Every aspect of Australian society, including the accounting industry, is about to undergo a major transformation as the first members of Generation Z begin to enter the workforce. As a result, attracting and keeping these varied young individuals is the next significant obstacle for companies to overcome.
A sea change in the industry’s talent pool has been brought about by the influx of the next generation of professionals, who are approaching the field with a new perspective on how their career pathways should look. So how has the pool of accountants transformed, and how can employers find the best people for their firms?
Businesses often assume certain traits of the work habits and goals of younger workers when seeking to appeal to them. However, the days of luring top-tier accounting talent with promises of a “fun” workplace, free lunches, and a foosball table are over.
Understanding how younger generations operate and what they value is critical to your success as a business owner or executive management. Because it’s a candidate’s market, it’s critical to target the ideal people in the right manner when advertising for new employees.
Listed below are some techniques to consider if you want to recruit the kind of talent your organization requires.
Establish a Hybrid Workplace and Increase Flexibility
Many employees have been more open to the concept of working remotely in the last year. Most remote employees don’t want to go back to work once the pandemic is over, a Gallup survey found. Naturally, there’ll be times when working out of an office or meeting with clients and colleagues in person is advantageous. This is why a hybrid workplace is so good. It can give you the best of both worlds.
Employees in a hybrid workplace can choose where and when they want to work, as they can do both from home and in the office. That flexibility is essential to recruiting and keeping the best employees.
You should think about how, when, and where workers will work as you plan how to get them back to the office. In order to recruit a wide range of skilled employees, you don’t need to be a remote-first firm, but you need provide a work environment that is flexible and digitally oriented.
Is work-life balance the same as it was before? There is a lot of evidence that flexible work plans can help businesses succeed and even grow.
Pandemic or not, Gen Z seek out proactive firms that allow remote work. Furthermore, gen z wants to be assessed more by quality of the work rather than the amount of hours worked. Keeping track of one’s performance is still important, but generation z also want the flexibility to work in the manner that best meets their preferences. They already have the tools; all they need now is freedom.
By allowing younger employees to make decisions concerning their job, you’re increasing their sense of agency, which is a critical component of employee engagement. It’s important to have the necessary procedures, rules, tools, and technology stack in place to allow your staff to operate from any location.
Rethinking the Traditional Approach to Hiring
Qualified accountants now have more options than ever before because to the recent boom of remote employment caused by the COVID-19 epidemic. Remote employment enables firms to access talent from all across the country. It has extended the pool of potential employees and raised the stakes in the race for the best workers. Without leaving their local area, well-qualified people can land better jobs and more generous benefits packages in bigger markets.
One of the most common problems faced by CPA firms is the difficulty of finding and keeping competent personnel. Employers who create contract-based employment can allow candidates who don’t want to commit to a full-time position – perhaps owing to family obligations or a desire for more work/life balance – have the flexibility they need to overcome those obstacles.
With the rise of the gig economy, temporary work is no longer stigmatized, making it more appealing to professionals with more real experience. Working on a variety of projects and in a variety of sectors provides candidates with possibilities for career growth, as well as the opportunity to broaden their skill set.
As a matter of fact, there are organizations that specialize in linking freelance CPA expertise with the companies that require them, allowing you to access highly trained staff should the need arise.
Be More Tech-Savvy
Access to cutting-edge technology is a major selling point for Generation Z, since they have a technological natural affinity. Additionally, they can be dismayed by firms that either take too long to adopt new technology, apply it inadequately, or prioritize it as an afterthought.
Their insatiable appetite for technical innovation is a competitive advantage for your firm; they are constantly on the lookout for the next app, software, or technology that will help them do their jobs more efficiently.
Take a critical look at your technology stack and ask yourself tough questions about how it’s being used and how it’s benefiting you.
A Workplace that Encourages Self-Improvement and Growth
Gen Z accountants are far more interested in working for companies that provide learning opportunities and actively encourage employee participation. Nine in ten young people feel that holistic development and career progression chances are extremely essential to them at a workplace.
When it comes to advancing in their careers, Millennials and Generation Z aren’t content with merely pumping out work that’s out of context. They know that to be successful, they’ll need to continue to learn and grow as individuals.
They should be encouraged and given the freedom to make choices that will affect their overall career trajectory, as well as grasp how those decisions will impact the general goals of the firm.
When hiring younger generations, ask about their career objectives. Finally, be unambiguous that you will help their professional development by creating a tailored growth strategy that will take them from strength to strength.
Innovation is Important to Generation Z
Employers who are wary of change and who function in the same way as a decade ago are not attractive to Gen Z.
It is imperative that an accounting firm’s culture embraces innovation from the ground up, so that it permeates every aspect of the business.
All of the other things we’ve talked about so far, like flexibility, self-development, impact, and new tech, need an innovative outlook to appeal to Generation Z.
Gen Z’s ideal workplace will always include the most cutting-edge methods. Despite their relatively short stint in the workforce, Gen Zs have forced organizations to reconsider their workplace environment by challenging established institutional culture and rules, according to new research.
Take a look at your company’s objectives, mission, and values. Take the effort to update them if they do not highlight innovation. Everything else will fall into place if you put innovation at the heart of your business.
Win the War for Talent
Generation Z is entering the workforce and will soon take over as the dominant force in the accounting sector. Many of their distinctive characteristics are perfectly suited to the future of the accounting business, and they’ll add a lot of value to your organization as a result.
Incorporating these ideas into your workplace will make it more appealing to everyone, but especially to individuals in their 20s and early 30s. This will help you stand out in an increasingly competitive labor market in Australia.
BOSS Outsourced Accounting is an international outsourced accounting firm that helps accounting firms all around Australia increase their capacities, margins, and profitability. For additional information on how we can serve your firm, please contact us.