Back in the early 2000s, the accounting profession was reeling from the PR disaster of Enron, and the number of college students majoring in accounting was declining because it was, in the words of Barry Melancon, not a “sexy major.”
The talent shortage was a real threat to the profession, and state societies across the country and the AICPA launched initiatives to engage students in the profession as early as elementary school.
Even with a full pipeline, trying to attract new talent remains an issue for firms from both a retention and a quality perspective. Young talent ensures a succession plan and business growth.
Which Is More Important: Learn Emerging Technology or Attract New Talent?
To be successful today, a firm must stay on top of emerging technology in order to remain relevant to clients and attractive to young talent.
Technology must be at the top of every firm’s strategic priority list, says Jennifer Wilson of ConvergenceCoaching. She also provides five practical ways a firm can increase its IT proficiency.
While having the right tools in place is certainly on the list, leader accountability and buy-in are keys to success. She suggests an IT committee staffed heavily with young leaders. Not only are the “millennial leaders” well-versed in the technology, they will feel valued and engaged. With that, they will be more likely to stay.
Her final—and shortest—bullet packs the most punch. She suggests, “accept good instead of perfect.” Improvements can and will always be made, but waiting for the perfect solution means waiting indefinitely. Start with good and move to great.
Did you know ABLE offers an easy and affordable way to augment your firm’s technology? Schedule a demo to find out how having the right technology can attract new talent. The best of both worlds.