What happens when you run out of fuel? You stop. But that doesn’t have to be the case for accounting firms running low on talent.
Accounting is not immune to this talent strain. The AICPA noted that “approximately 75% of its members was eligible to retire by 2020.” Meanwhile, the number of accounting graduates has decreased steadily. These trends and continuing turnover from the Great Resignation show why accounting firms rank “finding qualified staff” as a top concern.
Yet, the demand for accounting firm services remains strong. Firms focused on capitalizing on growth opportunities have to navigate through the challenge. Increasing salaries and enhancing benefits are the leading tactics to attract talent. There’s another one firms should consider: technology.