The Australian Bureau of Statistics (ABS) has cited that the accounting industry in Australia will need approximately 338,000 accountants by 2026 to meet workforce demand. Job advertisement data from Job and Skills Australia showed a 24.5% increase in accounting roles posted annually since 2023. The number of accounting graduates versus the volume of job vacancies has created a chasm in the industry that leaves firms grappling with the difficult reality of recruiting and retaining talented staff.
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High competition, skills shortages, burnout, and accountants feeling time-poor are all factors that have impacted growth within the industry. It’s no secret that accountants are struggling to find highly-trained and passionate team members who are excited about joining their firm. The question is why? Accounting is a great career for many young graduates who are looking for strong job security in an increasingly automated world. It’s also an industry that is currently changing to meet demands of clients who want more than compliance. Flexibility and career progression are becoming prominent tenants of an accountant’s world. Here are some tips on how to keep the talented staff you’ve worked hard to recruit:
Once you’ve gone through the process of recruiting great people to work for your firm, prioritise getting to know what makes them tick. One of your greatest compliance team members who shines when analysing financial data could be someone you could put forward to elevate the compliance sector of your firm. Get them to sit down with your clients and show how their tax works for their business based on real-time data. This not only gives them more responsibility and a break from a monotonous routine, but impacts how your client views your firm’s role in their long-term financial outlook.
Perhaps you have a staff member who feels burnt out by tax time but thrives in a client management setting. Business advisory services are built for those who see beyond the numbers. Foster their people-skills and get them out with you in the field, talking to clients and using their enthusiasm to sell exciting new services on offer. Find out where they see their career progression going and use this to create long-lasting team members who are excited to produce high-quality work.
Since 2020, the in-office landscape has changed. Many firms offer work from home (WFH) or hybrid arrangements with Accounting Times noting that over 50% of major cities in Australia have staff that work from home. In order to retain team members, flexibility and WFH arrangements are a must. If you decide to offer hybrid or WFH arrangements for your staff, a prominent concern for those eligible is career penalties. Many accountants aren’t willing to trade in job progression for flexibility, so your role needs to be focused on out-put based performance rather than in-office attendance.
Offering flexible arrangements for your staff has benefits that can set you apart from competing firms. It builds trust between team members, alleviates burnout, increases productivity, and also saves time travelling which can be used to get work done if WFH. Ensuring your team prioritises their work/life balances pays off in dividends when it comes to retaining those who work honestly and diligently for your firm.
The accounting industry needs to stay fresh to entice graduates who have differing priorities from previous generations. What may have worked in the past simply does not translate to younger recruits who are looking for a contrasting experience. Your team may need more than just free lunches or mandatory after-work activities to keep them happy in their roles. When precedence changes, you too have to change with it so that your firm is able to achieve success. Younger accountants usually look for:
Business advisory services are a strategic component of a firm looking to broaden their portfolio. No longer used as an extra offer, this element of the industry is unlikely to be impacted by AI systems and is a clear, exciting pathway for many talented team members. Building business advisory into the structure of your firm allows you to offer well-rounded services for both your clients and your staff so that they can gain a deeper insight into how accounting can extend beyond compliance.
In order to retain a skilled team who shows an eagerness to incorporate business advisory services as part of their offering, you have to tie up any loose ends within the compliance sector of your firm. Many Australian accountants have been finding success in reaching out to companies who are trained to tailor their work to your specific requirements. They can take on anything you need covered while you take the time to train your staff, implement these new services, and give you time to work on maintaining a healthy work/life balance for both you and your team.
