iscover Running sustainable practices in a talent-sparse market
BusinessHere, two senior finance professionals stress the importance of sustainability in a profession where the talent shortage is having flow-on effects on the nation’s business landscape.
On a recent Under the Hood podcast episode, Pallas founder and chief executive Shaye Thyer (pictured, left) and Lantern Partners director and chief financial officer Michelle Kvello (pictured, right) spoke about how sustainability is crucial for sustainability and better quality work.
The accounting profession is facing significant challenges in its ability to attract new entrants, with dwindling numbers of accounting graduates entering the profession, with professional bodies and profession advocates working to address these pressures in the industry.
“We've got a human problem; we have got a shortage of humans to bring into our firms or to retain in firms,” Thyer said.
MYOB research indicated that seven in 10 (72 per cent) of accounting professionals felt that there was a talent shortage in the sector, with CA ANZ last year finding that taxation accountants were at the highest risk of a talent shortage, estimating a 6,000-accountant shortfall by 2030. Demand for accountants, auditors, and finance roles is also forecast to rise by approximately 28,000 roles by 2029.
Adding to this, Thyer said the profession is approaching a retirement cliff, further impacting the profession’s numbers.
“There's a significant proportion of the existing profession, of the existing pool of talent, that are exiting stage left really quickly. And from all of the struggles that I hear other firm owners talking about, I can't help but wonder why we are continuing to allow that to happen,” Thyer added.
Kvello added that challenges to the profession of trusted advisors have flow-on effects on the nation’s business landscape.
“Arguably the Australian economy works on small businesses. Small business powers the economy. If as accountants we can't help keep them stay compliant, help keep them in business, help keep them growing and thriving and all the things that we literally exist to do, then we've got a pretty big problem,” Thyer said.
Sustainability for better work
Kvello said that embedding sustainability in the firm is a crucial key in solving these issues being faced by the profession. She said through this, clients will also benefit from employees with good working conditions, as they will provide services, creatively and constructively.
Kvello and Thyer said that it would make a massive difference to the talent shortage if leaders adopt a more “sustainable” mindset.
“There is no doubt that if you were able to breathe more at work, you would do better work,” Kvello said.
“People that are smart, people that are able to do their job in a way that's sustainable for them, stay with the business longer, surprise and delight their clients, or whether that's internal or external, do better work,” she said.
“I love this idea that we'll go forward doing less of the typey-type and more of the talk and influence,” Thyer said.
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