The Center for Accounting Transformation’s (CAT) latest research report states that the accounting profession is facing a talent shortage.
The study, ‘Staffing Strategies: Uncovering Solutions for the Accounting Talent Gap,’ examines the recruitment and retention challenges that firms encounter.
It is sponsored in part by Scrubbed and co-authored by Donny Shimamoto, Bryan J. Coleman, and Rick Telberg,
Scrubbed US CEO Gani Laguisma said: “The accounting profession is facing a staffing crisis unlike any we’ve seen before, and firms must adapt or risk being left behind.”
Survey data indicates that 68% of accounting professionals are experiencing burnout, and nearly one-quarter are dissatisfied with turnover rates at their firms.
The struggle to recruit qualified candidates is said to be pronounced at senior levels, forcing many firms to hire non-accounting graduates and provide extensive training.
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By GlobalDataNearly one-third of respondents feel that their accounting staff are burdened with unreasonable workloads.
More than two-thirds of the professionals surveyed identify burnout as an issue within the sector.
Furthermore, only 51% report high employee satisfaction.
The high turnover rates worsen workload management issues, leading to increased stress and prompting further departures, the report says.
The CAT study also highlights the difficulties firms face in attracting experienced professionals and the declining pipeline of accounting graduates, which impacts the availability of entry-level talent.
Young professionals are claimed to be seeking work-life balance and career development opportunities, which traditional accounting firms find challenging to provide.
Despite these challenges, the CAT report suggests several strategies to mitigate the talent gap.
These include improving workplace culture, embracing remote work and flexible hours, and leveraging technology to alleviate workloads.
