{"id":53135,"date":"2024-05-22T08:00:00","date_gmt":"2024-05-22T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=53135"},"modified":"2024-05-15T12:43:22","modified_gmt":"2024-05-15T17:43:22","slug":"strategies-for-staff-recruitment-and-retention","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/strategies-for-staff-recruitment-and-retention\/","title":{"rendered":"5 strategies for staff recruitment and retention"},"content":{"rendered":"\n

What do rare diamonds, vintage wine, and accounting talent have in common? They’re all experiencing shortages in today’s competitive landscape.<\/p>\n\n\n\n

Just as preserving rare gems and aged vintages demand strategic effort, so does cultivating skilled accounting talent<\/a>. According to a study conducted by Korn Ferry Institute<\/a>, the United States could face a talent shortage of up to 6.5 million people by 2030, with the financial and business services sector being the most impacted. As the demand for financial expertise surges, the supply of qualified accountants just isn\u2019t keeping pace.<\/p>\n\n\n\n

So how can tax and accounting firms adapt to this talent drought\u2014and ensure they attract and retain the best minds in the business? Here are some tips, tactics, and benefits to enhance your firm\u2019s resilience and adaptability in these changing times.<\/p>\n\n\n\n

#1: Embrace remote work + collaborative tech tools<\/strong><\/p>\n\n\n\n

The pandemic taught us many things, one of them being that our profession won\u2019t crumble if we aren\u2019t all in the office at the same time. If you are hesitant about embracing a remote work model<\/a>, consider starting with a hybrid approach.<\/p>\n\n\n\n

Remote work doesn\u2019t just solve immediate logistical issues; it expands your talent pool globally and increases workforce diversity. For example, our firm<\/a> transitioned to a remote model in 2020 and later adopted a four-day workweek. This shift not only enhanced our work-life balance, but also significantly broadened our hiring reach, allowing us to tap into a diverse range of professionals who might not have considered an in-office role.<\/p>\n\n\n\n

#2: Invest in training and development<\/strong><\/p>\n\n\n\n

It\u2019s often been thought that hiring experienced staff reduces the training spend and learning curve, but as boomer accountants retire or exit the profession, we have to get creative with our approach to training<\/a> and development. Recent errors in the quarterly earnings statements of public companies as reported by Bloomberg<\/a> underscore the impacts of the CPA shortage. This isn\u2019t just about filling positions. It’s about fostering a culture of continuous learning. By investing in comprehensive training programs, especially for entry-level employees, firms can cultivate a more capable, advanced workforce prepared to rise within the ranks. As we prepare for a future where experienced accountants might no longer be available, this proactive approach to skill enhancement is crucial.<\/p>\n\n\n\n

#3: Adapt to the evolving workforce<\/strong><\/p>\n\n\n\n

As the seasoned accountant pool dwindles, we must broaden our hiring strategies. Look beyond traditional resumes. Consider candidates who excel in critical soft skills such as communication and analytical thinking. These competencies are invaluable and often complement the technical skills that can be taught on the job. Tools such as predictive assessments and job auditions offer a practical evaluation of candidates, helping us uncover potential that a resume might not reveal.<\/p>\n\n\n\n

As Gen Z<\/a> starts to constitute a larger portion of the workforce, the appeal of job opportunities emphasizing career mobility and the potential impact of the role cannot be overstated. By tailoring your recruitment messages to these aspects, you can significantly enhance both the quantity and quality of your applicant pool.<\/p>\n\n\n\n

#4: Become an actual \u201cGreat Place to Work\u201d<\/strong><\/p>\n\n\n\n

A vibrant company culture transcends well-crafted statements in a handbook; it is evident in every aspect of operations. Prioritizing the well-being of your team is essential, and it’s about more than just open communication and growth opportunities. You must create an environment where employees genuinely feel valued, respected, and empowered. Getting to know your workforce will make all the difference. This intel should guide your recognition methods, benefits packages, and the way in which you support your team. These could include health insurance, retirement plans, flexible spending accounts, wellness programs, and additional perks such as paid time off for volunteering or parental leave.<\/p>\n\n\n\n

According to the Harvard Business Review<\/a>, 73% of all employees juggle some form of caregiving responsibilities. Knowing that potentially three out of four of your employees could be caring for a child, relative, or aging parent\u2014while juggling work\u2014can better equip you to create an environment that allows them to bring their best selves to work. This thoughtful approach doesn’t just boost morale<\/a>; it strengthens the entire company culture, leading to better retention and overall productivity.<\/p>\n\n\n\n

#5: Prioritize work-life integration<\/strong><\/p>\n\n\n\n

In 2023, Hudson Labs conducted an analysis for Bloomberg News<\/a>, noting that more than 700 companies identified a lack of sufficient staffing as a potential source of errors\u2014a 30% increase from 2019. This talent shortage strains existing staff, leading to burnout and increasing the likelihood of errors as overworked employees struggle with growing workloads. Balance is key to preventing burnout and maintaining high levels of productivity and morale. Encourage employees to prioritize their well-being by setting boundaries between work and personal life<\/a>. If you don\u2019t encourage it, laws<\/a> such as the bill recently proposed in California could soon be put into effect that would mandate it. Implement policies that promote flexibility, such as flexible hours or unlimited PTO, to accommodate individual needs and preferences.<\/p>\n\n\n\n

Put yourself in the driver\u2019s seat<\/strong><\/p>\n\n\n\n

Addressing the talent shortage in accounting requires more than temporary fixes. It demands a strategic transformation in how we recruit, train, and retain professionals. By embracing flexibility, enhancing training, broadening our understanding of candidate potential, and fostering a supportive work environment, we can ensure that our firms not only survive, but thrive in the face of these challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"

Get tips, tactics, and benefits to enhance your firm\u2019s resilience and adaptability in these changing times. Al-Nesha Jones, CPA, MBA, explains.<\/p>\n","protected":false},"author":144649039,"featured_media":53137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[116807],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[646041839],"class_list":["post-53135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management"],"header_image":"","yoast_head":"\n5 strategies for staff recruitment and retention - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/strategies-for-staff-recruitment-and-retention\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 strategies for staff recruitment and retention - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"Get tips, tactics, and benefits to enhance your firm\u2019s resilience and adaptability in these changing times. 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ASE Group specializes in making the dollars make sense through solid recordkeeping, proactive tax planning, tax preparation, and year-round advisory support for entrepreneurs in New Jersey, New York, Connecticut, and Pennsylvania. She was recognized as a 2021 CPA Practice Advisor \"40 Under 40\" Professional. Prior to forming ASE Group, Al-Nesha successfully managed teams with Ernst & Young and Prudential Financial in audit, assurance, and financial reporting roles. In addition Al-Nesha is a member of the Intuit\u00ae Tax Council, a member of the Intuit Trainer\/Writer Network, an inaugural member of the CHIP Professionals Council (CHIP is bridging the gap between consumers of financial products and financial professionals of color), a member of the National Society of Black CPAs and the National Association of Black Accountants, a mentor at her alma mater, Montclair State University, president of the 501c3 organization Black-Owned Everything, and also teaches a college-level bookkeeping course. Follow Al-Nesha on Twitter @AlNeshaJ_CPA.","url":"https:\/\/accountants.intuit.com\/taxprocenter\/author\/alneshajonestax\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/05\/5-strategies-for-staff-recruitment-and-retention-copy.jpg","jetpack_shortlink":"https:\/\/wp.me\/pazjGh-dP1","jetpack-related-posts":[{"id":10916,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/staffing-trends-in-the-tax-and-accounting-profession\/","url_meta":{"origin":53135,"position":0},"title":"Staffing Trends in the Tax and Accounting Profession","author":"Sara Russell","date":"November 10, 2017","format":false,"excerpt":"Discover salary information and human resource trends for staffing in a tax and accounting firm.","rel":"","context":"In "Practice Management"","block_context":{"text":"Practice Management","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/practice-management\/"},"img":{"alt_text":"staff in a tax and accounting firm","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/pto.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/pto.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/pto.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":16106,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/the-top-5-trends-in-accounting-for-2019-and-beyond\/","url_meta":{"origin":53135,"position":1},"title":"The top 5 trends in accounting for 2019 and beyond","author":"Patti Newcomer","date":"May 15, 2019","format":false,"excerpt":"What are the hot trends in tax and accounting? 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