Are you armed for the coming talent war?
If you haven't started paying attention to a couple of basic truths, you'd better start.
- Your workforce will soon be shrinking. Some 8,000 baby boomers are turning 60 years old each day, and the American Institute of CPAs estimates that by 2020, 75 percent of its current membership will have reached retirement age.
- You likely won't be able to replace your retiring CPAs one-for-one. Although the number of young people entering the profession is rising, it isn't rising fast enough to keep up with the impending wave of boomer retirements.
The demand for CPAs is outpacing the supply, and talented, young CPAs will soon be among the most sought-after professionals on the planet. Do you have what it takes win their loyalty?
Let's find out. According to a recent CCH survey, "young CPAs want:
- the tools they need to get their jobs done;
- to be developed professionally and valued and rewarded for their performance;
- to be challenged; and
- to have balance between work and personal life."
In short, they want training, technology, leadership and appreciation. And sure, a decent paycheck would be nice, but compensation isn't at the top of the list -- further affirmation of a separate study that found compensation is not the top concern for most young professionals.
"In an environment where the future growth and even survival of the firm relies on attracting and retaining young CPAs in a highly competitive job market, firms must take action now to see what they can do and who they can partner with to help meet professionals' needs," reads the study.
The results are remarkably similar to the outcomes of a recent meeting between members of the MACPA's New / Young Professionals Network and managing partners of area CPA firms. Read Tom Hood's take on that meeting here.
Are you prepared for the coming talent war? How do you plan to recruit and retain the talent that will lead your firm into the future?