As graduation season approaches, the accounting field braces for an influx of fresh talent, presenting both opportunities and challenges for hiring leaders in strategizing how to hire top talent.
However, with an estimated 47,000 students earning a bachelor’s degree in accounting in the 2021–22 academic year, down 7.8% from the previous year, and a 6.4% decrease in the number of students earning a master’s degree in accounting to 18,2381. Annually, an estimated 126,500 openings for accountants and auditors are anticipated over the next decade2.
The demand for accounting professionals continues to outpace the supply. For hiring leaders, understanding and adapting to these shifting trends is imperative in navigating the talent landscape effectively. Here’s how to hire top talent for your team this graduation season.
Playing the Long Game: Leveraging Internships to Hire Top talent
Internship programs play a crucial role in building a strong talent pipeline for organizations, providing an opportunity to identify and cultivate potential future hires. To strategically leverage internships for talent pipeline development, employers should consider the following key factors:
Aligning Internship Objectives with Organizational Needs: Internship programs should be designed with specific objectives that align with the organization’s talent acquisition and development strategies. By identifying the skills, competencies, and attributes needed for future roles, employers can tailor internship experiences to meet these requirements.
Targeted Recruitment and Selection Process: Employers should adopt a targeted approach to recruit interns who demonstrate the potential to contribute to the organization’s long-term success. This may involve partnering with educational institutions, attending career fairs, and leveraging professional networks to attract top talent.
Structured Learning and Development Opportunities: Internship programs should offer structured learning and development opportunities to enhance interns’ skills and competencies. This may include training sessions, workshops, mentorship programs, and exposure to different areas of the organization. By investing in interns’ professional growth, employers can groom them for future roles within the organization.
Meaningful Work Assignments and Real Responsibilities: Interns should be assigned meaningful work assignments that provide them with a sense of purpose and responsibility. By giving interns the opportunity to contribute to real projects and initiatives, employers can assess their capabilities and potential for long-term success within the organization.
Monitoring and Evaluation of Intern Performance: Employers should implement mechanisms to monitor and evaluate intern performance throughout the internship period. This may involve regular check-ins, performance reviews, and feedback sessions to track interns’ progress and provide guidance for improvement.
Conversion of Interns into Full-Time Hires: A successful internship program should culminate in the conversion of high-performing interns into full-time hires. Employers should have a strategic plan in place to identify and retain top talent, offering them employment opportunities upon graduation or completion of the internship program.
Assessing the Effectiveness of Internship Programs
To determine the effectiveness of internship programs in building a strong talent pipeline, employers can consider the following indicators:
Retention Rate: Measure the percentage of interns who are converted into full-time hires or choose to remain with the organization after completing their internships. A high retention rate indicates the success of the internship program in attracting and retaining top talent.
Performance Ratings: Evaluate interns’ performance ratings and feedback from supervisors to assess their contributions and potential for future roles within the organization.
Engagement and Satisfaction Surveys: Conduct surveys to gather feedback from interns about their overall experience, including the quality of assignments, learning opportunities, and organizational culture. Positive feedback indicates a successful internship program that engages and satisfies interns.
Long-Term Career Progression: Track the career progression of former interns who have been hired as full-time employees. Monitor their growth within the organization, including promotions, leadership roles, and contributions to business outcomes.
Accounting Programs in High Schools
52% of students reported choosing their major prior to entering college, showing that early introductions to the profession are key3. In recent years, there has been a growing trend towards offering accounting programs in high schools.
These programs provide students with foundational knowledge and skills in accounting principles, financial analysis, and business management. By introducing students to the accounting profession at an early stage, high school programs play a crucial and underutilized role in nurturing interest and talent in the field.
Benefits of Hiring Graduates with No Experience
When considering hiring graduates with no prior experience, employers stand to gain several advantages:
- Loyalty and Longevity: Graduates without prior experience often exhibit high levels of loyalty and commitment to organizations that invest in their development. By offering growth opportunities and a supportive work environment, employers can foster a sense of loyalty among new hires, reducing turnover and enhancing employee retention rates in the long run.
- Fresh Perspective and Adaptability: Graduates entering the workforce without prior experience bring a fresh perspective and adaptability to the table. Without entrenched habits or preconceived notions, they are more open to new ideas, approaches, and ways of working. This adaptability is invaluable in industries like accounting, where regulations, technologies, and business practices evolve rapidly.
- Moldable Talent: Hiring graduates with no prior experience provides organizations with the opportunity to mold and develop talent according to their specific needs and culture. Through structured training programs, mentorship, and on-the-job learning opportunities, employers can groom graduates into high-performing professionals who align with the organization’s values and objectives.
- Eagerness to Learn and Grow: Graduates entering the workforce are often eager to learn and grow in their roles. Their enthusiasm and willingness to take on new challenges make them valuable assets to organizations seeking to innovate and stay ahead in a competitive landscape.
- Cost-Effective Solution: Hiring graduates with no prior experience can be a cost-effective solution for organizations, particularly in entry-level positions. While experienced hires may command higher salaries, graduates often come with lower salary expectations, making them a more affordable option for organizations looking to manage labor costs while still meeting their talent needs.
In conclusion, as the accounting field prepares for the upcoming wave of graduates, it’s imperative for hiring leaders to adapt to shifting trends and embrace innovative approaches to talent acquisition and development. By doing so, organizations can ensure they have the skilled professionals needed to navigate the complexities of the accounting profession and drive success in the years to come.
Ready to take your hiring and retention strategies to the next level? Contact us today to gain insights from industry experts on the current market trends. Discover how you can leverage their expertise to attract and retain top talent for your organization.
Sources
