In the dynamic landscape of accounting firms, success isn’t just about the numbers; it’s about the people behind them. As the world grapples with an unprecedented accountant shortage, firm owners are recognising the paramount importance of keeping their employees content and engaged. In fact, over 90% of accounting and audit firms have identified the recruitment and retention of skilled personnel as a top priority.
The pressures on accounting firms are manifold, stemming from rising client expectations, ever-evolving regulations, and the pervasive talent shortage. This confluence creates a heightened risk of burnout among employees, making it imperative for firms to focus on operational efficiency. Overworking the team is a direct path to increased staff turnover, adding strain to those who remain. With more than a third of accounting firms finding talent retention ‘extremely challenging’, enhancing efficiency becomes a critical strategy.
Understanding the needs of the upcoming Generation Z workforce is paramount. Despite a significant portion of small accounting firm partners being over 60, they recognise the necessity of envisioning what it takes to keep Gen Z employees satisfied. By 2025, Gen Z is expected to constitute one third of the workforce, making it essential for firms to create a technology-driven culture. This forward-thinking approach not only facilitates time and cost savings but also gives firms a competitive edge in both hiring and retention.
The accounting profession is witnessing a decline in young professionals entering the field. However, a staggering 85% of accountants believe that technology can reverse this trend by offering more engaging work. This insight is crucial as the younger generation is breaking away from the traditional career trajectory of spending decades at one firm, starting with mundane tasks. Job hopping has become synonymous with Gen Z professionals.
Yet, the workforce challenge extends beyond Generation Z. A recent survey reveals that over half of accountants lack confidence in remaining with their current firm for the next year, with many contemplating leaving the industry altogether. Coined as the ‘Great Recalibration’, professionals of all ages are re-evaluating the time and energy they invest in their jobs, emphasising factors like work/life balance, burnout, and the opportunity for a more substantial role within the company.
Amidst these challenges, the right technology emerges as a saviour for fostering positive relationships with employees. It’s not just about IT solutions; it’s about seamlessly integrating technology into the fabric of employees’ work lives. When considering a tech solution, it’s crucial to look beyond features and functionality. Evaluate how it empowers employees to perform their jobs more efficiently, eliminates mundane tasks, and adds tangible value to their daily work. By ticking off these boxes, accounting firms can create a more fulfilling, less stressful work environment that becomes a magnet for top talent. In the age of digital transformation, strategic technology adoption becomes the key to success in attracting and retaining the workforce of tomorrow.
Author
Denise Maré CA(SA), Project Director: Practice at SAICA
