As CPAs prepare their organizations for the future of work, the most significant challenge they face is understaffing and overwork, according to the 2022 Virginia Society of Certified Public Accountants Future of Work Survey of more than 350 members.
More than half of respondents confirm these issues are constant — and they are quickly adopting new technology, enhancing work flexibility options, and prioritizing certain lines of business to meet core business goals.
Other tactics to address workforce recruitment and retention challenges include upskilling current staff, expanding diversity recruitment efforts, hiring remote workers and adding more non-CPA staff to their team.
“What this year’s Future of Work Survey shows is there is no turning back to normal, and CPA leaders are adapting to the ever-changing work landscape,” said VSCPA President & CEO Stephanie Peters, CAE. “With this data, we’ve found that capacity is the top concern and benefits like flexibility and remote work are just as important as salary in attracting and retaining staff.”
Additional key findings of the report include:
- Flexibility trumps salary for staff: With the pandemic thrusting remote work into the spotlight, workers value the ability for flexible schedules and better work-life balance. Approximately 70 percent of CPAs in mid-management or staff level positions say flexibility is the top benefit followed by salary. Conversely, senior executives rank salary as number one, followed by flexibility.
- Hybrid of remote and onsite will continue: Last year, respondents were unsure about the future of workforce deployment and this year respondents are in the same place again. However, it’s clear some form of remote work is here to stay.
- Newer CPAs want larger salaries: While most accounting professionals in executive positions are satisfied with their salaries, newer staff members would like to see an increase in pay. 49 percent of executives are satisfied with their pay, while only 28 percent of staff are.
- CPAs are implementing new technologies but are also concerned about security: 62 percent of respondents said they are ready to invest in new technology: advanced cybersecurity measures, artificial intelligence, workflow software, robotic process automation, and enterprise resource planning. Regardless of workplace, CPAs are also very concerned about cybersecurity threats. Additional challenges include training staff on new tech, high costs, and adequate IT support.
To prepare CPAs for the challenges ahead related to workplace shifts, the VSCPA Center for Innovation, founded in 2018, connects VSCPA members with resources and learning opportunities to help them prepare for the workplace of the future. Resources are focused on technology and talent-related issues, with offerings including continuing professional education, member webinars and roundtables, leadership programs, articles, partner discounts and more.
Learn more about the VSCPA Center for Innovation at vscpa.com/Innovation.
View the full survey online.
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Crystal Graham
