The Accounting World is Bracing for a Talent Exodus - Are You Prepared?

A groundbreaking global study reveals a profession in turmoil, with widespread dissatisfaction threatening to drain the talent pool. In this hard-hitting solo episode, host Rob Brown unpacks the uncomfortable truths unearthed by the ACCA's (Association of Chartered Certified Accountants) on global talent trends in the accounting profession. The study, based on data from nearly 10,000 accounting and finance professionals across 157 countries, reveals that many accountants are dissatisfied and unsettled in their roles.

Rob delves into the reasons behind this dissatisfaction, including concerns over pay levels, work-life balance, and the impact of technology and AI on jobs.

The episode also highlights the growing desire for remote and hybrid work arrangements, with only 9% of employees at Big Four firms preferring to work in the office full-time.

Rob emphasizes the importance of adapting to these changing workforce preferences to attract and retain top talent.

Key Takeaways:

• Only 57% of respondents work full-time in the office, while 8% are fully remote. (00:02:00)
• 75% of respondents said they go to the office because their employer requires it. (00:03:50)
• 34% of respondents at small firms and 38% at Big Four/mid-tier firms are unhappy with pay levels. (00:07:10)
• Inflation impacting salaries is the biggest work-related fear for 40-44% of respondents across firm sizes. (00:10:00)
• 46% of Big Four employees fear for their mental health. (00:10:20)

Quotes:

"Compensation is a big thing. Remote working is a big thing. The talent pipeline, people are leeching out of accounting once they're in it, and people are not coming into it in the first place." (00:16:20)

"It should be the governing bodies, but even the accounting leaders, the influencers all have a responsibility, we might say, to shape the profession and be an ambassador for the profession." (00:15:50)

You can watch this episode and more on our YouTube Channel: https://youtu.be/5rB_ATw-vOU

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of remote recruiting by tapping into a natural pipeline of job seekers.

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

In this episode of the Accounting Talent Podcast, Rob Brown and Jeff Phillips discuss the importance of effective onboarding practices for new hires in remote or hybrid accounting firms. They emphasize that a strong onboarding process is crucial for reducing employee turnover, increasing engagement, and ensuring long-term success for both the employee and the firm.

The hosts share their insights and strategies for creating a welcoming and seamless onboarding experience, from setting clear expectations to fostering social connections within the team.

Jeff Phillips also shares a personal story that highlights the impact of a poor onboarding experience and how it can lead to disengagement and premature resignation.

The episode provides a comprehensive checklist for accounting firms to implement a successful onboarding system, including assigning buddies or mentors, conducting regular check-ins, and ensuring new hires have clarity on their roles and the necessary resources to succeed.

5 Key Takeaways:

• The main reasons why knowledge workers leave a new employer within the first 100 days are lack of clarity about their job, not having the necessary resources to succeed, and feeling socially disconnected from the team. [00:06:30]
• Firms should consider starting new hires on Fridays rather than Mondays to create a more relaxed and enjoyable onboarding experience. [00:09:45]
• The first meeting with a new hire should focus on the company's vision, how the employee's role fits into that vision, and setting expectations for feedback and communication. [00:11:30]
• Assign a buddy or mentor to the new hire to serve as a guide, confidant, and problem-solver during the first year. [00:17:45]
• Conduct 30-day check-ins with new hires to ensure they have clarity on their job and have the necessary resources to succeed. [00:20:45]

Quotes:

1. "We need to have a system and a philosophy about making sure people get that social interaction that they need, especially if your hire is remote." [00:19:45]
2. "The turnover causes cascading issues inside the firm. A strong start reduces turnover." [00:26:30]

You can watch this episode and more on our YouTube Channel: https://youtu.be/38eDsO0u8B8

Onboarding Checklist from Jeff

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their

On this episode of The Accounting Talent Podcast, host Rob Brown is joined by Jeff Phillips, CEO of Padgett Business Services and founder of AccountingFly, wherein they delve into the concept of "talent stacks" for accounting firms. Jeff explains how a talent stack is an integrated system that firms can use to efficiently and reliably deliver value to their clients by creatively combining different types of talent assets.

The discussion revolves around the ongoing talent crisis in the accounting industry, characterized by more job opportunities than qualified candidates. Jeff posits that the traditional approach to hiring is no longer sufficient and advocates for firms to embrace creative staffing solutions, including remote hiring, freelancers, and outsourcing.

Jeff highlights the significant advantages of remote hiring, citing statistics from his company, AccountingFly, which specializes in placing remote CPAs in firms across the United States. He emphasizes the cost-effectiveness, faster hiring timelines, and access to a broader talent pool that remote hiring offers.

Additionally, Jeff stresses the importance of incorporating freelance and interim talent into the talent stack, enabling firms to tap into the growing gig economy and address specific project needs or busy seasons without committing to full-time hires.

Lastly, Jeff explores the concept of outsourcing and offshoring, particularly leveraging talent from countries like India, the Philippines, and Mexico, where firms can access skilled and trained talent at a significantly lower cost.

5 Key Takeaways:

• The talent crisis in accounting is real, with more job opportunities than qualified candidates, forcing firms to explore creative staffing solutions. [03:30]
• Building a "talent stack" by combining different types of talent assets, such as remote hires, freelancers, and outsourced teams, can help firms deliver value efficiently and reliably. [01:00]
• Remote hiring offers significant advantages, including faster hiring timelines, access to a broader talent pool, and potential cost savings. [06:00]
• Incorporating freelance and interim talent into the talent stack allows firms to address specific project needs or busy seasons without committing to full-time hires. [11:00]
• Outsourcing and offshoring to countries like India, the Philippines, and Mexico can provide firms with access to skilled and trained talent at a lower cost. [16:30]

Quotes:

"The war for talent is over, and the talent won." "If you're not addressing freelance and interim as part of your recruitment strategy, you can't win the race for talent because you're leaving candidates an opportunity on the table."

You can watch this episode and more on our YouTube Channel

https://www.youtube.com/watch?v=prk7MAc8XaU

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

Thanks to our sponsors:

ACCOUNTINGFLY. Connecting employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of