Thursday, May 15, 2008

It's All About Recruiting New Talent...And It's Only Going To Get Worse!

Recruiting and retaining top talent to the profession is by far the biggest concern for CPAs both in public practice and industry.

In fact, it has been the number one concern for firms for the past 10 years, according to the AICPA PCPS/MAP Top Issues Survey.

And only exacerbating the problem are the retirements of the Baby Boomers. According to the Bureau of Labor Statistics, an estimated 35 million workers will retire by the year 2010. Between 2010 and 2030, the American workforce is expected to shrink by 10 percent.

The CPA profession must recruit a disproportionate number of future CPAs in order to replace the workforce shortage expected in the coming two decades.

CFO Magazine reports that more companies are hatching plans to compensate for the impending crush of retirements by senior executives. They say the impact on corporate well-being will be most severe in the senior executive ranks, which are chock-full of people in their 50s and 60s who, unlike most others in their generation, can afford to retire.

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