WHAT ARE YOUR THOUGHTS ON SOLUTIONS TO THE LACK OF ACCOUNTING TALENT?

The ACCA Singapore 2021 Virtual Conference SMP attendees shared their biggest challenges was the lack of available talent. In the Shaping the Future of Your Firm – AccTech and the Digital Firm discussion, panellists from Singapore, the UK and Australia agreed this was a challenge they recognised as well.

Contributing factors included:
❌Ageing population
❌Outside labour force not available, due to COVID restrictions
❌Low starting salary, relative to commercial roles
❌Decrease in numbers studying Accounting at University
❌Scaremongering that robots are taking over accounting roles

Possible solutions discussed included:
✔️Highlighting that salaries beyond the 5th year of employment can be higher than commercial roles
✔️Campaign to attract students to study accounting and make accounting ‘more hip’
✔️Education about the diverse and exciting opportunities for accountants in SMP’s (and robots are just doing the mundane work!)
✔️Implement programs to upskill accountants fast
✔️Actively promote the human element of your firm, that it is an enjoyable place to work.
✔️Offer ‘accounting career talks’ to talk at local educational facilities

Shaping the Future of Your Firm ​- AccTech and the Digital Firm

In this track, we will delve into:

Opportunities that arise with Digital Economy Agreements
Steps to transform to a Digital Firm to increase productivity and attract young talent
Government initiatives that you can incorporate into your Firm’s digital transformation plan
Job roles and careers pathways in your Firm which are relevant to the future

6 Steps to Transform to a Digitally-Enabled and Sustainability-Focused Professional Accountancy Services Firm

Ms Heather Smith FCCA, FCA, FICB, Hype Girl for Accounting Apps

Panel Discussion

Moderator: Mr Sarjit Singh, Senior Director, InCorp Global; Chairman, Kreston Ardent CAtrust

Panelists:

Mr Will Farnell, Founder & Director, Farnell Clarke Limited
Mr Evan Law, Chief Executive, Singapore Accountancy Commission
Ms Heather Smith FCCA, FCA, FICB, Hype Girl for Accounting Apps
Mr Lim Yeong Seng, Managing Partner, KLP LLP
Mr Henry Tan, Group CEO & Chief Innovation Officer, Nexia TS

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