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How the Skills Gap in Accounting Affects Business

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HOW THE SKILLS GAP IN ACCOUNTING AFFECTS BUSINESS


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Research by The Competency Crisis™ and APQC reveals the skills gap has serious consequences, even if we only focus on entry-level employees


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of organizations face difficulty hiring the right management accounting talent


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Businesses say entry-level management accounting employees lack many necessary SKILLS… Leadership ? ? ? Strategic thinking & execution ?


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from leadership (the most needed but least possessed competency)


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…to planning, budgeting & forecasting


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…and strategic thinking & execution


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WHAT’S CAUSING THE G A P?


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reason: The college curriculum is not up-to-par with business needs


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But also: Employers expect advanced skills from entry-level employees


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TOP CHALLENGES


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INSUFFICIENT entry-level talent


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Perceived LACK of career paths Certified Management Accountant Bachelor of Science: Accounting and Finance


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Inadequate workforce planning X X X X


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These challenges lead to SERIOUS CONSEQUENCES


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1 Increased time to fill positions


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2 INCREASED RECRUITING COSTS


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3 Hiring less-qualified professionals


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4 Diminished of work output


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5 Unfilled positions and added workloads for existing employees !


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. . .leading to unwanted employee turnover in finance


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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


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For more information, download the report on CompetencyCrisis.org


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Connect with The Competency Crisis Follow us on Twitter Like us on Facebook @CompCrisis TheCompetencyCrisis Follow us on Linkedin Competency-Crisis Subscribe on YouTube CompetencyCrisis


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