How Accounting Firms Can Build an Effective Talent Stack
Вставка
- Опубліковано 21 лип 2024
- Join the accounting influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world: accountinginfluencers.com/events
_________
On this episode of The Accounting Talent Podcast, host Rob Brown is joined by Jeff Phillips, CEO of Padgett Tax & Accounting Franchise and founder of AccountingFly, sharing thoughts about the alarming talent shortage facing the accounting profession and Jeff's concept of the "talent stack" as a potential solution.
The concept of a "talent stack" as the new organizational model for accounting firms. With accounting talent becoming increasingly scarce, firms need to rethink how they acquire, manage, and retain top talent. The talent stack philosophy focuses on sourcing talent globally, leveraging remote workers, freelancers, and offshore resources to fill essential roles predictably and reliably.
By adopting a talent stack mindset, accounting firms can overcome hiring challenges, access global talent pools cost-effectively, and build sustainable operations for the future. Don't miss this insightful discussion providing innovative strategies for firms to attract and retain the skilled professionals they need to drive growth and success in a rapidly evolving industry landscape.
“Culture, process, systems, and excellence are absolutely available inside companies where some of the people work in the headquarters. And some of the people don't, it's not easy, but the case I'll make to you is this. If you make this adjustment, you can win.” - Jeff Phillips (09:10)
Key Takeaways:
1. The accounting profession was complacent in how it dealt with talent, and there's a reckoning happening now due to hiring challenges. [01:55]
2. College students are comparing accounting to fields like investment banking, consulting, and tech companies, which are outcompeting accounting for talent. [02:45]
3. The "talent stack" reimagines the organizational chart by identifying diverse talent sources (local, remote, freelance, offshore) at every level. [04:10]
4. Firms can tap into global talent pools, increase profit margins through cost arbitrage, and fill critical roles faster by finding the best fit. [07:20]
5. Integrating remote teams requires building a strong culture, values, processes and systems, supplemented with in-person engagement. [14:30]
_________
The Accounting Influencers Podcast is for accountants, bookkeepers, finance professionals and those who lead, work in, and serve them. Hosted by Rob Brown and special guests who are influential within their field, the podcast covers topics such as leadership, business growth, technology and automation, diversity and career development. Join the accounting influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world:
accountinginfluencers.com/events - Розваги
To add to some of the "death spiral" discussion, my firm (PE portfolio company) set its current bonus structure based on workgroup revenue and margin. So now, when people do leave the firm, all the remaining people will be overworked AND likely will see smaller bonuses and less compensation.
spiral is the right word!
Off shore isn't on par compared to the US. And how if the cross country people aren't licensed in the state?
Which country are you comparing to the US? Take your point about unlicensed practitioners. But surely lots of work can still be done by non-licensed professionals?
@@accountinginfluencers a company I worked for outsourced to India. The work didn't get done, so they ended the relationship.
Hire Filipino CPAs remotely in the Philippines. This is what most CPA Firms in the US do. You'll get more Value, Increase the number of your Clients exponentially in exchange for low pay or cost of less than $1k per Filipino St@ff.
US Accountants??. N@h...