The numbers speak for themselves: • More than 300,000 U.S. accountants and auditors left their jobs between 2020 and 2022. • Open accounting and audit roles are the highest they’ve been since 2008. • Finance-related occupations are expected to grow 7% by 2031, resulting in 715,100 new jobs in the next decade. • The number of U.S. students who completed accounting degrees fell by 2.8% for bachelor’s and 8.4% for master’s in the 2019/2020 academic year. • 75% of baby-boomer accountants were near or at retirement by 2019. Since it is taking longer for companies to fill positions, some hiring managers are settling for less-qualified candidates. This often leads to lost productivity and burnout from other team players who might be covering extra work for inexperienced colleagues. The fierce competition for Accounting and Finance talent is not new, but some of these troubling trends require executives and HR teams to develop new strategies for retention and attracting talent. In planning for 2024, it may be a good time to evaluate your current Accounting and Finance team and structure. Many organizations are revising budgets and revisiting work programs and projects that had been put on hold the previous year. With the especially scarce Accounting and Finance talent supply in Southern California, you might need to add to your teams. If you’re not ready to add headcount, interim consultants can help fill the gap.
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