Industry Insights

This article discusses the challenge of assessing project management skills, particularly for accounting managers handling multiple clients. It suggests that interviews alone are often insufficient for evaluating these skills, as candidates may not provide a complete picture. Instead, personality assessments, specifically those based on the Big-5/OCEAN model, are recommended for a deeper understanding of a candidate's suitability for project management.

The blog promotes a webinar aimed at improving the hiring process for accountants, focusing on using objective evidence and validated tests to make better hiring decisions

The blog discusses the importance of succession planning and developing future leaders in accounting firms, particularly guiding aspiring staff into senior management or partnership roles. It emphasizes that career development is a long-term process that requires careful planning and measurement.

The blog also stresses that talent acquisition must go hand-in-hand with retention, as both require different strategies. While salary and benefits may attract candidates, retention relies on providing challenges, growth opportunities, and effective feedback. Cultural fit is essential, as hiring people who align with the firm's values leads to better engagement. Additionally, firms must clearly communicate their value proposition to attract and retain staff. The onboarding process should be comprehensive and extend beyond the first 90 days, helping new hires adjust to workplace norms and expectations.

The blog discusses how Hancock Askew & Co., a firm with a growing Client Accounting Services (CAS) practice, transformed its approach to team structure and talent management using skills and personality assessments. These assessments provided data-driven insights, leading to the reorganization of the CAS practice into three distinct roles: Doers (focused on accounting tasks), Minders (managing workflow and quality), and Finders (handling client onboarding and business development). This reorganization improved job satisfaction, role clarity, and client service.

The piece stresses that firms cannot expect employees to self-develop entirely on their own; there needs to be a mutual investment in their growth. Firms risk losing talented individuals if they do not actively support their development. The article concludes with a powerful reminder: failing to invest in employees may result in them staying but not growing, which could be more detrimental to the firm in the long run.

The article discusses the hidden costs of making a bad hire, specifically focusing on the example of hiring a Client Accounting Manager for $100,000/year. Initially, the weekly cost, including benefits, is estimated at $2,300. However, the new hire underperforms, causing team friction and poor coaching. After 90 days, the manager is terminated, seemingly costing $34,500.

A typical hiring process that incorporates AI tools like ChatGPT for drafting job descriptions and refining resumes and cover letters. The process begins with the creation of a job description, followed by advertising the job and receiving applications, some of which are enhanced by AI. This leads to variable quality in applications.

The article discusses key insights and best practices for managing remote teams, drawn from recent conferences like AICPA Engage, Scaling New Heights, and the CPA Firm Management Association. With the shift towards hybrid and fully remote work models, maintaining effective team dynamics is crucial.

The recruitment landscape for accountants is evolving, with candidates now prioritizing environments where they can truly thrive. For employers, this means offering competitive salaries, flexible work arrangements, and a supportive culture are essential, not just additional perks. The focus must shift from simply filling roles to finding the right fit, moving beyond traditional recruitment methods to include strategies like networking and tapping into passive candidate pools.

The AICPA is working to change outdated perceptions of accounting, improve early accounting education, reduce required practice hours for CPA qualification, and encourage under-represented groups to join the profession. Employers can support these efforts by engaging with educational institutions, revising onboarding processes, promoting competency over time-based measures, and ensuring inclusive recruitment practices. These actions aim to address the supply issues of future accountants and make the profession more appealing and accessible. Which initiative will you prioritize?

The balance of power in hiring has shifted towards candidates who are likely to receive multiple offers. To attract top talent, firms must not only implement these strategies but also communicate them effectively. Engaging existing employees to understand their needs can help both in recruiting new talent and retaining current staff.