Currently, the accounting industry has seen a decline in CPAs. This in part has been due to an aging generation and a lack of interest from younger generations. Furthermore, the addition of 87,000 new IRS employees, will create more work, and likely detract from enthusiasm for becoming a CPA, as well as potentially lead to burnout and exodus from the workforce.
Recruiting a younger generation of CPAs is vital to the overall growth and success of the accounting industry.
As with most industries, they evolve and change, whether you like it or not. You can either choose to adapt and grow or continue along the same path, potentially leading to poor results. Clearly, to remain competitive and attract new CPAs, firms must roll with the changes and be open to recruiting younger CPAs. To attract new grads, firms need to re-evaluate their hiring process and be open to offering opportunities that align with what younger CPAs value.
A benefit of hiring a newly graduated CPA is that even though they do not have the vast experiences that seasoned CPAs have, they are typically bold, impressionable, and crave an opportunity where they can thrive and grow as a professional. These younger professionals often bring a fresh, new outlook and perspective that oftentimes, those who are “set in their ways” fail to see or choose to not change as “they have always done it this way.”
Firms looking to recruit younger CPA professionals need to understand what these professionals value. Due to the pandemic, we have seen a multitude of businesses in a vast array of industries need to adapt and offer remote positions to remain competitive in this labor market. Particularly, a majority of this younger generation has a strong desire to work remotely. If your firm has not addressed this dynamic, now would be a good time to evaluate your capability, as it will take longer to find the right candidate.
Younger CPA professionals seek higher salaries and benefits but are willing to negotiate for a work culture that values and embraces flexibility, happiness, and a harmonious work/life balance. Oftentimes, younger professionals desire an environment where they have a mentor and can grow professionally.
To attract the right candidate, firms need to clearly identify and promote their brand and culture through their website and across their social media platforms. Younger professionals, especially, will be driven to explore and learn the individual firm’s values, culture, diversity, and supported causes to determine if they share the same interests. This will facilitate the right match for your firm and identify those professionals who will thrive in your environment.
To learn more about recruiting the right candidates for your firm, please contact us today!