Attracting and Retaining Accounting Talent Key Issue in 2008: Survey
Accounting industry leaders from around the world are focused on convergence and attracting new talent to their ranks in the coming year. That’s according to a new survey conducted by the International Federation of Accountants (IFAC). The survey also found that firms believe the current shortage of qualified accounting professionals is having a negative effect on the growth of some national economies.
“Maintaining a strong reputation is critical to attracting and retaining talented accountancy professionals,” emphasizes IFAC President Fermin del Valle. “In particular, investor confidence in the profession is vital to the profession’s ability to contribute to the optimal functioning of capital markets and, consequently, to economic development.”
Executive recruiting firm, A.E. Feldman, says accounting opportunities are growing. The firm sees continued competition for top accounting professionals and expects demand to increase in 2008.
Demand for Talent:
Global accountancy leaders will focus on attracting and retaining talent in the coming months, according to the IFAC survey, which polled 143 Presidents and Chief Executives of 115 IFAC member bodies and associates in 91 countries, as well as six regional accountancy bodies.
North America ranked recruitment as its most important issue in 2008. Africa, the Middle East and Latin America report a critical need for accounting professionals, according to the IFAC survey. Significant challenges in filling accounting jobs also exist in the Asia-Pacific region.
The talent shortage is having a spillover effect on regional economies. Survey respondents believe the lack of qualified accounting professionals is having a negative effect on economic growth.
Support for Convergence:
Accounting industry leaders believe that convergence to a single set international accounting and auditing standards is essential to economic growth and development, according to the IFAC survey. In keeping with this finding, A.E. Feldman reports that global demand for IFRS-trained accounting talent is accelerating.
Survey respondents also say that a strong accounting industry plays a key role in economic development. As for the future of their national economies, most leaders expressed optimism for 2008 despite the sub-prime meltdown. Those polled however, still view corruption, rising energy costs and a lack of investor confidence in capital markets as potential threats to economic growth.
Applying new accounting standards topped the list of possible issues facing accountants. Not far behind, survey respondents also cited adopting good risk management practices and public perceptions of accountants’ integrity as probable issues.
Focus on Reputation:
Accounting industry leaders say another important focus in 2008 will be maintaining the profession’s good reputation.
When asked to rate public confidence in professional accountants in their countries as “excellent,” “good,” “fair” or “poor” 70% of respondents said public confidence was “good.” Only 15% rated public confidence as “excellent.”
