The accounting industry is facing a period of unprecedented change as it adapts to the new digital era. Not only are financial regulations becoming more complex and more companies adopting automation, but the workforce is transforming with each new generation.
As the baby boomer generation retires and Gen X moves up the career ladder, a new crop of Millennials and Gen Z accounting professionals are entering the industry and making their mark.
Attracting and retaining employees within these younger demographics is quickly becoming a top priority for accounting businesses, which poses various challenges for recruiters.
In this article, we offer tips on how to retain and attract top talent and advice on keeping younger generations engaged and committed to their vital role in the years to come.
Understanding the generational shift in the workplace
Before we lay out specific tips for attracting top talent, it’s crucial to understand what makes younger working-age demographics tick, as Millennials represent 23% of the global population and Gen Z accounting for 32%.
According to numerous global workplace studies, Millennial and Gen Z workers prioritise work-life balance over salary and benefits.
In addition, these generations prefer to work for companies that match their personal values and give them a sense of purpose, with 87% of Gen Z employees willing to change jobs if their company didn’t align with their deeply held views.
With that in mind, we will now look at some tips for accounting firms on capturing the attention of younger, talented accounting professionals and encouraging their long-term career development within your business.
How to attract and retain top talent in accounting
1. Embrace technological innovation
Equipping your employees with the latest accounting technologies is the crucial first step in attracting and retaining top Millennial and Gen Z accounting talent. As the studies we’ve previously highlighted show, younger demographics crave roles that give them a sense of purpose, so one of the best ways of doing this is to maximise their productivity at work by investing in automation.
Eliminating manual admin tasks from their workload will give them more time and opportunities to add value to your business through their specialised skills rather than demonstrating how competently they can maintain spreadsheets.
However, digitally transforming your business not only gives you the tools to streamline your employees’ workload, it also helps you future-proof your business for new regulatory mandates. Plus, it helps your business scale quickly as you gain more clients.
2. Promote work-life balance
Approximately a third of Millennials and Gen Z professionals strive for better work-life balance in their careers, including condensing their working hours into a four-day week and asking their employer to provide them with more flexibility on their working location and hours worked from day to day.
26% of Gen Z workers polled by Deloitte would even like to see employers offer more part-time or job-sharing opportunities so they can have more time to pursue their goals outside of the workplace.
Therefore, accounting firms should find ways to accommodate these requests by offering remote working arrangements, flexible hours, and encouraging teams to take time off to focus on maintaining their well-being.
3. Encourage learning and career progression
Young accountants are eager to learn and grow, so providing learning opportunities, mentorship schemes, and training certificates will keep them engaged and motivated. Show them a clear path for advancement within your company, including regular feedback and rewards for their achievements and contributions.
While non-monetary factors are becoming increasingly important for Millenial and Gen Z accounting employees, ensuring that your salary structure aligns with industry standards, including performance-based bonuses and incentives, is also an essential employee retention strategy.
Keep your accounting firm competitive with INAA
Here at INAA, we unite talented accounting professionals worldwide to help them excel in their careers and share their enthusiasm for the finance industry with future generations.
If you would like to learn more about how to future-proof your business, visit our official website and apply for your membership today.