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Involving younger staff in decision making and joining forces with other firms to gain access to new skill sets may be potential solutions to talent shortages, says PKF.
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PKF shares strategies for attracting talent
22 September 2024
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PKF Melbourne managing partner Timothy Bow has shared some of the firm's strategies for attracting in retaining staff as part of NAB's recent research into professional firms.
In its recent paper, The Performance Era, the major bank noted that accounting firms are still facing a highly challenging environment in terms of sourcing talent, with the ABS forecasting that Australia will need an extra 10,000 accountants a year.
Bow said while staff shortages have eased slightly since the height of the pandemic, engaging staff can still be problematic.
Accountants with four years of experience, which is one of the sweet spots in recruitment where people become incredibly valuable, are in short supply, according to Bow.
"It’s one reason why firms are keen to source graduates. While lateral hires can be successful, “that’s proving more and more difficult,” he said.
Retention is also becoming more challenging, according to Bow.
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“You expect people to move; it’s the nature of the current workforce,” he said.
PKF has responded to some of these challenges in several ways. Shortly after the Melbourne lockdowns it established a volunteer group of employees – primarily aged under 30 – who are involved in the decision-making around what their day-to-day looks like.
Bow said the group has had input in a range of decisions, including outfitting the firm's new office.
The firm is also focused on helping staff to envision their career pathway.
“In the last few years, we’ve completely overhauled our entire process, from early education for relatively junior staff all the way through to our final course that’s a path into our partnership,” said Bow.
Accounting firms may also need to look at what skills they need in new areas of business.
Bow said there’s increasing pressure to provide services that are outside traditional accounting fields.
Clients are looking for help with new issues like ESG compliance and cyber risks which require a whole new skill set.
“We’re hiring data scientists, climate engineers – areas that are so far removed from an accountant,” he said.
“They bring with them innovation from their fields that we pick up on.”
One way to gain access to these people is to join forces with other firms, something PKF is pursuing.
“We’re looking at, say, an ESG advisory firm that’s similar in scale to us, playing in a similar market, that’s attracting similar clients,” said Bow.
That firm can offer PKF its expertise and PKF, in turn, can offer it access to its extensive client data base, he said.
"The one thing accounting firms have always had is a wonderful client base."
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