Strategies for Success in 2024

In today’s highly competitive and complex landscape, attracting and retaining high-performing talent in chartered accounting firms is more crucial than ever; tackling recruitment challenges head-on by crafting a tailored talent acquisition strategy is the cornerstone of success.

By the end of this article, you will have practical and applicable tips to not only draw in exceptional candidates but also nurture their growth, drive productivity and performance and keep your high-achievers committed to your firm. If you need any further guidance, don't hesitate to reach out.

Understanding the Essence of Talent Management

Talent acquisition isn't just about filling positions; it's about creating an environment where employees thrive from day one. Research indicates that firms prioritising onboarding retain 50% more new employees. As we move forward, with millennials projected to dominate the workforce by 2025, the dynamics of employment expectations are evolving. Flexibility and work-life balance are increasingly sought after, making it imperative for firms to adapt their strategies to attract and retain the best talent.

With the growing competition for talent, it is unsurprising that many chartered accounting practices are choosing to structure their talent acquisition strategies around flexible skills when advertising for new accounting roles, helping them build a more adaptable, agile and future-ready accounting workforce. In fact, 59% of HR leaders prioritise building critical skills and competencies.

Challenges Facing Australian Chartered Accountants

Several factors contribute to the current recruitment challenges in the accounting sector:

• Decreasing unemployment rates post-COVID-19

• Intensified competition in the job market

• Rising inflation affecting salary expectations

• Visa policy changes impacting skilled migrant availability

• Growing demand for flexible work arrangements

• Lack of advanced accounting tools and technologies

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Strategies for Building an Effective Talent Acquisition Plan

Cultivate Your Employer Brand: Your firm's reputation matters. Establishing an authentic employer brand can significantly enhance your recruitment efforts, and aligning with candidates' values, fostering transparency, and showcasing your workplace culture across social channels can make your firm more appealing to potential hires.

• Aligned values. According to a Deloitte Millennial Survey, “Millennials and Gen Zs, in general, will patronise and support companies that align with their values. Younger generations are putting their money where their mouths are when it comes to supporting businesses that make a positive impact on society. Many say they will not hesitate to lessen or end a consumer relationship when they disagree with a company’s business practices, values or political leanings.”  

• New talent will likely value transparency and authenticity. Demonstrate your practice’s workplace culture across your social channels – from behind-the-scenes footage of your firm on Snapchat and Twitter to photos of your working environment and events on Facebook to employee quotes and interviews with existing employees on LinkedIn.

• The recruitment experience. A branded recruitment portal is a fantastic way to improve the candidate experience from the first touchpoint, enabling potential employees to see a window into your firm and get an idea of your culture.  

• Employees as advocates. Once candidates become employees, they will expect to live the brand they experienced during the accounting staff hiring process, so it must closely align with your true workplace culture and employee experience. When it does, your new hires will become engaged and passionate members of your accounting team and be the best advocates of your accounting firm, helping you acquire more talent.  

Embrace Digital Hiring: A robust online presence is crucial today, utilise platforms like Seek and social networks to advertise roles effectively. Automated pre-employment screenings can help to streamline the hiring process, ensuring efficiency and compliance, and smooth onboarding experiences further enhance employee retention.

• Candidates research employers before applying for accounting jobs. Websites like Seek, which allows employees to anonymously review their workplace, may form part of this research so it is worth checking out whether your existing employees have contributed and what they might say to a new candidate about your employee satisfaction rates.  

• Accounting firms hiring can advertise via social networks. Social networks are one of the most powerful ways of attracting and acquiring talent, with the ability for accounting firms hiring to design targeted ads for your ideal job candidates and as a way for potential talent to get an idea of your firm’s brand and values.  

• Pre-employment screening. Automated pre-employment screening ensures secure verification of candidate credentials and background checks, making this process quicker and easier too. Pre-employment screenings can help firms remain compliant, whilst speeding up the process to hire an accountant.

• A slick onboarding process. HR interactions should be slick and efficient throughout the onboarding phase too, as studies have shown that focusing on onboarding can help companies retain 50% more new employees than those that don’t.  

Adapt to Generational Expectations: Understand the diverse expectations of different generations; millennials and Gen Z prioritise work-life balance, while Gen X values autonomy and career progression. Tailor your incentives, engagement tools, and development opportunities to cater to each group's needs.

• Most millennials and Gen Z candidates will aspire to a better work-life balance and tend to see gig economy flexibility combined with traditional employee stability as a positive mix. Gen X, known for their entrepreneurial spirit and strong work ethic, will also be engaging in the debate on how to achieve a positive work-life balance, so firms with the ability to accommodate flexibility will fare best in attracting and retaining talent across all generations.  

• As the generation most likely to switch jobs, and be on the lookout for new opportunities, millennial accountants aren’t likely to be tied to the same job for long if they’re not satisfied or they feel underappreciated. The types of incentives you offer, along with your accounting firm’s employee engagement tools, workplace wellbeing strategies and employee development opportunities will need to be communicated from the outset during the hiring process, and available throughout the employee lifecycle to support retention for your firm.

• Gen X on the other hand is more likely to stay longer with a firm. According to Indeed, a commonality across Gen X candidates is the value placed on autonomy, self-improvement, clarity, and flexibility. They are also more likely to use LinkedIn and Facebook to search for a job. Many accountants in this group will have accumulated a wealth of experience – with skills that go beyond what they use in their current role – and are more likely to be looking for management or leadership roles. Acknowledging the potential for these transferable skills can help recruiters craft the best recruitment ads to attract Gen X accountants.

Offer and Highlight Career Progression & Development: Millennials value career advancement opportunities, today it’s a culture that supports internal mobility and invests in mentoring programs to facilitate knowledge transfer is the ‘price of entry’. Encourage continuous professional development to foster a culture of growth and retention.

• Create career progression and development opportunities; millennials have strong expectations when it comes to career progression, with a PWC report finding that millennials would rather choose to work for a company that can offer a route to rise through the ranks, over one paying an initially attractive wage. A Gallup survey highlighted that when millennials are not challenged, they become complacent, disengaged, and leave.

• Building a culture that supports employees’ ability to move around within your firm, along with digital tools to enable their growth, accounting practice management software, for example, will help support both talent acquisition and retention.  

• A mentoring programme is an ideal way to encourage skills transfer across generational groups and ensure important knowledge is retained within the accounting firm when individuals leave, helping to ensure succession plans are also built into your talent acquisition strategy.

• Skilled employees should be provided with opportunities to best utilise their continued professional development (CPD) points each year and progress their career, helping embed a culture that all employees can be inspired to work in.

Conclusion: Investing in Talent Always Pays Off

In the realm of talent acquisition, what you invest is what you'll reap. By prioritising employee engagement, embracing digital innovation, and tailoring strategies to meet generational expectations, chartered accounting firms can overcome recruitment challenges and build a thriving workforce.

Remember, the key to success lies in proactively nurturing your talent pool and adapting to evolving dynamics in the marketplace.

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