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• W305875354 abstract "It's a stubborn fact that just isn't going away: Finding and retaining qualified staff is the top concern of CPA firms--still. latest AICPA PCPS Top Issues in Practice Management survey showed that result again, as it has done since 1997, when it began polling. Even though enrollment in accounting programs has gone up, the demand for accounting expertise also has grown tremendously as firms and companies scramble to find qualified staff. National Association of Colleges and Employers says accounting is one of the most popular majors among employers hiring at the bachelor's degree level. To address the staffing challenges, the AICPA Private Companies Practice Section (PCPS) set out to learn more about the attitudes and aspirations of the most promising young accounting professionals in order to provide valuable insights for firms seeking to recruit and retain them. Its Top Talent Study, much like one performed in 2000, asked the most highly valued nonpartner employees about their hopes for growth opportunities, job benefits and firm culture, and how those elements affected their decisions to join or stay with a firm. For comparison purposes, PCPS also asked partners to offer their opinions on the importance of all the same issues in hiring and retention. CPAs clearly appreciate the value of knowing what bright prospects want. The most important thing we can offer our clients that makes us different from other firms is the quality of our people, says Deborah Sessions, a partner of Porter Keadie Moore in Atlanta. So we need to develop good relationships with the promising people who work here. WANTING IT ALL talented staff members who took this survey are a complicated group, people who appear to place a balanced emphasis on their careers and their personal lives. Their top reasons for joining a firm are career growth opportunities, paid personal/vacation time and salary--in that order (see exhibit 1, page 44). good news is that the partners who are hiring and working with this group of young people seem to understand that they are a multifaceted generation. While both sides are not always in lockstep in terms of how they would order their priorities, the two groups are on the same wavelength (see exhibits 1 and 2 on pages 44 and 46). Career growth expectations, time off and salary continue to be important to hires and are a big factor in retention. Again, partners were generally in sync with this group, understanding their ambition and their desire to be associated with a great firm (see exhibit 3, page 47). But while firm leaders may be aware of promising younger staff members' expectations, other AICPA research raises questions about whether they have taken concrete steps to meet them. In the Top Talent Study, 76% of the young CPAs said they were interested in being groomed for a senior position. Another recent PCPS study of firm staffing policies found, however, that 93% surveyed did not have a leadership development program, 90% did not have a career professional program and 89% did not have a partner-in-training program. Such programs can reassure ambitious staff members about the career opportunities within a firm and clarify firms' expectations. same study also found that most firms did not have a documented pay-for-performance plan to align compensation with firm strategic initiatives. Such plans can reinforce firm goals and reward talented staff members for efforts that help achieve them. WHAT WORKS AT OTHER FIRMS Top Talent Study provides insights into some of the benefits, perks and opportunities that are likely to be of importance to your most valuable young staff members. In addition, PCPS asked partners at some firms with particularly low turnover to what they attributed their success. Here are some of their best practices for recruiting and retention. Line up your incentive pay programs with your firm's strategic goals. …" @default.
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• W305875354 date "2006-11-01" @default.
• W305875354 modified "2023-09-23" @default.
• W305875354 title "Understanding the Best and Brightest: Here's the Scoop on What Your Highest Achievers Want from Your Firm" @default.
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