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Human Capital & Talent in Accounting – Gary Shamis

Published on: 16th March, 2023

Welcome to the Accounting Influencers Podcast, going live every Monday to 150 countries and 30,000 accounting practitioners, fintech specialists and influencers in the accountancy, CPA and bookkeeping space.

In this Talent Special bonus, "Human Capital & Talent in Accounting", host Rob Brown speaks with guest Gary Shamis about the challenges accounting firms face in talent acquisition and retention. Shamis notes the 50% decrease in the pipeline of new CPAs over the last five years and believes that the value proposition in public accounting needs to be improved, creating a deep hole in the industry. He emphasises the importance of focusing on clients, people, and growth, staying up-to-date with the competition, and re-evaluating the value proposition to increase the bottom end of compensation and create a culture of growth.

The discussion also covers the impact of automation and robotics on the accounting industry. Shamis advises firms to have a contingency plan and appoint a tech-savvy employee to monitor industry developments. Attracting talented employees is a challenge, and the speaker suggests focusing marketing efforts on attracting staff rather than clients and changing partner bonuses to include incentives for bringing in talent. A strong brand is also essential for attracting both clients and employees.

You can also watch this on youtube here: https://youtu.be/RiPX4KXYH0c

Key Takeaways

➤ New CPA pipeline has decreased by 50% in the last five years, creating a deep hole in the industry.

➤ Value proposition in public accounting needs improvement to attract and retain talent.

➤ Focusing on clients, people, and growth is crucial for accounting firms to succeed.

➤ Staying up-to-date with competition and re-evaluating the value proposition is necessary.

➤ Automation and robotics are impacting the accounting industry, and firms need a contingency plan.

➤ Appointing a tech-savvy employee to monitor industry developments is crucial.

➤ Marketing efforts should focus on attracting staff rather than just clients.

➤ Partner bonuses should include incentives for bringing in talent.

➤ A strong brand is essential for attracting both clients and employees.

➤ Accounting firms must adapt to the changing landscape of the industry to succeed in talent acquisition and retention.

Guest Bio

Gary Shamis is an accomplished former managing partner of a top 40 US accounting firm that he sold to BDO in 2015. He is now the CEO of Winding River Consulting, which provides high-level strategy consulting to the Restaurant, CPA, and professional services industries. With numerous accolades in the accounting field, Gary was recognised as the EY Entrepreneur of the Year and is a Top Ten Managing Partner Elite by Accounting Today, where he was described as the “very model of the modern managing partner." Additionally, he was named Most Admired Peer by INSIDE Public Accounting and has been featured more than a dozen times on the Most Influential list by Accounting Today. Gary also co-authored How to Manage Your Accounting Practice: Taking Your Firm from Chaos to Consensus.

In addition to his successful accounting career, Gary has served within the American Institute of Certified Public Accountants ranks. You can connect with Gary through his LinkedIn profile or Winding River Consulting's website. He has also been featured in various interviews, including "Accounting Firm Leadership Priorities: Gary Shamis" and "Key Drivers of Change in Accounting with Gary Shamis."

You can connect with Gary here:

https://www.linkedin.com/in/gary-shamis-wrc

https://windingriverconsulting.com

Check out these other interviews with Gary:

"Accounting Firm Leadership Priorities: Gary Shamis"

https://bit.ly/3lyBIgW

"Key Drivers of Change in Accounting with Gary Shamis"

https://bit.ly/3xIhneq

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Accountex is Europe’s largest annual event for the accounting and finance profession. It attracts 8,000+ attendees and 250+ exhibitors. Attendees can get up to 16 CPD hours with 200+ free seminar sessions across 12 theatres.

https://www.accountex.co.uk/london/

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.