What does the Great Resignation mean to Australia’s Accounting Industry? There is no denying that the Great Resignation is a hot topic as Australia navigates shifts in the job market. In a recent industry discussion, accounting experts Bruce Coombes (QuickFee), Craig West (Succession Plus), Alistair Barr (Striver), and Stephen Watts (TOA Global) shared key insights on recruiting and retaining the best talent.
Who are the hardest to recruit and retain right now?
There is no single answer to this challenge, as different tiers of the market face unique pressures:
- Entry-Level Roles (2–5 Years): Extremely competitive. These candidates have enough experience to provide billable hours from day one, making them highly sought after and expensive to secure.
- Senior-Level Positions: Increasingly challenging to fill. Senior staff hold significant leverage in this shifting job climate, bringing demands for higher compensation and bespoke benefits to the negotiation table.
What are modern recruits looking for?
It is no longer just about traditional monetary compensation. Today’s job seekers place a high premium on flexibility in working hours, days, and location. While working from home is highly valued, firms must also balance this with the need for incidental networking, mentorship, and social interaction in the office.
Craig West calls this the Decision Point — the moment an employee weighs their current satisfaction against other, more attractive opportunities. Factors like limited growth, poor work/life balance, and stressful environments make the decision to move much easier if a flexible offer is on the table.
How smaller firms can compete with industry giants
Smaller firms have a unique advantage: agility and connection. Here is how they can win the talent war:
- Give people a voice: At large corporations, the table is often too big to hear everyone. Smaller firms can easily offer direct communication, ensuring every team member feels empowered and heard.
- Provide strong mentoring: Tailored growth plans and genuine development opportunities go a long way in keeping staff happy and loyal.
Your Action Checklist to Recruit & Retain Talent
- Diversify your toolkit: Offer visible perks such as flexible hours, paid parental leave, or a day off on birthdays. Transparency is key.
- Offer appropriate compensation: Align wages with or above market value, ensuring your compensation model reflects the return on investment.
- Maintain consistency: Ensure flexibility policies are applied fairly across different teams to avoid discontent.