How learning and development is unlocking top accounting talent
Accounting is more than just a job – that’s why practices that give employees opportunities to learn and grow are attracting the best talent. Brought to you by Xero.
Finding the right person for a role can be tough amid a talent shortage in accounting, where candidates seek flexibility, career growth and a strong workplace culture, and expectations are shifting toward more advisory and strategic roles.
According to a new report from Xero, Reshaping accounting and bookkeeping: Image, talent and the way forward, 65% of practices in Australia and Aotearoa New Zealand have experienced challenges in recruiting and retaining the right staff in recent years. While competition is tough, there are ways to meet the needs of the next generation of accountants.
Continuous learning opportunities
More than 50% of accounting students surveyed say doing purposeful work is the key reason they chose the profession, and 69% aim to run their own practice one day. It’s clear emerging talent is very focused on how it expects an employer to help them get there and that involves a culture of continuous and engaging learning.
“Accountants are definitely not just number crunchers anymore. Our role is more about storytelling, forecasting and educating,” says Aly Garrett, founder of South Australian firm All In Advisory.
“Younger generations list learning and development as one of the main reasons why they would stay at an employer, which is why we focus on continuous education through bite-sized learning and experience training. For example, we bring team members along to meetings and client visits to provide on-the-job training,” she says.
Mentoring and access to emerging tech
Offering mentoring programs is also a great way to show an investment in employees, says Garett.
“Watching your mentee thrive, and offering them opportunities and networking connections they wouldn’t have had otherwise, is truly remarkable. That’s why I am part of the Xero Mentor Match initiative in Australia – it’s like giving them a superpower,” she says.
Tapping into a desire to learn and use data for good is a major drawcard for many people – 43% of students surveyed see the opportunities that lie in embracing current and emerging technology as a motivating factor. For that reason, almost a third of practices (29%) have ramped up their access to training interested employees in emerging technologies, such as AI and apps from platforms like Xero.
Finding a common purpose
“It wasn’t until Xero took off that I saw the potential of starting a full-service firm that worked with businesses from the inside out, using data to make decisions that improve their lives,” says Paul Struckman, director and founder of Greenhawk, an accounting and tax firm in Aotearoa New Zealand.
“By combining good people with good technology, we created this awesome foundation of trust with our clients. This allowed us to grow the scope of what we were trying to do by looking at the bigger picture – the environment,” he says.
“We all got on board with a common goal of reducing our impact on the planet, and as a result, we’ve been able to attract team members and clients who share our values and vision.”
Read the full Xero report findings
From securing the right people to discovering what’s driving the next generation, explore Xero’s report to uncover actionable insights and help shape the future of the industry.