Accountants poised to jump ship on economic upturn

Recent figures from the US have revealed that accounting professionals are staying loyal to their employers for now – but many are considering a move when the economy improves.

When compared to the rest of the job market, the accounting profession has held up well in terms of the number of redundancies, shedding less than 2% of jobs since June last year. Perhaps as a result, accountants are loyal to their employers, with 57% saying they plan to stay with their current firm, according to a survey by Ajilon Finance.

Despite this, a smaller but still significant number (more than a fifth of those surveyed) say they plan to look for new jobs when the economy rebounds. Impressively, however, when asked where they see themselves in five years, 44% of accountants anticipate serving in a more senior role at their current company with a much smaller 25% saying they see themselves at another company in five years.

"Despite the deterioration of the overall job market over the past year, accountants are still in great demand nationwide," said Jodi Chavez, senior vice president of Ajilon Finance.

"That said, there is still a strong core of highly skilled accounting professionals available for hire. Companies which are gearing up for the transition to International Financial Reporting Standards (IFRS), the implementation of XBRL-tagged financial statements or even just for the coming tax season should take the opportunity now to snap up top accounting talent while it is available".

Looking for ways to hang on to your current finance team or recruit your next accounting superstar? Ajilon Finance offers the following tips:

Use creative incentives
Many employers today aren't in the position to offer a bonus or annual raise, but that doesn't mean there aren't ways to show your finance super star that he or she is a valued employee. Flexible working hours and arrangements, low cost incentives like free film tickets or discount cards can be great ways to show employees you care without breaking the bank.

Don't forget performance reviews
Just because your company has deferred wage raises and suspended bonuses, it doesn't mean you should do away with employee reviews. You should apply the same level of detail that you do in preparing tax returns, financial reports and income statements to evaluating an individual's overall job performance to ensure feedback is received and performance improves on a timely basis. In order to keep staff on board, employees need to know their achievements and hard work are noticed, and will therefore be appropriately recognised.

Create a positive work culture
Accountants thrive in an environment where ethical leadership is promoted and teamwork is encouraged. To build a culture your star performers won't want to leave, remember to reward hard work and create opportunities for employees to engage with one another; encourage tax preparers to engage in open dialogues with their reviewers; have senior counsellors interact and mentor junior staff, and enable client contact and senior exposure to new staff so they can prove their on-the-job abilities. When employees feel they are an important part of your company, they are less inclined to leave for another.

Recruiting

Think younger
Appealing to the next-generation of accounting talent will require an entirely new toolbox than you may be used to. Graduating students today are looking for a job where they feel connected to the organisation as well as one in which they can achieve work/life balance.

Utilise technology
The next-generation of talent - including finance and accounting talent - are relying more on technology to communicate than the generation before. To recruit the best candidates, reach them where they are most at home - on Facebook, Twitter and LinkedIn. Try uploading a video to the Careers section on your website showcasing a day in the life of your company or provide a podcast from a senior executive about their career path. A creative use of technology helps your company stand out from the competition as well as communicating with next generation talent in the way they like to be reached.

Demonstrate stability
In this rocky economy, employees are looking for stability and job security now more than ever. Use this opportunity to demonstrate your company's financial strength and employees' growth potential and you will have a huge advantage in the market.

Want to read more? Check out the original article over on sister site, AccountingWEB.com. Click here to be redirected.