Challenges With Attracting & Retaining Top Talent In The Accounting Industry

Attracting and retaining talented accountants at both a junior and senior level can be a real struggle for firms.

There’s a tricky balance to strike, with some highly experienced accountants missing key skills and lots of newer accountants still needing that vital experience accrued by many years in the industry. The challenge is to try and find some balance, and sometimes this can mean looking beyond the usual pool of jobseekers.

The Skills Gap and Hiring Accountants

The skills gap in the accounting industry is a problem for many businesses looking to hire top talent. Modern accountants need to be good with much more than just the numbers. Lots of the process can be digitised and might require a relatively high level of digital literacy. On top of this, modern accounting roles rely on a sound knowledge of data and analysis to contribute to the success of the business.

Some accountants, particularly those with long careers at traditional businesses don’t always have these technical skills. The learning curve with apps and software can be steep and it’s important that hiring companies don’t underestimate the cost of this training to the business.

It can be tricky to outline which skills are the most important for your team, particularly with new roles often being hybrids of what might have been several roles. In fact, one study found that 77% of the people questioned disagreed with the traditional definition of an accountant all together. This shows that the industry has changed a lot, and might be why skills and experience in combination can be difficult to find — the role has evolved.

The Appeal of Accounting and Finance

To appeal to the very best candidates, businesses now must make a conscious effort to be a better workplace than the competition. The hiring market is competitive and highly skilled workers can be few and far between, so it’s crucial that employers try to stand out from the crowd.

Here are some of the options that firms are using to attract new hires:

• Remote working
• Health benefits
• Flexible working hours
• Better pay and bonuses

Of course, all of these can cost a business a significant amount over time, especially where it needs to be rolled out to every employee. This is where offshoring your work to a remote team/team member can be a cost-effective and productive option.

Burnout And Seasonal Hiring Problems

There are busy times of the year that cause burnout for many accountants. During these times it can be extremely difficult to recruit so it’s vital to retain the already talented accountants you have. There are several ways that firms can focus on retention.

Controlling workload can be a big part of this. During busy periods accountants can work long hours and cover lots of important deadlines. Rather than overwhelming employees, companies choose to outsource the workload to reduce stress and prevent burnout.

Where To Find Experienced Accountants

Without competing with other firms, there are options available that allow you to take advantage of experienced and skilled workers whilst also taking the pressure off your existing team.

Offshoring accounting work is a really popular way to access good accountants as and when you need them. They act as an extension of your in house team and you don’t need to worry about the responsibility of taking on new hires.

By Janita Kapoor – Client Relations Advisor at The dot HQ

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