A global accounting industry survey 💡 of more than 6,000 accountants and auditors conducted earlier this year revealed the No. 1 challenge respondents currently face is attracting and retaining skilled talent.
The accounting industry is feeling the effects of the shift in the labor market as workers quit their jobs in search of better roles and greater job satisfaction. The result? Accounting teams are competing 🏅 like never before to appeal to employees who are in a position to pick and choose their work environment.
This is particularly true when it comes to Millennials and Gen Zs. Forbes reports that with Millennials on becoming an overwhelming majority in the workforce (75 percent by 2025) and Gen Zs fast on their heels as greater numbers enter the workforce, the combined influence of the two generations will dramatically transform the workplace.
So, how can companies attract and retain top young accounting talent⁉
Here are four strategies 📕 that successful organizations apply to effectively do so.
👉 Rethink skills. It is critical to rethink the skills of industry up-and-comers. The accounting landscape is changing rapidly – facing emerging trends such as blockchain, cryptocurrency, the metaverse and ESG.
The newer generation wants to see themselves as creative problem solvers rather than “number crunchers”. They want to work with the latest technologies, and it is significant to promote a sense of stability, personal satisfaction, and to reinforce that they are in an exciting, forward-thinking profession.
👉 Boost employee engagement. According to the Deloitte Global 2023 Gen Z and Millennial Survey, young people are concerned about corporate social responsibility (CSR) – the impact of their work on their corporate community, the local community, and the world at large – and want to feel empowered to drive change within their organization.
👉 Ensure a flexible work schedule. The focus has shifted to employee performance vs time. The pandemic has shifted ideas and demands about where and how people work. To maximize job satisfaction organizations today must support work-life balance through initiatives such as hybrid work environments, creative time-off schemes, and allowing people the freedom to work where they are most productive – especially during the long hours of month-end close, audit, and tax seasons.
👉 Adopt a quality management mindset. While older generations may have simply accepted whatever management offered, younger workers are putting a premium on quality. They may choose to simply leave a job and work elsewhere instead of putting up with poor management or what they consider to be a toxic workplace. Gartner recently noted that in the wake of the pandemic, members of leadership teams have become relationship managers, focusing on people under their supervision as much as their work.
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