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What do accountants want? Uncovering the top priorities of today’s talent
07 November 2024
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3 minute read
The accounting industry is one of the few professions that holds space for many different ways of working. The past few years, in particular, have seen many embrace remote teams and virtual offices to work flexible hours, and tap into a wider talent (and client) pool. This has created more choice than ever for existing and emerging talent to decide how, where, and who they want to work for. But with so many options, what do today’s professionals really want? It’s a question that growing firms – big or small – are undoubtedly asking amidst a talent shortage.
Finding flexibility and connection
Claire Beckett of Sunside Accounting has experience at both ends of the spectrum. Before having children, Beckett was working full-time as a management accountant. But as her family expanded, she had to prioritise flexibility. She explains, “I wanted the balance of part-time work and being part-time at home with the kids. I thought, ‘Why not create this for myself and have a crack at being my own boss?’ Starting my own practice made a lot of sense as I could choose my hours without answering to anyone.”
Beckett isn’t alone in her desire for flexibility. A recent report from Xero revealed that almost two in three practices (61%) have offered benefits like flexible or remote working to combat the talent shortage. What’s more, one in three said this was the most effective tactic they’ve employed.
Although Beckett only answers to herself now, she admits there are challenges in being the sole decision-maker. So, when she came across a LinkedIn post from Sarah Lawrance about Xero Mentor Match – a new peer-to-peer mentoring program for Xero accountants and bookkeepers – she jumped at the opportunity to be mentored by the Hot Toast founder.
Lawrance is a foundation mentor in the program and is also part of the Xero Partner Advisory Council (XPAC). She says, “When Mentor Match was brought to XPAC, it was partly in response to some of our frustrations at an industry level around attracting the next generation of talent. We all want to sustain a thriving industry people want to be a part of, but we can only do this if we’re not burning everyone out. I’m well aware of the benefits that come with having a mentor, and if I can be that for people trying to build their practices and level up this industry, it’s a great thing.”
Beckett and Lawrance clicked over shared experiences and focus areas. Beckett says, “Sarah has been so generous with her time. She’s been a fantastic motivator and someone I can bounce ideas off of when I’m stuck between decision A and B. It’s been great.”
Leading with learning
Through the mentoring experience, Lawrance has seen first-hand how practice owners like Beckett are contending with big-picture industry issues. She says, “We’re all asking ourselves, ‘How do I find the right people to bring into my business? What does that look like? How do I work smarter, not harder? How can I disconnect from work and be present with my family?’”
Although there are no silver-bullet solutions to these questions, Lawrance says it’s important for accountants to find a mentor, coach, or manager who will listen, offer support, and provide feedback. This is also the type of leadership she’s modelling at Hot Toast. The firm prioritises two key things today’s top talent are searching for: work-life balance and innovation.
“I’m very focused on delivering value to clients and amplifying Hot Toast’s impact at a community level. For us, this comes back to training in AI and ESG (environmental, social and governance). I’m helping my team consume as much information as possible in these areas,” says Lawrance, adding, “We’re also a B Corp [a certification that verifies a company meets a high level of social and environmental performance, transparency and accountability], so we know how big an opportunity ESG is for clients.”
According to Xero’s report, like Hot Toast, around half of practices are upskilling staff in advisory (45%) and digital tools (55%) to mitigate the talent shortage. What’s more, accounting students say training in services beyond compliance would make a job in the industry more appealing (45%), alongside access to and training in tech (39%).
Responding to the needs and wants of today’s professionals will not only sustain today’s practices, but the future of the profession. As both Beckett and Lawrance show, there is so much opportunity to reinvent what a modern firm looks like and – importantly – feels like for the people within it, be it through mentoring, leading by example, or creating opportunities to upskill in emerging areas.
Xero Mentor Match is a new platform for Xero partners to connect, transfer skills, and lead the industry forward. Join today to meet your match.
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