By David Sladek, President, Lincoln Search Consultants

The talent shortage in the accounting profession has been a persistent challenge, and the outlook suggests it will worsen before improving. Recent research highlights alarming trends, including a projected shortage of 150,000+ CPAs and a 30% decline in the number of available accounting talent over the next decade. As CFOs, the need to adapt your strategies to these challenges is more urgent than ever.

Create a Workplace That Attracts and Retains Top Talent

The future success of your accounting department will rely heavily on your ability to build a workplace that not only attracts top talent but retains it. Ask yourself these crucial questions to assess the strength of your team environment:

• Are you providing growth opportunities?
  Accountants value professional growth and opportunities to take on new challenges. Establishing a culture of mentorship and creating a clear path for advancement can go a long way in retaining top talent.
• Are your tools and technology supporting your team? Outdated tools not only hinder efficiency but can lead to frustration within your team. Embracing modern accounting technologies that automate repetitive tasks can free your staff to focus on higher-level responsibilities that engage and fulfill them.
• Do you offer flexibility?
  In today’s workplace, flexibility is non-negotiable. While many companies are mandating a return to the office, offering flexible schedules or remote work options can set your business apart and help retain talent that values work-life balance.

While cultivating a supportive work environment is vital, it’s also essential to think creatively about hiring strategies.

Expanding Your Talent Pipeline

The traditional pipeline of accounting graduates is shrinking. To address this, forward-thinking CFOs will need to look beyond the usual candidate pools.  Top tier programs, CPA Certifications, public accounting experience are the keys that CFO’s and hiring manager’s focus on, sometimes to a fault.  Do you really need that at the Staff and Senior levels or do you have flex to look beyond the traditional experience?

Targeting candidates that come from mid – tier or lesser known programs, experienced adult students changing careers, non CPAs in an often overlooked and untapped pool.  Candidates from these backgrounds are often times more eager to impress and dedicated to growing their careers.  Folks that have a core skill set, fit your culture, are often times more committed and appreciative and less apt to leave.

Hiring for potential rather than solely for credentials—not only helps fill critical gaps more quickly but ensures that your organization is equipped with fresh perspectives and dynamic problem solvers.

Leveraging Technology to Do More with Less

Even with a robust team and innovative hiring practices, CFOs will need to address the realities of doing more with less. Here, technology has become a critical ally. From automating transactional processes to leveraging AI and data analytics for decision-making, the right tools will enable your department to remain agile and effective, even with a leaner workforce.

Looking Ahead

The accounting talent shortage presents significant challenges, but with proactive strategies, it’s possible to overcome them. By fostering a fulfilling workplace, exploring creative hiring solutions, and leveraging technology, CFOs can position their teams for success in 2025 and beyond.

If you’re ready to explore how these strategies could work for your organization or have current or potential anticipated needs within your Accounting and Finance team, I invite you to reach out. Let’s discuss how Lincoln Search Consultants can support you in navigating this evolving landscape.

Reach out to David directly at 630.546.2834 or email at dsladek@lincolnsearch.com