CPA Firm Staffing—Solving the Eternal Dilemma
Once again, staffing and recruiting remain major concerns for the nation's CPA firms. In fact, according to a recent study conducted by the Private Companies Practice Section of the American Institute of Certified Public Accountants, research shows that staffing is the biggest management challenge for non-national firms and has been for the last several years.
The current overabundance of SOX-related work has ignited a countrywide CPA shortage, and the resulting lack of resources has made staffing a major challenge for CPA firms of all sizes. But finding the right talent doesn't have to be an issue. With the proper planning, even the smallest firms can incorporate successful staffing programs into their overall business plans.
Simplifying Staffing
Establish a Team
The ultimate goal of staffing is to find the right people for the job. But first things first. What positions are you trying to fill? Do you want a CPA with a heavy tax background? Or are you in the market for an audit expert? Before you cast your line into the sea of CPAs, determine exactly what you're looking for.
Start by appointing a staffing supervisor and electing a staffing team. These individuals will share the responsibilities of identifying employment needs, attending recruiting events, promoting the firm, interviewing applicants, and hiring qualified candidates. Your staffing team should create solid job descriptions for the positions you'd like to hire and set clear and realistic goals from the beginning of your search to help ensure that you get what you're looking — and paying — for.
Advertise
After you determine your staffing needs, spread the word wherever you can. Use technology to your advantage. Post your job descriptions on state society job boards and other websites that specialize in accounting employment. Consider advertising in industry magazines and national newspapers. If you're on a tighter budget, never underestimate the power of word-of-mouth. Establishing a broad promotional platform will expand your search and provide you with a more diverse talent pool.
Interview
Once you start promoting job opportunities, get ready for interviews. Develop a list of pertinent questions that will help you determine which candidates are the best people to fulfill your needs. As you create questions, take time to review your employment application and remove any discriminatory questions. Certain questions, like inquiring about the year in which an applicant graduated from high school, can create the potential for age discrimination lawsuits.
Throughout the interview process, don't forget that candidates are also interviewing you. Remember — competition is fierce, so you have to convince top prospects that your firm is the only one worth working for. In this respect, it's a good idea to distribute a firm brochure or develop a highlight sheet that outlines the benefits of securing employment with your firm.
Make an Offer
For applicants who don't quite make the cut, inform them of your decision in an official letter. For those shining stars, create a formal offer letter and follow-up process. This will show prospects that you're serious about adding them to your team.
Mastering Methods
The College Connection
While many prospects will come to you, it's important to get out there and do some talent scouting yourself. Recruiting is a highly successful staffing tool, predominantly in the collegiate arena. The 2005 Report on the Supply of Accounting Graduates and the Demand for Public Accounting Recruits indicates that enrollment in accounting programs continues to climb. This means that new crops of college graduates are sprouting up each year, and some are already
ripe for the picking.
Developing relationships with universities, especially those known for their accounting programs, is a great way to channel new recruits your way. Participating in career days or recruiting fairs is an easy way to gain access to this gigantic talent pool and an excellent opportunity to conduct initial employment screenings.
If you don't have time to hit the recruiting circuit, there are other creative ways to forge the college connection. For instance, you could befriend local accounting professors or offer to appear as a guest lecturer. Both techniques are excellent networking opportunities and clever ways to attract new recruits.
Internships
In addition to providing affordable labor, internships open the door to several staffing positives. First and foremost, interns present the opportunity to promote your firm throughout the CPA population. Happy interns are likely to spread the word that your firm is a great place to work, which in turn will motivate qualified CPAs to seek employment with your firm.
Secondly, interns typically return year-after-year and are often highly qualified potentials for future, full-time employment. The 2006 Experiential Education Survey conducted by the National Association of Colleges and Employers (NACE) found that employers extended job offers to more than 70 percent of their interns. Employers responding to this survey also indicated that nearly 75 percent of their job offers to interns were accepted. This type of loyalty is something money cannot buy.
Retention, Retention, Retention
The best way to avoid staffing issues is to keep the staff you already have. As much as you focus on recruiting and hiring, you must pay equal attention to employee retention. This is especially important in retaining exceptional and experienced staff.
While competitive compensation and benefit plans remain the top contributors to employee satisfaction, work/life balance initiatives also play a key role in being considered an employer of choice. Easily implemented retention strategies include:
- Professional development plans
- Leadership preparation
- Continued education and training
- Mentor programs
- Flexible work arrangements
- Leave options
- Concierge services
But don't forget the importance of simply fostering a pleasant and respectable work environment. The regular practice of acknowledging and celebrating employee successes goes a long way toward boosting morale and creating a loyal workforce.
Fighting the Fear
The implementation of a formal staffing program may seem overwhelming at first, especially when employment is a pressing concern. But when you divide the process into more manageable steps, it becomes a less intimidating prospect. As with any new undertaking, the best way to get from point A to point B is with baby steps. And the same holds true in developing an effective and comprehensive staffing solution for your entire firm.
A Quick Staffing Checklist- Appoint a staffing supervisor and elect a team.
- Identify current and future staffing needs.
- Construct comprehensive job descriptions for necessary positions.
- Map out a recruiting plan.
- Determine advertising venues.
- Establish an official interview process.
- Develop and distribute marketing pieces to promote your firm.
- Institute a proper follow-up process.
- Create a formal offer package for potential new hires.
- Introduce employee retention programs.
ADDITIONAL RESOURCES
"Best Practices in Recruiting and Retaining Talented Staff," a white paper from the AICPA Private Companies Practice Section (PCPS), the AICPA Alliance for CPA Firms, available at: http://pcps.aicpa.org/NR/rdonlyres/B378FF7D-BDE5-4A3F-847F-10BD818EC060/0/PCPSWhitePaper_Staffing.pdf
