Bridging the Talent Gap
A recent Wall Street Journal piece by KPMG's CEO raises an important point: evolving CPA licensing requirements is crucial to securing the future of accounting. However, addressing systemic change takes time, and smaller firms can't afford to wait for a top-down solution while grappling with the current talent gap. The challenges are clear, but they also present an opportunity to innovate and adapt.
Here’s what smaller firms can do now to address the talent shortage and create an environment where young professionals thrive.
Rethink the Path to CPA Licensure
While the debate over the 150-hour requirement continues, smaller firms can proactively support their team members on the path to becoming CPAs. Tuition reimbursement, stipends for exam preparation, or even dedicated study hours can make licensure more accessible and less daunting.
Additionally, firms can advocate for non-traditional candidates by partnering with community colleges or vocational programs to identify talent who might not follow the traditional accounting track but bring valuable skills and perspectives to the table.
Invest in Culture and Career Development
Young professionals increasingly prioritize workplace culture and career growth. Smaller firms can stand out by fostering a supportive, inclusive environment. Initiatives like mentorship programs, clear career progression plans, and regular feedback sessions can show young accountants that their development matters.
To build loyalty, smaller firms should also emphasize flexibility—a critical factor for the Gen Z workforce. Flexible schedules, remote work options, and mental health/wellness resources are no longer “nice-to-haves” but essential benefits.
Embrace Technology
Many young professionals are drawn to firms that leverage modern tools to streamline their work. Smaller firms can invest in accounting software and automation tools to reduce repetitive tasks, allowing employees to focus on higher-value activities like client advisory services.
Embracing technology not only enhances efficiency but also signals to potential hires that the firm is forward-thinking and willing to evolve.
Be Transparent About Compensation
Competitive pay is critical, but smaller firms can differentiate themselves by being upfront about what they offer and how compensation is determined. Including performance bonuses, profit-sharing opportunities, and non-monetary perks like extra time off can make packages more appealing. Bonus for salary transparency policies across the firm- this is your opportunity to showcase a level playing field.
Create a Sense of Purpose
Younger professionals want to feel connected to their work. Firms can foster this by emphasizing how their services positively impact clients and communities. A strong mission and a commitment to giving back can help young accountants see their work as meaningful and rewarding.
what’s inside counts