It's time to evolve accounting's storytelling around staff

It's no secret that the accounting profession is facing a serious talent shortage. It has been reported that more than 300,000 U.S. accountants and auditors left their jobs in the past two years, a 17% decline. Additionally, the most recent AICPA Trends report revealed that the number of accounting graduates declined during the 2019-2020 academic year for those pursuing both bachelor's and master's degrees. 

As a profession, we are closely monitoring this issue and will continue collaborating on comprehensive initiatives that we're optimistic will help to reverse these trends. Most recently, the American Institute of CPAs released its Pipeline Acceleration Plan, which identified several areas for action to address root causes of talent pipeline challenges. And while the number of accountants may be declining, demand for accountants is very much on the rise, underscoring the viability of the profession for the long term. 

The Bureau of Labor Statistics predicts an average of 136,400 new openings for accountants and auditors every year for the next eight years, mainly "to replace workers who transfer to different occupations or exit the labor force," meaning the profession will need to replace more than 400,000 professionals over the next three years alone. Ask any accountant and they will tell you: Those numbers just don't add up.

Many of the proposed solutions to the talent shortage focus on recruiting new accountants or exploring new talent models. However, it is imperative to also renew our focus on retaining the talent we already have.

Embracing disruption

Convincing young professionals to stay and recruiting new accountants into the field is likely to become even more challenging amid the disruptions from economic uncertainty, the increasing complexities of globalization, and the transformative impact of technology on our profession. But one can also argue these three areas represent the next uncharted frontier for accounting — and the chance to shape the future of the profession is a challenge worthy of great reward.

While no one can predict how artificial intelligence and other emerging technologies will eventually transform the professional services landscape, this much is clear: The way we have worked over the past 30 years is not going to be the way we work in the future.

As technology takes over some of the daily processes and tasks traditionally handled by entry-level hires, and frees them up to focus on broader, more exciting, and complex work, we need to rethink the essential skillsets and training needed to help early career accountants grow and thrive. 

Here are the questions we need to be asking: How do we help professionals understand the new and exciting opportunities available in accounting that are enabled through technology advancements? How do we help them become effective consultants? How do we ensure our professionals develop the right skills and apply them in a meaningful way? How do we ensure they remain engaged and excited throughout their careers? 

People-first mindset

In-person purposeful interactions between experienced consultants and more junior colleagues are an essential part of the solution. We cannot allow our embrace of technology and the use of remote work models to eliminate the fundamental human connection needed with our clients and each other. 

Bringing people together when it matters within a hybrid model supports the accounting apprenticeship culture that provides both learning and career advancement for professionals of all experience levels. It is vital to articulate those benefits to students as they are making career decisions, and to continue helping tax consultants understand the advantages of this model once they have joined the workforce.

Research shows that many younger professionals would welcome that opportunity. Deloitte's most recent annual Gen Z and Millennial Survey found that those surveyed overwhelmingly prefer hybrid work models over fully remote work, in part because remote options make it more difficult to connect with colleagues and mentors. 

And at a time when the diversity of graduates hired into accounting functions is on the rise — including those from racially and ethnically diverse cohorts who previously have not sought employment in the profession — making sure employees have every opportunity to form long-term bonds, connect with mentors, and gain in-the-trenches experiences is paramount. 

Tapping into purpose

The human connection can also help instill one of the most fulfilling aspects of our work that many young people crave: a sense of purpose. 

Purpose resonates with everyone — it can be a key piece of attracting and retaining professionals by allowing them to experience meaning and fulfillment in their employment. In recent years, 44% of millennials and 49% of Gen Zs surveyed said they have made choices about the type of work they are prepared to do and the organizations for which they are willing to work based on their personal ethics, according to Deloitte's 2021 Global Human Capital Trends Report. 

Equally compelling, Gallup research shows that as small as a 10% improvement in employees' connection with the mission or purpose of their organization leads to an 8.1% decrease in turnover and a 4.4% increase in profitability.

Purpose is at the core of the accounting profession. Our work is the foundation for transparency, honesty and credibility in any free market system. We play an essential role in society and serve the public interest by fostering compliance with legal and regulatory requirements, including tax and environmental, social, and governance emerging issues.

We have high ethical and professional standards and expect nothing less from each other. "That's good enough" is never good enough for an accountant. 

Highlight the possibilities

Our profession offers amazing opportunities to learn and grow in nearly any sector, any country, and in any type of organization — government agency, small business, multinational corporation, not-for-profit and academic institution.

But to increase the quantity of our talent pool without sacrificing on quality, we need to evolve our accounting storytelling while dispelling outdated and inaccurate perceptions of the profession.

The history of accounting is a story of creativity and adaptation grounded in integrity. Closing the profession's current talent gap will require those same skills and values. 

A holistic approach that retains experienced accountants while recruiting new ones will ensure our continued ability to fulfill our vital role in society. By harnessing disruption, staying laser-focused on the needs of our people, and embracing a purpose mindset, we can make it happen.