How Small Firms Can Win the Talent Wars

Three young people working in an officeGetting creative can bring in better talent and better clients.

By Frank Stitely
The Relentless CPA

One afternoon, the partner group of our outsourced accounting practice met for a state of the practice meeting conducted by our director of outsourced accounting. Our prior director left and we were looking for someone when one of our newbies asked if he could be considered.

MORE: Easy Ways to Avoid ‘Done But’ Tax Returns | Six Ways to Create a Millennial-Friendly Firm | Do You Know Your Turnaround Time? | Why Hiring Out of School Works | Leadership Growth is a Two-Way Street | Quiet Quitting: Are Employers Culturally Aware? | How to Guide Students into Accounting | Three Strategies to Keep Emerging Leaders Engaged
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The 25-year-old had one year of experience, and we were chasing a controller-type person. The whole outsourced practice was in shambles. Revenue was nil and any clients we had were unsatisfied.
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Talent Retention: Five Tips for an Audit Adjustment

Dodge the perfect storm of quiet quitting, the great resignation and busy season.

By Chis Vanover

Vanover

Chris Vanover is an outspoken survivor of the Big 4 and PCAOB and has committed himself and AuditClub.cpa to helping transform how public accounting firms deliver audit and assurance services. 

The accounting industry is facing a growth in demand but suffering a squeeze on available talent.

Bloomberg Tax calculates that the number of accountants and auditors employed fell 17 percent between 2019 and 2021. The shortage starts on the supply side: The number of U.S. students completing bachelor’s degrees in accounting declined from 2016 to 2020, according to the AICPA’s 2021 Trends Report.

MORE TRENDS & OUTLOOK for 2023: The Biggest Change in Accounting? Personnel | Look Who’s Making Money Now | Merger Minded? Go Out on Top! |  Capacity Strategies Drive Change | Who Wants to Be Partner? Not Enough | Private Equity Heats Up M&A | Top Five Trends |  Compensation Gets Creative | CPA Partners Rejoice on Surging Fee Growth | The Office Is Over | Accounting Firms Face Up to Private Equity | IRS Hires Will Add Pressures | Consolidation Brings Challenges, Opportunities |

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The short supply is aggravated by high turnover and growing demand. Accountants have been leaving corporations and audit firms in record numbers. Though it’s been expected for some time that baby boomer retirements would produce a talent crunch, the crunch has been earlier and tighter than expected because of the great resignation.
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When Silence Is Golden … and Not

Businesswoman with hand to foreheadA cautionary tale about commitment for partners-to-be.

By Martin Bissett
Passport to Partnership

Ask yourself and answer these questions when considering the current and future “commitment” behaviors that you’ll employ.

MORE ON THE PASSPORT TO PARTNERSHIP: What Commitment Means Now | 13 Steps to True Commitment | When to Ignore a White Lie: A Cautionary Tale | Communicate Your Worth and Value | Best Practices for One-on-One Communication | Learn to Read Your Firm’s Culture | Experts Advise What Partnership Takes
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1 – What is my first reaction to being asked to work outside of my normal hours?

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What Commitment Means Now

Smiling woman with colleagues in backgroundDo you and your firm have the same perception?

By Martin Bissett
Passport to Partnership

The Passport to Partnership study collated a number of responses in a conversational style. The need for commitment is showcased below and was repeated many times in various different ways.

So many use us as a stepping stone and we’re now trying to determine who those are at the interview stage.

MORE ON THE PASSPORT TO PARTNERSHIP: 13 Steps to True Commitment | How Good Is Your Network? | RFPs: 7 Things NOT to Do | 5 Ways to Evaluate Your Communication | 7 Levels of Communication Management | 5 Ways to Get Buy-In for Firm Culture | Partnership: Competence Is Just the Foot in the Door
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Proof – if any were needed – that long-term commitment is not a given in the next generation of accounting professionals.
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13 Steps to True Commitment

Martin Bissett: "Make continual deposits in the goodwill account."What it means for partners.

By Martin Bissett
Passport to Partnership

Rising from senior manager to partner often means being promoted ahead of our peers and contemporaries. It creates a gap in earnings, stature and influence compared to those who just yesterday were our colleagues on a level playing field.

MORE ON THE PASSPORT TO PARTNERSHIP: How Good Is Your Network? | Shift Thinking from ‘We’ to ‘You’ | 7 Mistakes to Avoid When Going After New Work | Why Communication Matters So Much | 3 Questions to Evaluate Your Firm Culture | Competence: More Than Technical Skills | Are You Partner Material? Maybe Not
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It can also mean that if we are coming into a firm from the outside, we are being promoted over people who have served at that firm for many years and understand the culture of the firm a lot better than we do right now. We may have to lead these people as the head of a department and if so, they’d better be on our side.
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How Good Is Your Network?

4 happy co-workers looking at man's tabletBONUS CHECKLIST: 5 questions to evaluate your network and skills.

By Martin Bissett
Passport to Partnership

Ask yourself and answer these questions when considering the current and future “conversion” tactics that you’ll employ.

MORE ON THE PASSPORT TO PARTNERSHIP: Shift Thinking from ‘We’ to ‘You’ | When to Ignore a White Lie: A Cautionary Tale | Communicate Your Worth and Value | Best Practices for One-on-One Communication | Learn to Read Your Firm’s Culture
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  1. If I were to start today, could I name four businesses that I’d like to reach out to?
  2. What is our firm’s net fee growth goal this year and what can I do to contribute to it?
  3. What do I need to do to be able to handle the tough stuff like negotiation, pricing and handling objections? What start to learning these skills can I make today?

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Shift Thinking from ‘We’ to ‘You’

Portrait of a cheerful businessman smiling at the cameraBusinesses place value on expertise.

By Martin Bissett
Passport to Partnership

Please start understanding, valuing and respecting your own value in the marketplace with clients who could not reach their goals without you.

MORE ON THE PASSPORT TO PARTNERSHIP: When to Ignore a White Lie: A Cautionary Tale | RFPs: 7 Things NOT to Do | 5 Ways to Evaluate Your Communication | 7 Levels of Communication Management | 5 Ways to Get Buy-In for Firm Culture | Partnership: Competence Is Just the Foot in the Door | Are You Partner Material? Maybe Not
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Businesses are in need – sometimes desperate need – of your technical expertise and caring approach.
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When to Ignore a White Lie: A Cautionary Tale

Businessman covering face with handsHow well do you represent your firm?

By Martin Bissett
Passport to Partnership

The Passport to Partnership study collated a number of responses in a conversational style.

MORE ON THE PASSPORT TO PARTNERSHIP: RFPs: 7 Things NOT to Do | 7 Mistakes to Avoid When Going After New Work | Why Communication Matters So Much | 3 Questions to Evaluate Your Firm Culture | Competence: More Than Technical Skills
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The main example that really stood out as the major indicator of a need for each future leader to be able to “convert” new business is showcased below and was repeated many times in various different ways.
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