For accounting firms, attracting and retaining key talent is currently even more of a challenge than ever, and new research suggests that the driving factors for the challenge are low compensation and high competition for employees with highly specialized skill sets.
The research, conducted by Accounting Today's parent company, Arizent, dives into the scale and nature of the challenge; who's leaving accounting firms and why; what firms are trying to do to attract and retain top talent — and what's working; and how firms are trying to differentiate themselves in a highly competitive hiring environment.
When it comes to strategies to attract talent, firms are most likely to use employee referrals, flexibility in work location, and increased compensation packages. Increasing compensation, signing bonuses and in-house recruiters are rated the most successful strategies. For more details, see the data below.
The research was conducted with 111 people leaders and HR managers in public accounting in April 2022.
