Across Asia, ensuring that there is a sufficient pipeline of talented finance professionals is high on the agenda.
In Singapore, a recent report by the Accountancy Workforce Review Committee, Developing Singapore’s Accounting Workforce of Tomorrow, noted that the profession must improve inclusivity across different educational backgrounds as well as supporting mid-career switchers.
‘It’s a pretty standard trend that employees work their craft in practice before moving in-house’
Unique challenges
Whether such initiatives are taken up elsewhere in the region, it’s unquestionable that the profession faces unique challenges requiring new approaches to talent management.
For small to medium-sized practices (SMPs), competing in the same market as the Big Four and multinational corporations proves an acute challenge. Comparatively, they lack the heft of a global brand, with candidates often perceiving SMPs as offering fewer career progression and training opportunities, a less challenging and ‘smaller’ scope of work, and being unable to compete on salaries and benefits.
Smaller firms may lag in adopting the latest technologies and tools compared to their larger counterparts, highlights Greg Cazalis, principal consultant for commerce contract at Robert Walters Singapore. ‘Professionals interested in working with cutting-edge technology might be more inclined to join firms that are seen as industry leaders in innovation,’ he says.
‘The younger generation place a higher value on work-life balance’
Additionally, losing employees to in-house corporate and commercial positions presents a key retention challenge across the region. ‘It’s a pretty standard trend that employees work their craft for a couple of years in practice before moving in-house for better work-life balance and a different type of learning and career development,’ says Kelly Wee, business director at Hays Singapore.
Play to your strengths
Yet, it’s also worth SMPs remembering they have qualities the bigger organisations don’t. In Hong Kong, SMPs are becoming increasingly attractive to the younger generation, notes Mandy Law, manager, commerce – finance at HR at Robert Walters in Hong Kong.
‘Traditionally, many would begin their careers at Big Four firms before moving to in-house roles, a trend that is shifting. The younger generation place a higher value on work-life balance, company culture and career opportunities, and are therefore more open to alternative career paths,’ she says.
‘More candidates are considering smaller firms with simpler structures’
‘Instead of getting into the Big Four, which is perceived as having a heavier workload and longer hours, more candidates are considering smaller firms with simpler structures, and a more open-minded environment, offering greater potential for growth and opportunities to develop broader skills. Additionally, some of these firms offer competitive salaries and benefits, making them viable alternatives to the Big Four.’
Stay adaptable
For RSM, instilling the right culture has been critical to acquiring and retaining talent, leading the company to develop an inclusive talent experience. The network has subsequently grown its headcount in ASEAN member firms by 14% over the past year. ‘Maintaining this progress does require our firms to continually adapt to the ever-evolving needs of talent in the region,’ says Stephen Darley, regional leader – Asia Pacific at RSM International.
‘Share testimonials and success stories to highlight the positive aspects of working at the firm’
‘RSM in Indonesia uses a strategic approach to understand the early expectations of students before their careers even begin,’ he says. ‘The firm has agreements with universities in the country to facilitate a mutually beneficial internship programme between students and the firm. On the one hand, the programme gives interns valuable early insights into a career in accounting and life at RSM. On the other, in Indonesia, RSM is working proactively alongside the next generation of accountants during the programme.’
Communicate image
Cazalis recommends actively engaging with potential candidates through networking events, industry conferences and social media to build awareness and interest. First, though, ensure that marketing materials, including websites and social-media profiles, ‘reflect a modern and dynamic image’, he notes. ‘Share testimonials and success stories from current employees to highlight the positive aspects of working at the firm.’
You want to show off your work culture, any flexible working modes available, how you embrace new technology, the benefits of a close-knit, supportive team environment where employees can make a direct impact, and the variety of experience and project ownership gained from working with SME clients.
While smaller firms may be reticent to use social media in recruitment process, it’s increasingly seen as necessary when seeking to engage millennials and Gen Z. ‘Many firms tend to be sceptical about appearing on social-media platforms, such as TikTok, as they are afraid this would be deemed as “unprofessional” in their clients’ eyes. However, I’m seeing a trend where SMPs are starting to do this to connect with the younger generation,’ says Wee.
‘Small firms can offer hands-on experience and practical training to young professionals’
Indeed, RSM Indonesia has driven a year-on-year increase in followers on Instagram by 30%, and on LinkedIn by 20%, with a marked uptick in engagement from students on those platforms.
‘More broadly, RSM Indonesia has seen its headcount grow year-on-year by 12%. This has been supported by the firm diversifying its recruitment channels, and strengthening its partnerships with universities, professional organisations and training centres,’ Darley says.
Engage all levels
Whether you’re seeking junior professionals or experienced managers and specialists, small firms have something for everyone; you just need to convey this effectively.
Sasawan Amnathankit, manager at Hays Thailand, notes how ‘small firms can offer hands-on experience and practical training to young professionals, positioning themselves as learning environments where fresh graduates can quickly develop core skills. They may also offer mentorship programmes, pairing juniors with senior staff, as well as hybrid work models or flexible hours to attract younger talent who value work-life balance.’
For more experienced professionals, Amnathankit recommends focusing on competitive compensation, including performance-based bonuses, and non-monetary benefits such as profit-sharing or equity participation. Additionally, provide them with leadership roles or opportunities to lead specialised teams or departments.
The older generations, meanwhile, hold a wealth of experience and knowledge that can filter through a firm, if given a sense of purpose and engagement. ‘Older employees are often involved in mentoring or knowledge-sharing programmes, leveraging their experience to train younger professionals and provide strategic insights,’ Amnathankit says.
More information
For support and resources, visit Practice connect, ACCA’s hub for small and medium practices.
