Latest news with #talentshortage
Yahoo
15-07-2025
- Business
- Yahoo
Less than half of public accounting staff hold CPA licenses: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. The share of CPA-licensed staff working in public accounting firms dropped below 50% in 2024, according to Inside Public Accounting's latest Data Dive. Research indicates that from 2020 to 2024, the average percentage of staff holding CPA licenses at said firms fell from 56% to 48.4%. At larger firms — where advisory and consulting services continue to expand as private equity money flows in — just over four in 10 (41.5%) of staff held CPA licenses in 2024. Despite the trend occurring more frequently at larger firms, the decline spans firms of all sizes. This suggests a systemic change in credentialing trends, recruiting strategies and the makeup of public accounting teams — ideas CFOs have shared their thoughts on extensively. As the accounting profession adapts to talent shortages, how the industry has done so has received mixed reviews. States are now lessening education requirements, while companies have been trying to change the way accountants are perceived through entertainment media and, most recently, highly criticized advertising campaigns from massive technology providers and public accounting firms. On the inside, firms are increasingly hiring professionals without CPA licenses to fill roles once filled by credentialed or soon-to-be credentialed accountants. Many are also investing in AI tools to automate routine work in audit, tax and financial transformation, further shifting the types of skills they prioritize in new hires. It's also worth noting that this shift is happening despite a recent, modest uptick in undergraduate accounting enrollment following several years of decline. For CFOs, these staffing changes have implications beyond the firms themselves. Many finance leaders who rely on these firms for core services like audit, outsourced accounting and consulting expect a certain level of technical expertise. As firms broaden their talent mix, CFOs may need to re-evaluate how they engage with providers and what credentials and capabilities they prioritize when buying services from public accounting firms. Here's a list of important market events slated for the week ahead. Monday, July 14 — None scheduled. Tuesday, July 15 Consumer price index, June Core CPI, June Empire State manufacturing survey, July Industrial production, June Boston Fed President Susan Collins' speech Dallas Fed President Lorie Logan's speech Wednesday, July 16 Producer price index, June Core PPI, June Fed Beige Book Thursday, July 17 Initial jobless claims, July 5 U.S. retail sales, June Import price index, June Philadelphia Fed manufacturing survey Business inventories, May Friday, July 18 Consumer sentiment (preliminary), July During a July 11 appearance on Bloomberg Businessweek Daily, Harmit Singh, CFO and chief growth officer at Levi Strauss, emphasized the company's resilience as it deals with challenges around global trade disruptions and economic uncertainty. Singh pointed to the strength of Levi's brand and customer relationships as key drivers of confidence. 'The brand has never been stronger,' he told interviewers. He also added that the legacy of their brand is a considerable help in times of uncertainty. 'Especially in moments of crisis, consumers tend to gravitate to brands that are relevant and also the brands they trust.' On tariffs, he said the 'situation is fluid,' noting Levi's assumption of 'an incremental 10% on tariffs from the rest of the world and 30% from China.' He cited Levi's 'fairly diversified supply chain' and global footprint, adding, '60% of our business is international.' Singh said the company's agility and long-standing vendor relationships allow it to respond quickly to shifting conditions. However, it appears the process of navigating tariff-induced challenges is continually ongoing. 'Yesterday, after earnings, when we received news about certain tariffs, we went back and game planned that through another scenario,' Singh said. Recommended Reading CPA requirements by state Sign in to access your portfolio
Japan Times
08-07-2025
- Business
- Japan Times
Rural bank in Japan finds novel way to attract talent with higher pay
A talent shortage in Japan's financial industry is becoming so acute that even the biggest banks are struggling to find experienced people. It's tougher still for regional lenders that can't pay enough to lure market veterans away from Tokyo. One rural bank has come up with a creative way to deal with the problem. Yamanashi Chuo Bank has set up an "investment advisory firm' to get around internal salary limits and attract talent to manage its ¥1.1 trillion ($7.6 billion) securities portfolio, said Yoshiaki Furuya, president of the lender. Japanese banks tend to structure compensation plans in a way that makes it difficult to give outsized pay to specific employees. By establishing an in-house company to avoid such constraints, it shows the lengths that a bank like Yamanashi Chuo is taking to bolster its ranks in a market where expertise is running short. "It's very important to secure good market talent,' Furuya said in an interview at the bank's headquarters in Kofu, about a 90-minute train ride from central Tokyo. "We can raise the level by using an evaluation system different from the bank's.' While the compensation may still be smaller than that of big rivals, it's higher than what the lender would ordinarily pay, Furuya said. The advisory firm, which started operating last year, currently has two employees who are giving advice on how the bank should invest a portion of its securities portfolio. In Japan, even small regional banks put billions of dollars into securities like Japanese government bonds and stocks to manage deposit money not used for lending. Furuya said the importance of its market operation is increasing as a profit driver. Furuya said his bank is planning to let the firm take charge of more of its assets, and its headcount will increase in line with that process as it hires more. He didn't give specific numbers for hiring because it depends on how the business works out. It's also seeking to win investment advisory work from outside, such as other banks and nonfinancial corporations, he added. According to Furuya, the bank could have its markets team sitting in Tokyo instead of Kofu — a scenic basin known for its vineyards and views of Mount Fuji — but that would increase the risk of employees leaving for other firms, given the abundance of job opportunities in the capital. Traditionally made up of lifetime employees, local banks are starting to see a greater need for outside specialists who can navigate volatile markets for assets such as JGBs. After being held near zero for years by the central bank, yields on Japan's government debt have shot up, making it difficult for banks to determine when to start buying the bonds. Furuya said Yamanashi Chuo is cautiously waiting for the right time to purchase long-dated notes, which have been under pressure this year. While its JGB holdings more than doubled in the fiscal year ended in March, it mostly bought shorter tenors such as two-year notes, he said. "Building up a portfolio from a long-term perspective to generate stable revenues while avoiding paper losses — it sounds very simple, but it's a challenge,' he said.
Bloomberg
07-07-2025
- Business
- Bloomberg
Japanese Bank Finds Novel Way to Attract Talent With Higher Pay
A talent shortage in Japan's financial industry is becoming so acute that even the biggest banks are struggling to find experienced people. It's tougher still for regional lenders that can't pay enough to lure market veterans away from Tokyo. One rural bank has come up with a creative way to deal with the problem. Yamanashi Chuo Bank Ltd. has set up an 'investment advisory firm' to get around internal salary limits and attract talent to manage its ¥1.1 trillion ($7.6 billion) securities portfolio, said Yoshiaki Furuya, president of the lender.
The Guardian
27-06-2025
- Business
- The Guardian
Remote troubleshooting to AR walkthroughs: how tech is boosting companies hit by the skills gap
It's a longstanding idea that a company is only as good as the people it keeps. However, with talent shortages (pdf) now affecting virtually every industry, the sentiment has never rung more true. These shortages are being driven by a melting pot of factors; first, ageing populations in the western world are causing workforces to shrink, as fewer people enter work in comparison with those who are leaving it. Second, rapid digitalisation is shifting what employers need from their employees, with many roles requiring a blend of traditional expertise and new technical skills – something the labour force is behind on. Simultaneously, increasing expectations around work-life balance and job satisfaction are putting companies on the back foot when it comes to hiring the right talent. The issue affects all industries but particularly in roles that are physically or mentally demanding, often not well compensated, or slow to modernise, says Oliver Steil, CEO of the digital workplace company TeamViewer. While the initial fallout of talent shortages may mean lost productivity, delayed response times and operational slowdowns, the issues run much deeper. 'The cost of talent shortages is substantial,' says Steil. 'When roles remain unfilled or teams are understaffed, it affects everything from production capacity to customer service quality,' he says. Moreover, in environments with high turnover, it can lead to repeated onboarding and training cycles. This inevitably drives up costs and stretches internal resources. 'When skilled staff are hard to find, companies may be forced to reallocate experienced employees to cover gaps, which can reduce overall efficiency,' Steil says. 'In short, talent shortages don't just slow you down – they introduce real, measurable costs that impact both revenue and long-term competitiveness.' In the manufacturing industry, shortages can result in: increased labour costs; the slower adoption of new technologies, such as artificial intelligence and robotics; and diminishing investments in research, development and innovation. Meanwhile, in retail businesses, talent shortages are affecting customer service, supply chain and fulfilment, which is also having a knock-on effect in terms of brand perception and loyalty. One effective way to address the problem is through technology, something businesses are increasingly putting at the top of their agendas. Research by TeamViewer and Bloomberg* that surveyed senior business leaders across six sectors in the US, Germany and the UK, found that digital transformation was a major business priority, alongside improving operational efficiency. Specifically, 78% of senior business leaders felt digital transformation was a top priority and 76% have significantly increased their budget allocated to digital transformation initiatives over the past two to three years. Empowering an existing workforce can help with the problem of talent shortages – and technology is crucial for this. TeamViewer's augmented reality (AR)/extended reality (XR) platform 'Frontline' equips employees with immersive real-time information right in their field of view, with visual guidance running on smartphones, tablets or even smart glasses. This can improve both employee experience and efficiency. In manufacturing, the platform is enabling staff to learn new processes through immersive training, and is accelerating knowledge transfer. 'GE Aerospace uses this technology to provide hands-on training for turbine technicians. They have replaced a 600-page paper manual with guided digital workflows that significantly speed up time-to-productivity and improve learning outcomes,' says Steil. Meanwhile, in customer service businesses, the platform enables technicians to provide remote assistance without the need for travel. For instance, Uniting, one of Australia's largest non-profit care providers, uses this technology to connect frontline staff with remote medical experts in high-stakes environments, resulting in faster, more informed interventions. When it comes to getting new staff up to speed, it's estimated the process can take at least six months. TeamViewer's technology aims to make things as simple as possible, which is particularly pertinent for companies welcoming new employees who are working remotely or in overseas locations. TeamViewer's remote connectivity platform, Tensor, is also addressing this issue, from another angle. The Bühler Group, a global leader in food processing, is leveraging Tensor to connect experts and machines and allow for remote troubleshooting of equipment, which means their scarce expert resources can be used more efficiently. This alleviates labour shortages and maintains smooth operations. Considering the issues causing talent shortages are not set to disappear anytime soon, having the right digital systems in place to both onboard, upskill and retain staff is one of the smartest bets for tackling talent shortages – now and in the future. *Bloomberg Media and TeamViewer: the Workplace Reimagined research study conducted by MTM Find out how your business can embrace the digital revolution with TeamViewer's innovative workplace technologies
Fast Company
18-06-2025
- Business
- Fast Company
Can tech and AI empower accounting teams and bridge talent gaps?
The 2025 tax season was relatively unremarkable as Congress, the Department of the Treasury, and the Internal Revenue Service took no significant action from a legislative or regulatory perspective. However, this didn't lessen the load for U.S. tax and accounting professionals who worked tirelessly to file more than 144 million tax returns, an increase of 1.4% over 2024. In fact, the year's filing statistics were up in almost every category. Between increasing demands for expertise and execution and the industry's well-known talent shortage, tax and accounting professionals must contend with ongoing strain. At Wolters Kluwer, we surveyed more than 2,300 tax and accounting professionals to learn their thoughts on industry trends, challenges, and opportunities. Through this Future Ready Accountant Report, we found that 41% of respondents are concerned that persistent talent shortages will threaten continued growth. They're right to worry; according to the most-recent data from the American Institute of Certified Public Accountants, nearly 75% of the CPA workforce has already met retirement age. The good news? Accounting teams can leverage the technology tools in which they've already invested, as well as AI solutions, to successfully weather this stubborn talent drought and improve efficiency. Fully integrated technologies can help tax and accounting firms reduce redundant work and automate time-consuming, manual tasks like data entry and basic tax prep. That's especially valuable when trying to recruit and retain early-career professionals. Less time spent on lower-value, repetitive tasks means creating more capacity to get involved in more challenging, strategic advisory work faster. Even so, not all firms are using the full breadth of their tech stack's current capabilities. To stop leaving tech stack value on the table, firms should audit and map their current systems and processes, from client intake to final billing and everything in between. The goal is to identify redundancies, data silos, and manual workarounds that could be automated. Key questions to ask during this process include: • Which of our processes are still manual? • Do our core systems and tools integrate with each other, or are we double-entering data? • How often are staff switching between platforms to complete a single task? • Are we using all the features we're paying for? With answers in hand, firms can work with tech providers to close gaps and fully leverage their tools. When technology is used as a true force multiplier, firms are better equipped to overcome the talent shortage. They can become more agile and efficient environments where employees can focus on high-value work, not mundane tasks. CLOUD SOLUTIONS ARE CHANGING THE WAY FIRMS WORK Daily office commutes are fading fast, and firms competing for scarce talent need to embrace that. According to a 2023 Illinois CPA Society survey, respondents ranked 'flexible hours' and 'remote work' as the second and third most attractive employer benefits, after salary. That said, 29% of firms still operate fully in person and haven't fully embraced cloud solutions that enable flexible work. Concerns about migration costs and complexity keep many of these firms on the sidelines. But viewing cloud migration solely as an IT issue misses the bigger picture: it's a strategic move for attracting and retaining top talent. The transition starts with identifying reputable cloud-based tech vendors with proven industry experience, secure protocols, and strong integration support. Firms can then collaborate with their tech partners to develop a step-by-step cloud migration roadmap. Equally important is investing in staff training and change management. This helps ensure the broader team understands the 'what's in it for me' benefits of moving to the cloud—expanded capacity, improved flexibility, and a modern, more agile work environment. When looking at tax professionals working at large firms (with 50+ employees), 76% feel optimistic about AI, and 56% report they're already using it. Most want AI to handle low-value tasks, like standard client communication, document scanning, data extraction, and research. Tech-powered efficiency leaves more time for critical thinking, strategic advisory, and building stronger, more profitable client relationships. In a talent-strapped field, that translates directly into increased retention and higher employee satisfaction. To best leverage AI, firms should identify high-volume, repeatable tasks that are ripe for automation, then explore AI-powered features already built into their existing tools. Piloting AI in a single workflow—such as document intake or client Q&A—can help teams build comfort and spot early wins. It's vital that they share those early results with firm leaders and other employees to help build trust, demonstrate value, and inspire broader AI adoption. Tax and accounting firms face a clear challenge: growing demand despite a shrinking talent supply. The firms best positioned to thrive are leaning into technology—integrating their tech stacks to empower their staff to practice at the top of their license, migrating to the cloud to enable flexibility, and using AI to reduce repetitive work. Together, these strategies don't just boost efficiency. They create the kind of modern, agile work environment today's professionals want to be part of. And in a tight talent market, that can make all the difference.
