Recent research shows that the United States is lacking 340,000 accountants. And, with the U.S. Bureau of Labor Statistics (BLS) projecting a 4% increase in accountant and auditor job openings until 2032, the problem only looks set to get worse.
So how can you find and hire accountants when the talent pool is shrinking? That’s the question we explore in this article, diving into what’s causing the accounting shortage and exploring three strategies you can use to fill gaps.
In exploring these tactics, we look at how you can use an EOR (yep, that’s us!) to seamlessly hire and onboard talent anywhere in the world. We also explore data from our recent report: “Strategies for beating the accountant shortage” which includes insights from 2K companies that have hired through our EOR solution.
Discover how 2K US companies are hiring during the accountant shortage
Understanding the accountant shortage
Here we look at the main causes of the talent crunch in the USA.
1. The talent crunch
Like many other sectors, accountancy is struggling with the global talent crunch. There simply aren’t enough workers with the skills companies need, particularly specialized skills in areas like data analytics and AI.
2. An aging workforce
The accountancy workforce is aging. Over 75% of the Certified Public Accountant (CPA) workforce met retirement age in 2019 and fewer candidates have been taking the national Certified Public Accountant exam (CPA) in recent years. This is partly because of the 150-hour requirement which means that accounting students wind up paying higher tuition costs.
3. Work-life balance complaints
Workers also have less interest in moving into accounting because they assume they will have a poor work-life balance. Accounting is a field that is often associated with long working hours, intense workloads, and high stress.
Three strategies to find and retain accountants
To find good accountants, you need to meet your employees where they are. Here we explore how you can alongside looking at data from our report: Strategies for beating the accountant shortage.
1. Train younger workers
With huge numbers of accountants retiring, our data shows that employers are increasingly hiring people under 30. However, to find this talent within the US, companies may need to reduce the requirements for new hires and replace this with strong training programs.
States such as Minnesota are passing bills to reduce the 150-hour requirement, but you can also encourage younger workers to apply for positions by:
- Focusing more on skills-based hiring rather than years of experience. This approach emphasizes what applicants can do rather than how long they’ve been in the industry.
- Working with educational institutions to create partnerships and internship programs. This means you can build a pipeline of future talent by offering practical experience and mentoring to students.
- Offering robust training and development programs. Investing in continuous learning opportunities, including in emerging technologies like AI, will not only attract talent but allow you to retain them by providing career advancement opportunities.
2. Broadening the talent pool
Our research shows that US companies are increasingly filling accounting gaps by hiring globally. And it makes sense — why hire in a dwindling talent pool when you recruit accounting talent across the world?
By using an Employer of Record (EOR) like Multiplier, you can hire and onboard employees anywhere without setting up a local entity. With no need to worry about managing compliance with local laws or overseeing HR tasks like benefits administration, payroll, and taxes, you can focus on scaling your team. Plus you’ll retain full control over your business operations and employees’ day-to-day.
3. Boost your employer brand
With so much competition for skilled talent, you need to figure out how to stand out to potential applicants. Then, of course, when you have great accountants, you’ll want to retain them! All of this requires a careful approach to building an employer brand. Consider the following steps:
- Clearly define your Employer Value Proposition (EVP). This should highlight what sets your company apart and be communicated both internally and in marketing materials.
- Implement flexible working policies. This means giving employees greater control over when they get work done as well as where.
- Offer competitive benefits. Use a global workforce management solution to provide localized benefits packages and issue ESOPs in the same solution as you pay your team.
How to find accountants affordably
Finding high-quality accountants doesn’t have to be an expensive or time-consuming process. By implementing the strategies we’ve explored in this article — most importantly, hiring globally with an EOR — you can pinpoint exactly the skills you need without delay or unexpected costs.
Discover hiring strategies to combat the accountant shortage
