A key obstacle to maintaining adequate levels of accounting, finance and audit talent is a slowing workforce growth rate that is coinciding with unprecedented demand for these professionals. As the pool of skilled workers shrinks and these professions struggle with the post-reform compliance focus, it will become increasingly important for employers to become more creative and competitive in attracting new talent and retaining current staff.
A particular challenge for employers is adapting to the attitudes, expectations and values of Generation Y (generally viewed as individuals born between approximately 1978 and 1990). Panelists noted that employees from this generational group have much different career expectations than, for instance, their baby boomer predecessors. Some observed that members of Generation Y expect to immediately be given challenging projects and participate in decision making.
Academic members on the panel offered other insights from their interactions with college students and recent graduates. Professors expressed concerns that new graduates entering the workforce, especially those working in large public accounting firms and in the finance function of publicly traded companies, are becoming demoralized in their first jobs out of college by the often repetitive nature of compliance work.
Although some council members remarked that tedious work in the early years of one’s career has always been the norm, others maintained that compliance demands – combined with the high expectations of a new generation of professionals – have made entry-level work even less attractive. Panelists discussed strategies to counteract career dissatisfaction among entry-level professionals and enhance retention, including offering more career guidance, projects that involve continuous learning and a better work/life balance.
