september2021 - 16

THE STAFFING & HR ADVISOR
WORKFORCE 2025:
3 TRENDS SHAPING THE FUTURE OF ACCOUNTING
IT'S SAID THAT digital transformation is a journey rather than a destination. But it's not all
a smooth, consistent ride, as the pandemic has proven. It was digital technology that was
forced into rescue mode as it helped us adapt quickly to fast-changing circumstances.
Today, it has emerged as an even bigger priority for companies.As the journey continues,
innovations keep creating new opportunities and throwing up fresh challenges. Day-to-day
life in a CPA practice is no exception. We will always be tackling questions like:
■ How can technology help us be more
productive?
■What kind of digital services do clients
expect?
■ Are there any regulatory changes that
impact our IT infrastructure?
■ Do our people have the right skills to
make the most of technology?
■ Do our employees have any skills we're
not utilizing?
Firms and accounting departments
will answer these questions in different
ways. However, the following three
trends are expected to impact the
industry as a whole, and you'll need
to reckon with them if you want to
build a workforce ready for the future.
 THE WAR FOR TALENT
Despite the record number of candidates
on the job market, there is an
intense battle for people with the
skills CPA practices need most. In
the corporate world, around 93% of
CFOs say they're struggling to find
suitable people for accounting and
finance roles. This struggle is likely to
continue in the coming years as more
firms return to growth mode.
One way to improve your recruitment
process is to speed the time-tohire.
If remote hiring has helped you
in this respect during the pandemic,
think hard about the cost-benefits
before returning to the status quo of
in-person interviews and onboarding
experiences. Whatever your search
methods, remember that the better the
candidate, the more likely it is they'll
be fielding multiple offers. Top talent
has all the leverage in a skills-short
market, and your compensation and
benefits packages will need to reflect
this.
 EMERGING INDEMAND
SKILLS
The line between digital and non-digital
skills is increasingly blurred. That's why
accounting employers everywhere are
on the hunt for a new type of candidate:
someone with accounting and IT skills.
This talent is hard to find, though,
which is why hiring is so competitive.
When recruiting, you'll need to think
about the kind of digital skills that will
be essential on your team over the next
three to five years.
CAUSES FOR OPTIMISM
This is a good time to recruit people
with up-to-date IT skills. Recent
accounting and finance graduates,
in particular, grasp the importance
of technology, and will emerge from
college with an understanding of data
analytics and the cloud.
In a war for talent, you'll need allies.
The good news is they can be found.
A specialized talent solutions firm can
help you identify permanent or contract
professionals with today's in-demand
skills.
REASONS FOR CAUTION
Recruiting a new wave of tech-savvy
professionals comes with risks as well
as rewards. The IT sector has deeprooted
representation gaps, so hiring
people with technology backgrounds
16 SEPTEMBER 2021 ■ www.CPAPracticeAdvisor.com
could inadvertently set back your
diversity, equity and inclusion goals.
The typical accounting team
members will have to learn to work
with automated tools and may even
find themselves partnered with AI
(a relationship known as symbiotic
computing). It is absolutely critical
to supplement your hiring strategies
with robust efforts to up- or reskill
your existing team on emerging
technologies that your firm is adopting
- and will adopt. Upskilling not
only improves employee performance
and productivity, but it also makes
team members feel valued and boosts
loyalty and retention.
 A MORE FLEXIBLE
WORKFORCE
The world went through a surprisingly
successful transition to remote working,
leaving employees cautious - and
many reluctant - about returning to
the office full-time. Around 49% of
workers would opt for a hybrid schedule,
ideally with two days in the office
and three days at home each week.
How should CPA practice managers
view these new preferences?
ADVANTAGES OF A FLEXIBLE
WORKFORCE
Flexible working also means greater
flexibility for firm managers. You can
mix permanent, part-time and contract
professionals to build a more effective
and efficient team, and you can expand
your search for recruits by considering
remote workers in other locales.
PAUL McDONALD
Senior Executive Director
Robert Half
paul.mcdonald@cpapracticeadvisor.com
It has become clear that a flexible
workforce is a tech-dependent workforce.
Leaders who were previously
cautious about cloud-based technology
now have the opportunity to integrate
it fully across their operations. This is
also the time to think about emerging
technologies such as robotic process
automation (RPA) and artificial intelligence
(AI) and determine how such
systems can help improve your resource
planning. AI-powered processes such as
automated data entry and code-free
accounting can take over much of the
busywork that fills up office life.
CHALLENGES OF A FLEXIBLE
WORKFORCE
As previously noted, flexible working is
entirely dependent on the right technology.
That means you'll need people on
your team who can make the most of
new platforms and are comfortable
working with the latest software.
There's also a very human issue
with flexible working: office culture.
Your practice's culture emerges
organically from everyday interactions
between team members. As a leader,
you have to know how to maintain
the positive aspects of your company
culture in an age of hybrid schedules
and geographically dispersed teams.
Crystal ball gazing is a risky
business. But one thing I can say for
sure: The accounting workforce of the
future will embrace new skills and be
comfortable with digital disruption.
Preparing your firm for the challenges
of tomorrow starts today. ■

http://www.CPAPracticeAdvisor.com

september2021

Table of Contents for the Digital Edition of september2021