen as valuable by many, especially with a view to physical and mental health,” Stephen Leonard, at partner at U.K. firm Winders Accountants told Wolters Kluwer as per the latter’s survey report.
“As employers,” Leonard continued, “we need to understand what motivates our staff and ensure we can offer that, even if it isn’t what motivates us.”
Many accountants today, just like their counterparts in other professions, are looking for more than financial remuneration, according to Daniel Leung, country manager for ACCA Singapore, as quoted in the report. He noted that today’s most successful accounting firms are offering “a blend of career development opportunities, flexible working environments, and a strong sense of purpose aligned with societal impact.”
Meanwhile, survey results revealed an interesting dichotomy between the current talent imperative and advancements in technology.
That is, on one hand, 80% of those surveyed said the use of technology is a powerful tool in addressing talent issues, and 61% said they believe reducing mundane tasks through automation can “create more capacity for engaging and strategic work.”
On the other hand, only 18% said investing in advanced technology is among their strategies for attracting and retaining talent. Wolters Kluwer advised firms to alter that mindset. “Firms that effectively combine automation, work-life balance, and professional development are better-positioned to attract and retain top talent,” the report said.
Another survey finding suggests that the recent trend of return-to-office policies — with a backdrop of President Trump ordering federal employees to return to their worksites — is less welcome within the accounting and tax profession. Offering flexible work arrangements, including hybrid and remote working models, is among the top steps that 37% of accounting firms are taking to close the talent gap.
“Our goal is to make our staff feel like they are part of a community — that they are seen as a person and not a number,” Amanda Kimitry, human resources director at Canada’s Crow Soberman, told Wolters Kluwer, according to the report.
