Accounting talent migration

Firms attempting to crunch the numbers on their accounting shortages might have a tighter deadline than expected as accountants reassess their roles and their work-life balance.

That’s according to the Controller’s Guidebook: The Great Recalibration - The Role of Technology in Retaining and Recruiting Accountants, the latest survey from FloQast, an accounting workflow software company, conducted in partnership with the University of Georgia’s Consumer Analytics Program.

The survey is not good news for companies looking to attract and retain accounting talent. More than 53% of the survey’s respondents said they’re unsure if they will remain with their company until the end of the year and, of those, 65% said they were unsure if they would remain in accounting at all.

Work-life balance—or the lack of it—remains a crucial factor in the uncertainty of many respondents. More than 60% said that they “struggle with an imbalance between work and life,” with many expressing doubts about being able to complete assigned work, while also aspiring to take on more strategic roles in their organizations.

Technology is having a significant impact on the day-to-day work of accountants. “More than 60% of accountants reported that technology is more important in their job satisfaction today than it was two to three years ago,” with 43% being “extremely likely” to ask about technology in a job interview, according to the survey.

Technology isn’t the only remedy to retaining employees, the survey says. Accountants who have a strong belief in their company’s understanding and ability to address work-life balance and fulfillment issues are three times more likely to remain with that company.

“Our research demonstrates that as more and more organizations leverage automation technology, the broader accounting industry becomes far better positioned to attract and retain accounting talent,” FloQast co-founder and CEO Mike Whitmire said in a statement.—LR