I can’t afford new staff or find it difficult to get new staff. My staff turnover is increasing.
According to recent AICPA survey, finding and retaining qualified staff is one of the Top 5 Challenges for firms of all sizes.
According to a recent Salary Guide published by a leading recruitment firm, there is a shortage of talent at the senior and manager levels at many public accounting firms. Similarly, AICPA’s recent trends report indicates that hiring by public accounting firms is at an all-time high. While Big Four and other major firms increasingly target top students in their sophomore year, most other smaller and medium firms seek candidates with at least three years of experience.
The focus on hiring experienced workers is understandable. Larger firms have enterprise class systems and procedures; which enables them to invest time and money in training fresh graduates. However, smaller firms don’t have the luxury of training time and need people who are immediately productive and become billable as quickly as possible. Paradoxically, more experienced workers look for greener pastures at larger firms and it is very difficult for smaller firms to attract talent by competing on compensation and benefit levels of larger firms.
The real impact of staffing challenge:
You therefore can’t easily afford new staff or find it difficult to get new staff. You become just a training ground and your staff turnover increases, making you work more and more; and the cycle soon reaches its peak, making you wrongly think “I can’t handle any more business now”.
But that is not the reality. It is only a perception.
How to overcome the staffing challenge?
One of the things that provides greatest career satisfaction to experienced professionals is the intellectual satisfaction they get when they work on a variety of challenging projects or assignments.Provide yourself and your talented people exactly the stimulus they want, to keep them happy and engaged, by getting the necessary but routine work of getting accounting data and information processing done by Pransform. Let you and your staff focus on deriving intelligence from the information so you can help your clients in a better way.
If you want to halt the disgruntlement vortex, and you are ready to embrace a solution that provides you opportunities to develop yourself, your staff and your practice, please use the form below to contact us here at Pransform.