Industry Insights

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The AICPA is working to change outdated perceptions of accounting, improve early accounting education, reduce required practice hours for CPA qualification, and encourage under-represented groups to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.

To successfully provide these services, firms may need to upskill their staff or hire industry-experienced professionals. Temporary secondments to client sites can also help staff gain valuable insights. For more information on transitioning to controllership services, the blog suggests contacting Deb Defer at Woodard.

I always struggled with coaching conversations. Not my strong point at all. I guess I was one of those accounting partners where working with clien...

From TikTok to non-profit organizations, Gen Zers opt for a wide range of career paths, marked by flexibility and creativity. However, it seems tha...

The introduction of proctoring in our online tests marks a significant advancement in ensuring integrity and security. Utilizing AI technology, proctoring offers enhanced monitoring capabilities, extended testing durations, and comprehensive detection of cheating behaviors. By embracing this innovation, we reaffirm our commitment to providing trustworthy solutions and fostering transparency and trust in online assessments.

When selecting the best candidate for a role, comparing candidates directly to the job description rather than to each other enhances accuracy and fairness. By aligning skills assessment results with job requirements, employers establish objective benchmarks, streamline the hiring process, and ensure a positive candidate experience, ultimately facilitating informed hiring decisions and maintaining employer brand integrity.