The Importance of a Talent Stack for Accounting Firms

Accounting Talent Podcast

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

On this episode of The Accounting Talent Podcast, host Rob Brown is joined by Jeff Phillips, CEO of Padgett Tax & Accounting Franchise and founder of AccountingFly, sharing thoughts about the alarming talent shortage facing the accounting profession and Jeff's concept of the "talent stack" as a potential solution.

The concept of a "talent stack" as the new organizational model for accounting firms. With accounting talent becoming increasingly scarce, firms need to rethink how they acquire, manage, and retain top talent. The talent stack philosophy focuses on sourcing talent globally, leveraging remote workers, freelancers, and offshore resources to fill essential roles predictably and reliably.

By adopting a talent stack mindset, accounting firms can overcome hiring challenges, access global talent pools cost-effectively, and build sustainable operations for the future. Don't miss this insightful discussion providing innovative strategies for firms to attract and retain the skilled professionals they need to drive growth and success in a rapidly evolving industry landscape.

“Culture, process, systems, and excellence are absolutely available inside companies where some of the people work in the headquarters. And some of the people don't, it's not easy, but the case I'll make to you is this. If you make this adjustment, you can win.” - Jeff Phillips

Key Takeaways:

1. The accounting profession was complacent in how it dealt with talent, and there's a reckoning happening now due to hiring challenges. [01:55]

2. College students are comparing accounting to fields like investment banking, consulting, and tech companies, which are outcompeting accounting for talent. [02:45]

3. The "talent stack" reimagines the organizational chart by identifying diverse talent sources (local, remote, freelance, offshore) at every level. [04:10]

4. Firms can tap into global talent pools, increase profit margins through cost arbitrage, and fill critical roles faster by finding the best fit. [07:20]

5. Integrating remote teams requires building a strong culture, values, processes and systems, supplemented with in-person engagement. [14:30]

You can watch this episode and more on our YouTube Channel

https://www.youtube.com/watch?v=EN5xAzK9cW8

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Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of remote recruiting by tapping into a natural pipeline of job seekers.

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.