How CPA Firms Are Engaging the Next Tax and Accounting Pros

In today’s business environment, accounting firms face increasing pressure to attract top talent. Retaining employees is crucial for any business, but it’s especially important for accounting firms that rely on such a highly skilled workforce to provide accurate and reliable financial information to their clients.

When firms experience high turnover rates, it hurts the quality of service they provide, causing losses of both clients and revenue. Left unchecked, this can lead to a downward spiral.

The industry noticed the talent shortfall in the early 2000s as demand for accounting professionals began to outstrip the supply of skilled workers. This was due to several factors, including an aging workforce and a growing demand for specialized skills. As a result, competition increased exponentially, and many accounting firms began struggling to attract and retain the next generation of talent.

Now, firms are adopting strategies used by other industries for years, such as offering flexible and hybrid work environments, paying for personal and professional development through individual and group coaching, and investing in a more supportive and inclusive workplace culture.

In its 2021 Trends Report on accounting education, the CPA exam, and public accounting firms’ hiring of recent graduates, the Association of International Certified Professional Accountants found that the pandemic accelerated the already significant challenges faced within the industry, including hiring and keeping in-demand workers.

A Sense of Purpose Is Vital

According to the CEO Purpose Report 2022, completed by Brandpie Consulting, helping workers integrate their personal purpose into the workplace is critical to attracting and retaining ideal talent. When employees feel a sense of purpose, they’re more motivated and committed to their organization. This leads to increased productivity, higher job satisfaction, and lower turnover rates.

If executed well and with noble intentions, integrating purpose into the accounting industry’s culture and strategy can be a solution that addresses its talent challenges. According to the aforementioned report:

CEOs agreed that having a clear purpose, ambition, and strategy is the No. 1 driver of long-term value.
Sixty-two percent of CEOs are accelerating their efforts related to purpose as a result of Covid-19.
Seventy-three percent of CEOs say purpose influences the majority of their decision-making.
Twenty-eight percent of CEOs have purpose statements for their organizations, and 55% want to create one.

Research during the past decade consistently shows that purpose is a key driver of success, and that companies that prioritize purpose are more likely to achieve business goals and create a positive impact on the world.

Deloitte, which employs more than 400,000 people, has conducted studies on purpose in the workplace and explored the impact of purpose on various aspects of employee, experience, and organizational performance. These studies show that companies with a stronger sense of purpose tend to have warm, engaged, motivated employees, higher levels of innovation, and greater overall success.

Key findings From Deloitte’s Research

Purpose improves organizational performance. Companies with a strong sense of purpose tend to have better financial performance and are more likely to be recognized as industry leaders.

Purpose attracts and retains top talent. Companies with a clear sense of purpose are more attractive to top talent, who are drawn to organizations that align with their values.

Purpose drives innovation. Companies with a strong sense of purpose are more likely to create innovative products and services, as employees are motivated to use their skills and creativity to make a positive impact.

Accounting firms can help their employees find purpose in the workplace by creating a culture that values purpose and meaning. For example, EY created a program called Pathway to Purpose, which it describes as “not a learning program; it is a self-discovery program that EY’s L&D team happens to be incredibly passionate about. It’s an ecosystem, meaning it’s a program of self-discovery, first and foremost.”

Following the Gold Standard

Accounting firms typically follow what the large established firms—the Big Four—set as the standard. Here’s some of what Deloitte, PwC, EY, and KPMG say about integrating purpose into their culture and strategy:

Deloitte: “Our purpose is to make an impact that matters by creating trust and confidence in a more equitable society.

“To amplify and advance our purpose, in March of 2021, we named our first-ever Chief Purpose Officer, Kwasi Mitchell.

“Our goals for the US Purpose Office are to consistently embed purpose in our organization’s strategy and deepen the impact and positive change we are making for our clients, people, and communities.”

PwC: “Our purpose and values—Building trust and delivering sustainable outcomes in businesses and society. We are purpose-led and values-driven. A firm with purpose depends on people with purpose. PwC’s community of solvers is 65,000 people strong, representing different races, ethnicities, genders, backgrounds, religions, and beliefs. But together, we’re one firm united by our purpose and values.”

EY : “We put our purpose—Building a better working world—at the heart of everything we do.

“In a rapidly changing and increasingly complex world, our purpose acts as our North Star, helping us navigate change. Every audit, every tax return, every consulting opportunity, every collaboration, every question we ask helps make the working world better than it was before. Our research reveals that purpose-driven businesses are better at attracting and retaining talent, sparking innovation, navigating disruption, and yes, making a profit.”

KPMG: “Purpose is the difference that has always made the difference.

“While KPMG has always been a purpose-led organization—driven by a 100+ year history of doing great things and making a positive impact on the world—up until recently we had not focused on explicitly communicating or celebrating this strong sense of purpose with our people. That all changed a few years ago when we launched our firmwide Higher Purpose initiative, a comprehensive effort to strengthen our people’s pride, engagement, and emotional connection to the firm by encouraging them to recognize and celebrate the meaning and positive impact of the work they do.”

Helping Employees Find Purpose

Accounting firms that invest in their employees’ professional development by helping each define their own personal purpose will foster a sense of teamwork and community and will be more likely to attract and retain their top performers. By investing in employees, accounting firms can improve employee retention and the quality of service they provide to their clients.

As McKinsey & Co. has noted, “When a company’s purpose is aligned with its employee’s purpose, good things happen.”

This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.

Author Information

Greg Sloan, CFP, CEPA, CPMTM, is a chief purpose officer and co-founder of Go Beyond, a talent development company. Sloan, who has more than 25 years of experience in financial services, has founded several companies and focuses on the benefits of personal purpose in the workplace.