As 2023 comes to a close, your firm needs to consider how you’ll support growth in 2024 without searching for hard-to-find talent. Your goals likely center on scaling and offering additional services to clients. If that’s the case, you’ll need to focus on attracting staff with technology. You’ll also need technology to help you fill gaps, avoid security risks and deliver ideal client experiences.
What’s currently plaguing accounting recruitment
According to a 2022 study from Deloitte, 82.3% of public accounting company hiring managers expected to work hard to attract and retain talent in 2023. The outlook for 2024 remains the same, with numerous publications highlighting the struggle firms face to find fresh talent.
A recent Wall Street Journal article described why no one’s going into accounting. And the Morning Brew pointed out that stagnating pay, an extra year of school and an ongoing exodus from the field have all done little to stoke new graduate interest.
What this means for your firm
As we enter 2024, you may find that your firm’s current staff is dissatisfied with their work-life balance, pay and career path. To retain talent in such a tight market, you’ll need to look for ways to create cost savings so you can properly support employees’ salary goals and give your staff some flexibility in when, where and how they work. And that’s where attracting staff with technology comes in.
What to consider with your accounting firm tech stack
As we talk with customers about getting ready for the upcoming year, we like to discuss the following considerations. This helps firms evaluate how well their tech stack supports staffing needs as well as overall employee experiences. Here’s a short list of questions to help you get started.
Is your tech stack creating time savings and flexibility for employees?
To grow, you’ll have to do more with fewer new hires, all while supporting hybrid work and potentially finding time to deliver additional services to your existing clients. Your first consideration? Make sure your tech drives your productivity. You don’t want tech that slows your staff down or limits how and where they can get work done.
Are you taking security seriously?
Technological advances, such as generative AI, have rapidly changed the threat landscape, and you shouldn’t be trying to manage security risks internally. Prevention is cheaper and more effective than remediation. Plus, you don’t want security to burden your employees. Look for fully managed security solutions that fit into your existing workflow.
Have you properly addressed app sprawl?
How many applications does your firm use each week? Is access to every application secure? To make flexibility and security realities, you must streamline your access to applications. And you need to ensure everyone can get all your firm resources in a secure, accessible cloud.
What technology do you and your staff use outside of work?
It’s time for your firm to make tech personal. Your technology investments should drive efficiencies and make life easier, but they should also be enjoyable. To attract and retain talent in this market, consider how users want to collaborate. What apps do they use when they work on their own devices outside of work? Your best employees likely expect you to offer the same intuitive, secure experiences they get with the apps they use on their own time.
How to attract staff with technology
In a profession where hiring and retention challenges abound, it’s time to start thinking about how technology can help you fill staffing gaps. You also need to consider how the technology you choose can help you retain your best employees with seamless experiences.
If you want to learn more about attracting staff with technology, join us as we discuss concrete ways accounting firms can staff for success with technology in 2024. Watch our Staffing for success with technology webinar today!