Good accountants are shrinking in numbers. So how can you attract and retain top accountants in today's competitive market?

The accounting profession is thriving. A tightened regulatory environment and increased globalization of businesses large and small continue to generate robust demand for qualified and experienced accounting professionals. Over the past six years, Ajilon Finance has seen first-hand an almost 30-percent increase in demand across the board for CPAs and accounting staff who have experience with assurance, internal controls, risk management as well as international and forensic accounting. However, while demand has gone up, the supply of accounting talent has not grown at the same accelerated pace.

With such a talent shortage in the industry, it is increasingly important for CFOs, comptrollers and accounting managers to effectively attract and retain their best employees, not only to meet their on-the-job demands, but also to remain competitive in this tightened labor market.

Get back to the basics.
Attracting better talent and strengthening your organization's retention rate can be achieved through a return to the basics. Taking a proactive approach to recruiting by marketing your company's employment capabilities much the way you would market your services to a potential client can really work.

For instance, many Generation Y finance professionals entering the workforce are looking for jobs that will allow them to strike a manageable work/life balance, but have preconceived notions about the long hours typically associated with the finance profession. As such, a great way to attract these individuals is to showcase your firm's commitment to work/life balance and illustrate the programs and processes in place to ensure they can be successful on both fronts.

Find the right fit.
The accounting profession is known to largely oversee cyclical processes, with certain times of the year requiring more hours at the office than others. Therefore, there will be times when accountants will be spending a lot of hours with their colleagues, oftentimes partnering on very analytical and tedious tasks. With this in mind, potential employees should have the right skills and experience for the job – and must also fit in to your corporate culture.

Have potential hires meet with a wide range of staff before making a final decision. Many accounting firms will take candidates to lunch or out for coffee to see how they interact with potential colleagues on a social level to ensure their interpersonal skills appropriately match their workplace skills.

Pay them what they're worth.
Many accountants are drawn to the profession not only for the analytical work, job stability and opportunity, but also the compensation. Accounting is known to be one of the higher paying professions, so be sure you are offering a competitive salary and benefits.

What's competitive? That's a question employers often struggle with, but there are resources in place to assist hiring managers. Ajilon Finance's annual Salary Guide offers salary ranges for a wide variety of accounting professionals, breaking data down by position, geography and experience. Additionally, websites like PayScale.com and Vault.com offer up-to-date and accurate information on salary ranges for professionals working in the field.

Recruit new graduates.
Winning the war on talent requires a long-term battle plan – so start using technology to your advantage. Use Internet sites like MySpace and Facebook to connect with accounting and finance students, and make the most of your company website by posting testimonials from senior and junior accountants detailing their experiences at your firm. Upload a video showcasing a day in the life at your company or provide a podcast from a senior executive talking about their career path. Ultimately, new grads want to work in a fun environment where there's plenty of opportunity for growth – so be sure that your marketing efforts showcase how your company fulfills these newbie wants.

Recruit seasoned executives.
Attract senior accounting consultants who might otherwise opt for retirement by offering flexible work arrangements, competitive compensation and on-the-job perks. These individuals provide the strategic counsel and direction to implement the financial reporting shifts and tax restructuring often required by clients and internal accounting departments – and given the cyclical nature of accounting work and their desire for flexibility, you can bring them on for a defined period of time when help is needed most.

Once you've got them – keep them.
Hiring the right people is only the beginning. In order to build – and maintain – a strong team of finance professionals, you must provide a stable, forward-looking environment to retain these talented people.

Engage your employees.
Employees who are fully engaged maintain better attitudes and produce higher quality work. Help your team see the bigger picture and how their efforts impact the organization as a whole. Recognize their contributions – for instance, after tax season, consider rewarding staff with a day off or group outing to celebrate the team's success. Be sure the same people aren't working late every night – alternate schedules so everyone feels their personal time is a priority to the company.

Establish a positive work culture.
Accountants often spend more time with their “work family” than at home with their actual family and friends. As a result, these professionals need more than compensation to keep coming in everyday – they need to feel connected and part of a positive work culture. Generally, the best on-the-job environments for accountants are fostered when ethical leadership is promoted and teamwork is encouraged and at the core of all activities. So, build a culture where hard work is appreciated and individuals have the opportunity to interact with and learn from each other – have tax preparers engage in open dialogues with their reviewers; have senior counselors interact and mentor junior staff; and allow client contact and senior exposure to new staff that prove their on-the-job abilities.

Tell them what you think.
Given the highly technical nature of accounting projects – with errors potentially having very real legal and financial consequences – it is imperative that any inaccuracies are caught and amended. Just as this level of detail is applied to reviewing tax returns, financial reports and income statements, the same attention needs to be paid to an individual's overall job performance to ensure feedback is received and performance improves on a timely basis.

Performance reviews are an employer's chance not only to identify a staff member's strengths and weaknesses, but also to showcase their commitment to each individual's personal development. In order to keep staff on board, employees need to know their achievements and hard work are noticed, and will therefore be appropriately recognized.

Invest in training and development.
Regulations evolve, software changes, organizations and their financial processes restructure – these are the realities of being a finance professional. Offering staff opportunities for ongoing training and development is the only way to ensure all employees are up to speed on these evolving systems and processes.

Organizations like AICPA , National Association of State Boards of Accountancy , Institute of Management Accountants and Financial Executives International offer ongoing training opportunities and continuing education credits for professionals.

Help them see the big picture.
Accountants often get so caught up in their day-to-day work that it's difficult to see what's next in their careers and, more importantly, how they can get there. What does it take to go from a staff level position in accounts payable to controller? Financial analyst to CFO? Staff accountant to senior tax specialist?

Employers should take the time to define each of the rungs on the ladder so that staff clearly knows what's expected of them in order to get to the next level. Reward those who show potential and promote them quickly so they know they have a place in your company's future – this will ensure they think twice the next time a competitor or headhunter dials their number.

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