In the accounting industry, it’s quite common for businesses to face challenges when looking for top-notch professionals. The demand for skilled accounting experts continues to grow especially in the current industry setting.
In fact, we conducted a study where 25% of our respondents stated that accounting and finance roles are one of the most difficult positions to hire for. IT roles took the lead at 32%, followed by administrative positions at 28%.
Global skills shortage plays a huge role in this. According to ManpowerGroup’s 2022 Global Talent Shortage Survey, accounting and finance roles, including certified accountants, auditors, and financial analysts, have emerged as some of the most challenging positions to fill globally.
Let’s take a closer look at the underlying factors that contribute to this hiring challenge. Here are several reasons why it’s difficult to fill accounting and finance roles:
The market is buzzing with intense competition
The finance and accounting talent pool is a real battleground where companies are competing for the best candidates out there. It’s especially much tougher for smaller companies or startups to stand their ground against the big players for some obvious reasons.
Other than having a known branding, the larger organizations, accounting firms, and financial institutions have significant resources at their fingertips. This allows them to offer unmatched compensation packages.
This makes smaller companies or startups struggle to attract top-notch finance and accounting professionals.
The industry and its technology are continuously evolving
The finance and accounting industry has been going through some major changes. Technology is advancing, and there’s a lot more focus on regulations. These factors are really shaking things up in the industry.
Finding candidates who possess the latest know-how in financial software, data analytics, operations, compliance, and other relevant areas can be quite a challenge. It’s even more difficult to come across individuals who not only have these skills and knowledge but also possess the ability to adapt to changes in the accounting industry.
Retaining millennial workforce can be a complex task
As per the Pew Research Center, millennials took over the Gen X workforce to become the largest portion of the U.S. workforce in 2016. The most recent data suggests that millennials now make up more than one-third of the total workforce, that’s approximately 35% of workers. But where do they go?
The tech industry seems to be their preferred choice over finance and accounting. A recent study stated that a mere 10% of over 4,000 young adults surveyed expressed interest in pursuing a career in finance – which is significantly lower than the 22% in 2008.
The same report from Pew Research Center showed that Millennials are more likely to switch jobs frequently compared to their older counterparts. Only 10% of Millennials currently working in finance expressed their intention to stick with their current role for the long term. That number goes up to 18% in other sectors.
It’s high time we step up our game in retaining accounting professionals in the workforce. It’s crucial that we go the extra mile and put in a concerted effort to ensure they stay with us for the long term.
So how do you overcome these challenges?
If you’re one of the organizations that’s struggling with the accounting talent shortage, you’re not alone. Many companies, especially small and startups, need to put out a considerable amount of resources just to find the right professionals. They invest a significant amount of time, effort, and money for this effort.
There’s a strategy out there that can help you reach your business’s untapped potential: outsourcing.
The right outsourcing provider can:
- Help you find the perfect accounting talent for your organization
- Give your offshore staff the necessary training they need so you won’t have to
- Provide you with cutting-edge tools and technology you may not have in-house
- Foster a positive and inclusive culture to attract and retain accounting talent
Cloudstaff can help you with that
For over 15 years, we’ve helped organizations across the world to find the professionals that perfectly match their needs with our outsourcing solutions. With our training programs, technology, positive work environment, and staff retention rate, we only provide the best service possible.
Talk to us today to learn more.