Welcome to the Accounting Influencers Podcast, going live every Monday to 150 countries and 30,000 accounting practitioners, fintech specialists and influencers in the accountancy, CPA and bookkeeping space.
In this Talent Special bonus, "Human Capital & Talent in Accounting", host Rob Brown speaks with guest Gary Shamis about the challenges accounting firms face in talent acquisition and retention. Shamis notes the 50% decrease in the pipeline of new CPAs over the last five years and believes that the value proposition in public accounting needs to be improved, creating a deep hole in the industry. He emphasises the importance of focusing on clients, people, and growth, staying up-to-date with the competition, and re-evaluating the value proposition to increase the bottom end of compensation and create a culture of growth.
The discussion also covers the impact of automation and robotics on the accounting industry. Shamis advises firms to have a contingency plan and appoint a tech-savvy employee to monitor industry developments. Attracting talented employees is a challenge, and the speaker suggests focusing marketing efforts on attracting staff rather than clients and changing partner bonuses to include incentives for bringing in talent. A strong brand is also essential for attracting both clients and employees.
You can also watch this on youtube here: https://youtu.be/RiPX4KXYH0c
Key Takeaways
➤ New CPA pipeline has decreased by 50% in the last five years, creating a deep hole in the industry.
➤ Value proposition in public accounting needs improvement to attract and retain talent.
➤ Focusing on clients, people, and growth is crucial for accounting firms to succeed.
➤ Staying up-to-date with competition and re-evaluating the value proposition is necessary.
➤ Automation and robotics are impacting the accounting industry, and firms need a contingency plan.
➤ Appointing a tech-savvy employee to monitor industry developments is crucial.
➤ Marketing efforts should focus on attracting staff rather than just clients.
➤ Partner bonuses should include incentives for bringing in talent.
➤ A strong brand is essential for attracting both clients and employees.
➤ Accounting firms must adapt to the changing landscape of the industry to succeed in talent acquisition and retention.
Guest Bio
Gary Shamis is an accomplished former managing partner of a top 40 US accounting firm that he sold to BDO in 2015. He is now the CEO of Winding River Consulting, which provides high-level strategy consulting to the Restaurant, CPA, and professional services industries. With numerous accolades in the accounting field, Gary was recognised as the EY Entrepreneur of the Year and is a Top Ten Managing Partner Elite by Accounting Today, where he was described as the “very model of the modern managing partner." Additionally, he was named Most Admired Peer by INSIDE Public Accounting and has been featured more than a dozen times on the Most Influential list by Accounting Today. Gary also co-authored How to Manage Your Accounting Practice: Taking Your Firm from Chaos to Consensus.
In addition to his successful accounting career, Gary has served within the American Institute of Certified Public Accountants ranks. You can connect with Gary through his LinkedIn profile or Winding River Consulting's website. He has also been featured in various interviews, including "Accounting Firm Leadership Priorities: Gary Shamis" and "Key Drivers of Change in Accounting with Gary Shamis."
You can connect with Gary here:
https://www.linkedin.com/in/gary-shamis-wrc
https://windingriverconsulting.com
Check out these other interviews with Gary:
"Accounting Firm Leadership Priorities: Gary Shamis"
https://bit.ly/3lyBIgW
"Key Drivers of Change in Accounting with Gary Shamis"
https://bit.ly/3xIhneq
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