The accounting industry has long realized that the day would come where there would be a talent gap as one generation of professionals prepares to retire and a new one is ushered in. As such, firms have been working to increase their efforts to recruit top talent and lessen the gap. However, there still remains a gap between recruiting and retaining talent.
As accounting firms work to recruit and hire top talent, they also need to focus efforts on retaining the staff already in their firm. Recent ADP research found that 67 percent of professional services employees, including accounting professionals, are actively or passively seeking new jobs. That’s higher than the average across all industries. While passive job seekers are not actively looking for a new job, they will entertain recruiters that approach them, which could leave to them taking a new position. ADP found that passive job seekers make up 50 percent of the job force within professional services.