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The small business platform has launched a peer-to-peer mentoring program to address the accounting industry ‘image’ and ‘talent’ problems revealed in recent surveys.
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Xero program to ‘reignite’ image of the accounting industry
28 August 2024
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New research from Xero showed 45 per cent of accountants and bookkeepers believe the industry has an ‘image problem’ that is then directly impacting the industry-wide talent problem.
Xero developed the ‘Reshaping accounting and bookkeeping: Image, talent and the way forward’ report to highlight how to help the industry overcome these challenges.
In a survey of almost 400 accountants and bookkeepers in Australia and New Zealand, it was examined how the professions are perceived and the impact this has on talent within the industry.
In a second survey of 155 university students studying accounting from across Australia and New Zealand, 41 per cent said the industry has an image problem.
Xero said that when posed with the question as to why the problem exists, 81 per cent of accountants and bookkeepers said the profession is viewed as ‘boring’ and 63 per cent of students said there is a lack of awareness around the role of an accountant.
The peer-to-peer mentoring program ‘Xero Mentor Match’ has been established to tackle the image and talent issues the industry is currently facing, Xero said.
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“With fewer people choosing to study accounting and 65 per cent of employing practices having experienced challenges in finding and keeping the right staff in recent years, a need to communicate the opportunities and satisfaction that comes with a career in accounting and bookkeeping has been brought to the fore,” the company said.
Xero sales director Theo Konstantas said the report delved into the current industry hurdles and has helped Xero address them.
“The talent and skills shortage has and continues to be one of the most significant challenges facing practices today,” he said.
“This report is the first time we’ve explored the perception problem to understand the reasons why firms are battling this issue and really thought about how Xero can level up to help.”
The Mentor Match program has been created in collaboration with ‘Mentorloop’ which will allow any accountant or bookkeeper who work in a practice part of the Xero partnership to utilise it.
“We want them to connect, transfer skills and show each other all the dynamic, innovative and exciting aspects of their professions,” Konstantas said.
“The calibre of talent we already have on board in our Foundation Mentors is exciting.”
“These partners have the opportunity to inspire and be inspired by the next generation of talent to reignite the industry from within.”
Despite the negative image and talent results reflected in the surveys, it was found 50 per cent of accountants and 49 per cent of bookkeepers would recommend their profession to someone else.
Most people surveyed said they would recommend their job on the basis that it provided “the opportunity to do purposeful work that makes a genuine difference.”
This answer was also popular among surveyed students when asked what aspect of the industry they were most interested in.
The results also reflected that the offering of benefits makes the industry more attractive.
These benefits included 61 per cent of respondents opting for remote or flexible working, 52 per cent opting for providing part-time or job share opportunities, and 45 per cent opting for a culture that promises inclusiveness and wellbeing.
“There are clear parallels between these initiatives and what emerging talent are looking for in a practice-based role or workplace, with one in two students surveyed citing ‘benefits like flexible and remote working’ as a key motivator,” Xero said.
However, it was also demonstrated that 32 per cent of students said the most important factor is having clear development pathways and career progression.
Only 29 per cent of practices currently have development pathways in place to train staff in non-compliance, according to Xero.
Yield Advisory undergraduate accountant Shannon Feeney said she chose her workplace based on what it had to offer her and her career development, which she appreciated being new to the field.
“My firm appealed to me because it focuses heavily on training and development,” she said.
“There’s a perception that accounting can be quite boring; but having the opportunity to learn from people with different responsibilities and expertise showed me how dynamic the profession can be.”
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