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4 strategies to build a strong talent pipeline

24th Jun 2024
Brought to you by
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Wolters Kluwer provides software to tax and accounting professionals.

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Accountancy practice owners and leaders will know that what makes a good business is good people.  

In fact, companies with a high engagement rate are 21% more profitable, showing the importance of having the right people in practice.  

Three people looking at their desktop monitors, discussing work
Getty Images

Building a strong talent pipeline is important for accounting practices to guarantee skilled professionals are ready to fill key roles as needed. From the awareness stage, down to hiring and retaining talent, here are four ways you can build a strong talent pipeline for your accounting firm.  

1. Invest in continuous personal development 

Provide opportunities for employees to pursue further education, such as obtaining certifications—for example, CPA, CMA—or attending industry conferences and workshops. Offer in-house training programs focused on both technical skills like new accounting software and soft skills such as leadership and communication.  

Employees also want to know they have room for growth at their company. Work with employees to create personalised career development plans that align with their goals and the firm's needs, to ensure they see a clear future within the company. 

2. Use technology to attract and retain talent 

Making your employees’ technology experience easy will make a difference to their everyday work life. Whether it’s quality IT support on hand, or easily accessible data with no need for rekeying across systems, it all makes a difference to employee satisfaction.  

These are a few ways you can attract and retain talent through your IT resources: 

  • Provide quality IT support ensures employees can work without disruption. Investing in professional development platforms to help employees grow their skills. 

  • For retention, offer flexible work environments through remote desktop solutions and cloud-based tools that foster work-life balance.  

  • Use employee engagement tools and implement robust security measures to create a secure work environment, driving employee satisfaction and loyalty. 

3. Support employees at every level  

You’ll likely have employees across a variety of ages in your practice. Evaluating the unique strengths of each seniority level helps build a strong team and ensure the longevity of your practice. 

  • With the most industry knowledge, senior employees are invaluable assets. To retain their expertise, consider offering part-time hours or flexible work arrangements, especially if they are considering retirement. This allows them to continue contributing their insights while mentoring others. 

  • Mid-level employees make up a significant portion of the workforce and include key decision-makers. They are instrumental in implementing new software and driving change. Focus their efforts on fine-tuning your tech stack, managing processes, and championing innovation. 

  • Junior employees are the future senior employees. Regular feedback, training opportunities, and in-person learning through questions and meetings are essential for their development. While remote or hybrid work models are popular, ensure there is still time for face-to-face training.  

4. Get your brand in front of people 

Whether it’s through social media, or talks at local universities or colleges, there are plenty of ways to put your practice in front of people. Having people being aware of your brand puts you top-of-mind when talent are thinking about where they want to work.  

Getting your brand name out there is part of the awareness stage of your talent pipeline, ensuring you can find good candidates for your workforce when you need to fill roles. In doing so, you’re laying down strong foundations for filling roles with the people you want in your practice.  

Here are some ways you can put your brand in front of people: 

  • Use AI in your marketing efforts, as it can analyse client data to create highly personalised marketing campaigns. Or AI can help identify and target specific audience segments online.  

  • Use social media to engage with potential candidates and get your brand in front of people. This could include targeted ads, or organic content to reach accountants.  

  • Attend events and give talks within the industry. For example, send an employee to a university talk to students on a maths or economics course who may become future accountants. Or have a stand at a careers fair to offer advice, internships, or networking opportunities with people from your company.  

Interested in learning more about attracting and retaining top talent?