Best Practices to Support CPA Talent in Your Organization
By Katja Lang, Employer Relations Officer
As an organization, standing out from the competition is always a priority. While a solid business model is crucial for success, the true cornerstone of any organization is its employees. Recruiting, training, and retaining the right talent can be challenging and time-consuming, particularly for roles that demand specialized expertise, such as in accounting and finance.
Building future leaders requires investment.
There is no one size fits all recipe that works for everyone. However, there are some best practices that can help you when you’re hiring individuals who are planning to or are pursuing the CPA program or are already a designated CPA member.
Recruitment
Finding the right talent for your team can be challenging. Sometimes, the talent pool is limited due to location or specific expertise, and other times, the individual may not be the right fit. Here are some strategies to consider:
- Stay connected and engage top talent early:
- Participate in career fairs hosted by local post-secondary institutions to enhance your visibility and presence. College or university students seeking their first engagement are more likely to gravitate towards organizations they are familiar with and have met at career fairs.
- Take part in the CPABC Career Week, held in the Spring and Fall each year in Vancouver, to boost your organization’s visibility. This event connects you with hundreds of job seekers.
- Post your job opportunities on the CPABC Careers Site. This job board is validated against our CPA student and member database. By creating an account, you can access the resume database to find your next star employee.
- Join the Employer Network.
- Be transparent:
- Understand the CPA practical experience requirements and be upfront if a role doesn’t meet all of them. Outline how much of the experience requirement a CPA candidate can achieve in that role.
- Where possible, explore secondments or other options for the CPA candidate to gain the relevant experience and develop the technical skills required for certification.
Training aspiring CPAs
Investing in the proper training of future CPAs not only helps them gain the necessary work experience for certification but also benefits your business. Studies1 indicate that organizations investing in their people experience lower staff turnover rates. This begins with a solid and inclusive training environment by:
- Providing a supportive training environment: Foster a collaborative atmosphere and maintain an open-door policy, giving future CPAs easy access to leadership, as well as client-facing opportunities. Implement a buddy system for CPA candidates to work with and learn from other CPA candidates or designated CPAs. Encourage recent graduates to mentor the next generation of CPAs, sharing their fresh knowledge and experience. Allow for informal mentorship, enabling aspiring CPAs to learn from the best in your organization. Support CPA candidates by arranging for case marking and ongoing feedback from peers.
- Allowing time off: Consider giving time off for exams and study time.
- Offering financial assistance: Some employers cover tuition fees or the cost of education modules and exams. Providing financial assistance for study resources to CPA candidates can also be beneficial.
Retention
While natural attrition and employees seeking new opportunities are inevitable, there are several qualities that employees value in an employer. It all begins with strong leadership. In today’s dynamic labor market and economic climate, the ability to adapt to change is a key organizational differentiator, setting the best apart from the rest. But that’s just the beginning. There are additional benefits and total rewards that can help retain your staff, such as
- Providing ongoing professional development opportunities: Research shows the growing importance of in-house growth opportunities and training.2 Rewarding talented employees and creating a solid long-term plan fosters engagement and loyalty to the organization. Consider offering in-house training programs.
- Having competitive compensation: With inflation and rising living costs, it’s crucial for employees to ensure their earnings are sufficient. Offering competitive wages, performance-based pay, and an attractive benefits package can enhance your chances of attracting and retaining top talent.
- Covering CPA members’ annual dues: While training the next generation of CPAs is important, it’s equally vital to continue supporting your designated top talent.
- Offering remote work options and flexible schedules: The ability to plan their workday as needed is increasingly important to employees. Advances in technology have made working while traveling a reality, which can improve commitment and satisfaction.
With a significant wave of retirements anticipated in the next 5-10 years, it’s essential for employers like you to address the challenging issues of succession planning and bridging generational gaps. The workforce is evolving, and so are the expectations and priorities of emerging CPAs. Implementing best practices can provide your organization with a competitive advantage.