Yes, it’s true the accounting industry is shrinking. It is not immune to the decline in professionals like what is seen in other industries. According to the 2021 AICPA trends report, the number of accounting graduates and new CPA exam candidates has declined over the past several years. There are a multitude of factors contributing to this decline. Like other industries, COVID was a major disrupter in the accounting world. Schooling and entry for CPA exams were delayed. Fewer individuals are interested in pursuing the CPA credential. Increased workload has led to burnout and poor morale. Automation is becoming a possibility. Pair this with the addition of 87,000 new IRS employees and the tsunami of audits to follow, will likely lead to deleterious effects on employee retention in the accounting industry.
With fewer candidates available, now is the time for employers to evaluate their recruiting process to find the right talent for their firm. I spoke with Christina Morse, WealthAbility® recruiter to gain her valuable insight and learn some helpful tips on a successful recruiting process.
To find the right candidate, the employer must first become self-aware and analyze their identity as a company or a brand. They should examine what is truly needed in their firm, such as their work style, personality, what type of people succeeded and who did not and why. You must in essence identify what you are looking for in order to find the right match for your company. You want to find people who will thrive in your environment. It is imperative to take this information to develop an effective job description focusing on those qualities and competencies you have identified.
Identifying your firm’s culture is crucial for not only attracting the right candidates, but also vital for employee retention. Conveying your company’s brand and values is extremely important with this tight labor market. Another result from the pandemic is that it changed the workplace landscape. A large percentage of employees seek remote positions as they desire a culture that facilitates a strong work/life balance. It would be a good idea for firms to evaluate their ability to offer remote or a hybrid work environment to attract the right candidates as well as retain employees. Creating a work culture that values a better work/life balance, as well as offers benefits, mentorship, and continuing education and training, can enhance overall morale, which is immensely important for maintaining employee retention as well as for targeting a younger generation of CPAs.
To learn more about recruiting and retaining the right candidates for your firm, please contact us today!