Why The Top Accounting Challenge May Be in Your Favor

The Staffing Challenge

All companies seem to struggle to retain staff in recent years, and the accounting world is no different. This Accounting Today article shows that in 2022, 51% of survey participants chose keeping up with regulatory concerns as their biggest headache. But when the survey was run in again, asking what the biggest challenge for 2023 would be, recruiting/retaining good employees was the top challenge listed, surpassing regulatory concerns. 

What CEOs are Saying About the Staffing Challenge

Rebekah Brown, CEO, MACPA said this in an Accounting Today article:

“The human capital challenge we face as a profession goes far beyond the initiatives or reach of any one firm or corporation and beyond any association. It is only through purposeful, transparent collaboration that recognizes that a rising tide will raise all boats, that our profession will not just survive but thrive into the future. Working toward this, together, is not optional. The “public” in our middle name mandates it be a collective effort for the betterment of all.

Though often silent and behind the scenes, the accounting and finance profession is a critical piece of infrastructure in the economy and our world. Having the talent to serve and maintain that infrastructure is essential.

One final and hopeful insight: Henry Ford once said, “Coming together is a beginning. Keeping together is progress. Working together is success.” Through the challenges of the last two and a half years, I have seen the power of this on display in our profession and it gives me great hope and excitement for our future.

So, in a word — the opportunity is for collaboration. To share and learn from one another and, in doing so, create relationships and opportunities, that build something bigger — something that benefits all of us (individual professionals, our organizations, our profession and our world)”

What The Staffing Challenge Means For You

If accounting firms are so concerned about recruiting and retaining staff, what does that mean for you? 

• Better opportunities for employment or advancement if you’re looking for a change
• More room for negotiation on salary and benefits, including coverage for your CPE requirements
• More fringe benefits like remote work
• Better support and bonuses as an effort to retain employees