Retention and attraction of talent is definitely the No. 1 challenge in public accounting. The accounting profession will face a crisis if it doesn't make significant changes in the way it manages its most valuable asset. This is demonstrated most clearly in a recent survey conducted among firms across the country that reveals that less than a third of them reported having a strategic vision and plan. Of those that did have a plan, approximately 50 percent shared it with managers and staff. When asked why their firms did not have a plan, the most frequent responses were: 1. We can't get the partners to agree on a vision. 2. We don't have the time. 3. We don't really know how to complete apian. While these are realities for some firms, they do not present significant obstacles if firms really believe that retention and attraction are their greatest dangers. Notice that I mention retention and then attraction, rather than attraction and retention. Firms that can't retain people are going to face an ever-increasing challenge in attracting them. Atthis point, some maybe thinking, "What does a strategic plan have to do with the retention and attraction of personnel?" A lot! Today's top talent expects a digital environment, a clear vision, and a fluid environment where change is embraced with fast decision-making at the leadership and management levels. Successful firms are adaptable, learn quickly and move with a sense of urgency. Results are direcdy impacted by employee experiences. Experiences impact their beliefs. Beliefs impact their actions, and their actions impact your firm's results.
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