What did 30 Accountancy Leaders have to say about talent in 2023?

Last week, I was invited to host an “Ideas Lab” roundtable at the Alternative Events accountancy management summit.

My job was to facilitate deeper, honest discussion:

1. What is working?
2. What really isn't?

I promised those in the session, and out of it, that I would share the notes of what we came up with.

Fear is playing a part in the recruitment process

I felt this was important to acknowledge:

Many of the leaders expressed fear and uncertainty in finding people and retaining them.

The fear of being ghosted or losing new employees to other firms is a common concern.

One suggestion was that leaders need to be quicker about making the decision to offer. Members of the group worried that taking too long to make an offer could lead to a loss of momentum and cause candidates to go elsewhere.

Showcase your "cool clients"

One participant in the roundtable shared their success in showcasing their cool clients and the work they do for new arrivals.

This accountant said this strategy had worked really well, the client loves getting involved with new members of the team and showing them how things work. They noticed the whole team were more excited and connected to what they are achieving. 

Sometimes having more access to the clients you want to work with gives you a deeper sense of purpose.

Promote progressions

Another suggestion was to actively promote team member achievements, including exams and promotions, via social media. This strategy helps to boost morale and team culture, while also attracting new talent.

This was met with a quiet gasp around the table.

The group acknowledged that they would be worried about staff being poached if they did this, but the leader who suggested it said that celebrating their team and sharing this regularly had created a sense of pride and a loyal team.

Create flexibility

One member of the group shared how disappointed they were when a newly qualified employee announced she was off for a year and was unsure if she would return.

This is a common story I hear.

Travelling is no longer just a gap year activity and something many people value highly.

The question was raised about how to approach this in hiring. 

A wonderful example was shared by one of the roundtable members who also wanted to travel the world.

Having expressed her desire to travel, she came to an agreement with her manager on a rotation: work the busy season and travel for 3-6 months, which was perfect for her role in tax, and it worked for him as he didn't need to pay someone in quiet months. 

flinder founded by Alastair Barlow FCCA and Luke Streeter include an annual working ski trip for their employees, which fits in perfectly with their company values.

Being open-minded about options to be flexible in work hours and locations were also discussed as a possible solution.

Candidates value variety in the job

Many candidates leave the industry after a few months in repetitive and more "dull" roles like bookkeeping and audit (not my words as an ex-bookkeeper!)

It is hard to keep people in these roles, and they are seen as only a short rite of passage in a career.

One solution is to create a shorter timeframe in these roles with clear opportunities for stretch projects.

Another suggestion was to use technology more in these roles.

One participant, a specialist R&D firm, mentioned that they had partnerships with other practices to have skill swap sessions so they could learn more about different areas of accounting.

Create a range of progression options

Previously, the accounting industry had a clear route of progression toward partnership or staying in the same position.

However, the leaders agreed that employees today do not want a straightforward route upwards and have left when they felt shoehorned.

"Is the classic accounting route outdated?"

Many leaders shared stories of employees leaving to pursue something completely different, which was unexpected.

There was also a distinction that experience and progression should not always equal management.

As one participant said:

"We need to get over ourselves as accountants that experience only equals management."

The group suggested that the classic accounting route may be outdated and not fit with modern-day life.

Think of this: Millennials and the next generations will work past 70 and do not want the next 50 years laid out for them.

Should horizontal progression be explored?

There needs to be an element of surprise and a range of progression opportunities.

Take a look at the ways you motivate employees.

This made me think of a podcast I listened to on the drive up with Professor Ayelet Fishbach who speaks on the science of motivation 

According to her research, people are more motivated by an uncertain goal than a detailed pathway.

This is because abstract goals, such as 'becoming impactful for clients and delivering effective client-centred services,' capture the purpose behind an action.

Learning bookkeeping and audit then becomes a means to achieve this purpose, rather than the goal itself.

We work towards what is possible, not what is certain.

Allow people to be

During a well-being roundtable I attended, Paul Surtees from Capitalise emphasised the importance of helping individuals understand that there are various ways of making an impact.

He highlighted that not everyone needs to be a high-flying star.

In fact, many excel at being more grounded and steady, which he refers to as "rocks."

For his team, he ensures that individuals have the freedom to identify themselves as either a "rock" or a "shooting star," and to grow into whichever role they feel is the best fit for them.

Transparency and visibility

Visible leadership and culture are crucial for attracting and retaining top talent in the accounting industry.

Potential employees want to know who their mentors will be, what experiences they bring to the table, and what values they hold dear. In the past, accountancy firms may not have been as forthcoming about their company culture or the people who work there, but this approach is changing.

Andy Jay MD at Fiander Tovell shared that they actively promote their values, activities, and ideas online to show what working for them is really like.

"You should always be selling your practice"

This kind of transparency is important because people want to know what they're getting into before they accept a job offer. They want to know what it's like to work for you, not just what tasks they'll be expected to accomplish.

One resource I shared is the book Oversubscribed by Daniel Priestley .

Used for selling services/products I've seen this strategy used for recruitment to get the right people lining up to work with you.

Create a market for the right people, and make yourself highly desired as an employer.

Tell the stories of your accountancy journey

During the Wellbeing session hosted by Creaseys CEO Emma Roberts , members shared that they had reports of staff struggling to balance the pressures of work and family life.

They see the partners at their firms making it look easy, but they don't know how to get there themselves.

This is where visible leadership comes in.

By being transparent about the hurdles you've faced to achieve success, you will present a more honest view of how they approach accounting and promote the realities of their culture to future team members.

After all, people leave when it's not what they thought it would be!

Your stories as a leader differentiate you as an employer, not just the company.

People want to know who you are and what working for you is really like.

Accountancy is more about the people you will work alongside and grow with than the tasks you accomplish.

By actively selling your firm to future team members, you can attract the right talent and retain them for the long term.

Wrapping up the recruitment problem

Overall, the roundtable participants came up with several strategies to help alleviate recruitment concerns and attract the best talent.

Creating a flexible work schedule and offering more variety in job roles were popular suggestions.

Additionally, leaders should celebrate their team's achievements publicly and create opportunities for skill swapping and progression.

Lastly, the traditional accounting route may need to be reconsidered to accommodate the expectations of the next generation.

By implementing these strategies, accounting firms can attract and retain the best talent and build a thriving culture.

_______________________________________________________________

Are you a specialist, strategist or gamechanger?

Take our free Personal Branding Index assessment to discover your personal branding score and identify your position in the market.

Developover over three years, the PBI will give you personalised feedback and actionable tips that you can implement today to accelerate your business and career growth.

Ready to make a big impact now?

DM me to discover how to stand out as a leader and create meaningful change.