Gen Y challenges accounting sector

Employers in the accounting sector continue to view Generation Y as a challenge, with more than 67 per cent in doubt over the loyalty of Gen Y staff.

Moreover, they are preparing to face greater challenges as Gen Y staff become more prominent in their organisations, according to a LINK Recruitment survey. More than 90 per cent of managers consider Gen Y to be different from their Gen X counterparts, and three quarters believe these 18 ñ 27 year olds have unrealistic expectations about salary entitlements and pace of career progression.

This poor view of Gen Y is too simplistic, claims Kristen Mangelsdorf, LINK Recruitmentís Accounting Practice Manager.

ìLike it or not, they are the next generation, so it pays to be aware of what they want. Theyíve grown up in a market of full employment and they're much more mobile as a generation, but companies that provide career challenges, professional development and salaries that reflect market rates can expect to retain good Gen Y employees, she says.

Most respondents to the survey, conducted in December 2007 among 134 Australian employers, found recruiting accounting professionals was challenging in 2007 and expected this trend to continue.

Mangelsdorf says that fact that talent retention and acquisition are regarded as major issues for the accounting sector underlines the need for strong employer branding strategies. Despite this, the survey found that more than a third of respondents have no branding strategy.

ìCandidates identify with large companies they have built relationships with, for example at graduate recruitment fairs. Smaller organisations need to establish what they can offer prospective employees and then sell it.î

With understaffing and candidate shortages major issues, employers indicated an openness to alternative approaches, with 65 per cent willing to consider job-share arrangements and 90 per cent open to staff in the 55-65 age bracket.

However Mangelsdorf claims these attitudes are not yet reflected in recruitment practices, and suggests organisations should adopt a less conservative approach in order to find talent.

ìEmployers need to broaden their idea of the perfect candidate. Cultural fit canít always be determined by one interview and psychological testing or external HR consulting can lead you to the right candidates.î

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