These are no ordinary times for tax and
In 2007, there were 64,221 newly minted accounting graduates at the bachelor and master degree levels, the highest number since 1972, when the American Institute of Certified Public Accountants (AICPA) began surveying the supply and demand equation for graduates. That figure represents a 19 percent increase from the prior survey in 2003-04. Enrollment in accounting and finance is also up significantly.
While that’s promising for the long term, the reality now is that some workplaces are experiencing a shortage of professionals with roughly 3-8 years of experience. Additionally, Baby Boomers are beginning their workforce exodus. Overall, the demand for accounting and
So what can firms do to ensure they have the staff they need now and for the future, while finding talent who combine solid skills with empathy and flexibility? Here are three strategies to consider:
Recruit Often and Early
Keep your pipeline full. Fully 91 percent of accounting firms expect hiring to remain steady or increase, according to the AICPA survey. At the entry level, many firms are focused on their intern programs. At the mid- and upper levels, companies are looking to make lateral hires. Some high caliber people are unemployed because of the turbulent economy.
Further, at all levels, firms are looking to make their workplaces more attractive through flexible scheduling. Although many firms typically took on additional people during busy seasons, some have extended their part time or contract — worker practices year-round.
Also, hire for the present and the future. Right now, firms should be shoring up their bench of people who are well-versed in the International Financial Reporting Standards (IFRS) and Extensible Business Reporting Language (XBRL).
Finally, firms may want to engage a specialized recruiter. With the stiff competition for top people at all levels and the growing need for niche knowledge, hiring is all about having the right resources in place.
Standardize Policies and Procedures and Educate Staff
Change is coming from all directions — economic turmoil, increased professional liability and the expected shift in policy from the Obama Administration — and properly managing that change is a top priority. Therefore, to ensure consistency and quality, firms should standardize policies and procedures; lay out legal and professional expectations; and develop internal specialists to help other employees with current issues. For example, firms may want their employees to use standard procedures for due diligence, pricing, adherence to regulations and reporting, client privacy and confidentiality, among other issues. These things are particularly important if a firm has a lot of new or contract hires, multiple offices or a diverse practice.
What’s Black and White and Gray All Over?
While tax and accounting are often thought of as exacting disciplines, today’s conditions require unprecedented levels of flexibility and even sensitivity. These “gray areas” that preclude black-and-white thinking include clients’ financial as well as personal issues. The most valuable employees will have great technical skills and knowledge as well as “soft skills” – listening, communicating and possessing the ability to see a situation from multiple perspectives.
Using the common default position of years past — ‘let’s base this year’s returns and next-year’s projections on data from the prior year’ — simply won’t work. In some cases, nearly everything will be different, from business income to housing to investments. What’s needed is the ability to comprehensively piece together all the data.
Numbers, Knowledge and Emotional Intelligence
As the current financial climate remains uncertain, successful staffing must involve a long-range plan to deal with a range of situations and a constantly changing environment. Against that backdrop, firms are increasingly looking beyond “By the book” accountants and tax professionals to multidimensional and flexible employees.