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  3. 4 ways to elevate your accounting firm’s talent

4 ways to elevate your accounting firm’s talent

Attracting and retaining top talent in today’s job market goes beyond a competitive salary

Do staffing concerns keep you awake at night? If so, you’re not alone.

Attracting and retaining top talent is a leading concern for many tax and accounting firms — and for good reason [1].

Faced with a constricting pipeline of accounting graduates [2]. and shifts in employee expectations, generating interest from qualified candidates and retaining such talent can prove challenging for firms.

Plus, staff turnover can be expensive. The average cost to replace an employee is about 50% of that employee’s annual salary, when you factor in separation costs, recruitment/training costs, and productivity costs. And the more skilled the position, the more expensive it is to hire a replacement. In fact, replacing a supervisor could cost your firm as much 150% of that employee’s annual salary [3].

Unfortunately, the profession has long been associated with long hours, mundane tasks, and a lack of flexibility. This has placed many traditional firms at a disadvantage, especially when competing against innovative tech companies that tout attractive perks and employee benefits.

The time for change is now. Competition is bound to only intensify and firms must break through the long-held misconceptions in order to better compete in a fierce job market. This means extending beyond just monetary compensation and sharpening the focus on more intangibles like employee engagement and nurturing a positive and inclusive workplace culture.

To help firms break the mold, this white paper explores four ways to better attract and elevate firm talent.

1. Find and Attract New Talent

When it comes to marketing, chances are your firm spends a good deal of time increasing visibility among prospective clients and differentiating your services from the competition. After all, these are essential priorities to growing your practice and increasing revenue. But shouldn’t your attention to recruiting accounting firm talent be just as diligent?

A study by Hinge Research Institute, however, found this to be an area where too many firms fall short. The study found that while recruiting, retention, and succession planning are top business challenges for professional services firms, making their firms seem attractive to potential employees is viewed as a marketing priority by only 36% of those involved in the recruiting and hiring process [4].

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