As the accounting industry faces a serious talent shortage, many firms are looking for new ways to attract and retain the next generation of auditors.

%43 of chief audit executives (CAEs) and senior internal audit leaders report finding talent with the right skills as one of their foremost practice management challenges. 

If that was not enough, employee turnover rates are reaching almost %30 in most large accounting firms.

Dated technology and complex workflows stand in the way of employee satisfaction and work-life balance, making the profession less attractive. Surveys reveal that accounting professionals are also changing careers due to burnout around hours spent on menial, manual tasks.

Employee engagement and experience is now a driver of talent attraction and retention and organisational outcomes. Building digital, people-centric work environments is a strategic priority for audit firms as the war for talent intensifies.

How to Bridge the Talent Gap?

1. Embrace and Adopt New Technologies

Adopting new technology to change manual and effort-intensive processes is now imperative to attracting new and existing audit talent. Young professionals want to solve problems, not spend their days filling out forms.

Audit technology like Thomson Reuters Confirmation automates tasks, significantly reduces time and effort spent on processes like audit confirmations, and allows auditors to complete the entire confirmation process in days, not weeks. Automation also helps auditors reduce their load and maintain work-life balance during the peak busy and reporting seasons. 

Technology solutions influence the attractiveness of the audit profession and make it more appealing to a digitally savvy workforce. New tools create opportunities for auditors to make room for more stimulating and strategic work and position themselves as value creators. A technology-enabled environment modernises the audit profession and motivates young professionals to join the industry.

2. Create a Culture of Integrity

Creating a culture of integrity is essential to attracting and retaining good talent. Information transparency, timeliness, data integrity, and a commitment to quality become pillars supporting organisational integrity.

Technology investments that remove redundancies, reduce manual effort, help auditors improve standards, and elevate audit quality are key.

Technology plays a vital role in attracting talent by alleviating audit challenges, embedding ownership and accountability into systems and processes, and efficiently managing changes in audit practice.

3. Support Diversity and Inclusion

Supporting diversity and inclusion helps audit firms get ahead in the war for talent as the labour market tightens. Research shows that one of the top priorities for Gen Z is to work with companies committed to diversity and inclusion. That means creating a safe and supportive work environment that values all employees of a business, no matter their race, gender or role.

Technology is vital in developing systems and processes that build inclusive, bias-free cultures that attract skilled, diverse talent. Efforts that boost diversity and inclusion, champion work-life balance, and showcase people-centricity will likely earn firms a spot on a "best places to work" list and help attract and retain a new generation of talent.