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HOW THE SKILLS GAP IN ACCOUNTING AFFECTS BUSINESS
Research by The Competency Crisis™ and APQC reveals the skills gap has serious consequences, even if we only focus on entry-level employees
of organizations face difficulty hiring the right management accounting talent
Businesses say entry-level management accounting employees lack many necessary SKILLS… Leadership ? ? ? Strategic thinking & execution ?
from leadership (the most needed but least possessed competency)
…to planning, budgeting & forecasting
…and strategic thinking & execution
WHAT’S CAUSING THE G A P?
reason: The college curriculum is not up-to-par with business needs
But also: Employers expect advanced skills from entry-level employees
INSUFFICIENT entry-level talent
Perceived LACK of career paths Certified Management Accountant Bachelor of Science: Accounting and Finance
Inadequate workforce planning X X X X
These challenges lead to SERIOUS CONSEQUENCES
1 Increased time to fill positions
2 INCREASED RECRUITING COSTS
3 Hiring less-qualified professionals
4 Diminished of work output
5 Unfilled positions and added workloads for existing employees !
. . .leading to unwanted employee turnover in finance
HOW CAN WE FIX IT? 1 Emphasize mentoring programs 4 2 Develop Career paths for employees Build employer/educator relationships 3 Offer internships and on the job training
For more information, download the report on CompetencyCrisis.org
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