staffing shortage

Seven Enticements to Keep Talent On Board

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bar chart
More than 85% of those surveyed who have a high desire to stay in public accounting responded that their firm actively
supports their career development.

 

Time is a concern, and so is performance.

By CPA Trendlines Research

The pipeline of incoming accounting professionals isn’t exactly gushing these days. To the contrary, it has slowed to an inadequate dribble.

The scarcity of qualified professionals makes talent retention more important than ever. It’s far easier and less costly to keep current people on board than to attract and onboard new people.

MORE: Employee Retention Is Easier Than Attraction | Let Interns Fix the Staffing Shortage? | Disruptors: Talent Crisis? What Talent Crisis? | Seven Steps to a Stronger Future | Firms Culling Clients as Staffing Woes Persist | Compensation’s Up, but Up Enough to Retain Staff?
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But what do they want? What keeps them happily at their current job?

Well, for one thing, money.

But these days, that’s not enough.
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Employee Retention Is Easier Than Attraction

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four people seated around table

Five conclusions from a new report.

By CPA Trendlines Research

The accounting talent pipeline problem isn’t going away. It isn’t even improving.

But it isn’t hopeless.

MORE: Let Interns Fix the Staffing Shortage? | Disruptors: Talent Crisis? What Talent Crisis? | 3 Ways to Raise the Bar for Your Business | Accountants’ Advice: Be Careful, Quick, Creative … and Lean | Seven Steps to a Stronger Future | Accountants Bullish Locally, Bearish Nationally | Top Performers Lead in Leverage, Culling, Outsourcing | Auditing Standards ‘Yellow Book’ Updated | Firms Culling Clients as Staffing Woes Persist | Revenue Up at 59% of Accounting Firms … and More Good News | Compensation’s Up, but Up Enough to Retain Staff?
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A recent report from the Pennsylvania Institute of CPAs points out that, though the problem is big and the obstacles many, CPA firms can, with enough effort, hold on to the talent they’ve got.

And retaining talent is a lot less expensive than trying to attract it.
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Payroll Leads Job Gains in Tax & Accounting Sector

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line chart
Overall accounting profession employment

 

Everyone is earning more this month, and most downs are slight.

By Beth Bellor
CPA Trendlines Research

The tax and accounting profession is not a bad place for job seekers, it seems. A new analysis by CPA Trendlines shows a lot of up notes, including some in the double digits.

MORE ON JOBS: Let Interns Fix the Staffing Shortage? | Accountants Bullish Locally, Bearish Nationally | Accounting Hiring Hits Another High | Compensation’s Up, but Up Enough to Retain Staff? | Staff Wages Hit Record High | Despite Staffing Crunch, Firms Freeze Pay Raises | Tax & Accounting Firms Grow for 9th Straight Month | Tax & Accounting Profession Grows, but Wages Don’t
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New highs are coming in:

  • The accounting profession overall
  • Staff earnings
  • Payroll staff
  • Payroll staff earnings
  • Women overall and in CPA firms

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Disruptors: Talent Crisis? What Talent Crisis?

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Disruptors Wiley, Deshayes, Satterley, Etienne, Penczak and Vanover offer their takes on staffing in the accounting profession.

By Amy Welch

In a post-pandemic gig economy, the rest of the world laments the staffing crisis. However, while the solutions may not be easy, they seem to be pretty simple.  

Follow the Disruptors here

MORE THOUGHT LEADERS: James Graham: Drop the Billable Hour and You’ll Bill More | Karen Reyburn: Fix Your Marketing and Fix Your Business | Giles Pearson: Fix the Staffing Crisis by Swapping Experience for Education | Jina Etienne: Practice Fearless Inclusion | Bill Penczak: Stop Forcing Smart People to Do Stupid Work | Sandra Wiley: Staffing Problem? Check Your Culture | Scott Scarano: First, Grow People. Then Firm Growth Can Follow | Jody Padar: Build a Practice that Works for You, Not Vice-Versa | Ira Rosenbloom: With M&A, Nobody Wants a Fixer-Upper | Peter Margaritis: The Power Skills Every Accountant Needs | Joe Montgomery: Find the Sweet Spot of the Right Clients, Right Services and Right Prices | Marie Green: Your Bad Apples Are Ruining You | Megan Genest Tarnow: Hire for Curiosity Rather Than Compliance | Clayton Oates: One Way to Keep Clients for Life |

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In the CPA Trendlines Disruptors one-on-one interview series with Liz Farr, some of the profession’s most innovative thinkers suggest solutions ranging from re-examining your firm’s culture to tapping into two-year colleges for new talent. Here, several weigh in on what they see as the potential answers to one of the most troubling issues in the accounting profession.

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Let Interns Fix the Staffing Shortage?

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Source: IIA

Critical demand for data analytics, cybersecurity, and artificial intelligence skills.

By CPA Trendlines Research

Internships could play a pivotal role in addressing the talent needs of the profession, according to a new study.

MORE in TALENT & CAREER DEVELOPMENT: Talent Crisis? What Talent Crisis? | Why Would Anyone Become a CPA? | Five Questions About Facing Challenges | It’s Time to Prepare the Next Generation | Fifteen Strategies for First-Time Supervisors | Measure Knowledge Gaps (Then Close Them)

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With 74 percent of internships designed to lead to permanent employment, these programs are not just supplemental but foundational to preparing students for professional roles.

Still, only 28 percent of college programs make internships integral to the curriculum. READ MORE →