With the demand for accounting talent continuing to increase, you may be having challenges filling roles within your organization. Due to ongoing changes in the accounting industry, the need for qualified accountants will continue to increase. Therefore, you must uncover why your company is having trouble finding those candidates so you can keep your organization moving forward.
4 Reasons Accounting Talent Is Tough to Find
1. Top Candidates Receive Multiple Offers
The most in-demand accounting candidates receive multiple job offers. Due to increasing competition for the most qualified accountants, companies are offering increased salaries, relocation assistance, extra training programs, flexible schedules, and additional benefits and perks to make their offers even more attractive. If your company lacks the resources to attract the most desirable candidates, you may lose them to a competitor.
2. Candidates Are Being Recruited at University
Accounting candidates with desirable grade-point averages are being recruited in university. For instance, top students are offered internships public practice and industry firms. Because these students gain valuable work experience, form connections with coworkers, and know whether they fit with company culture, they are more likely to be offered roles with the company after graduation. If you are not offering internships or other training opportunities to local accounting students, you may be missing out.
3. Universities Cannot Accommodate All Accounting Applicants
In many cases, more accounting students apply to universities than can be accommodated. For instance, because universities have limited space for accounting classes, many students attend university elsewhere or change their career goals.
4. Candidates Lack Experience
Millennial accounting candidates, who make up approximately half the workforce, typically lack the experience that you need. For instance, as more Baby Boomers retire, they take their decades of knowledge, skills, and experience with them. Also, because Millennials enjoy taking on new challenges, they typically do not stay with an organization more than a few years. Additionally, training accountants to keep up with changing IT demands can be challenging. Further, Millennial accounting candidates often are unable to provide the consulting and planning services that companies need. Plus, keeping accountants current with changes in revenue recognition, credit losses, and leasing standards may be difficult. Without the resources to provide training programs for less experienced candidates, you may have trouble finding experienced accountants.
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