4 Steps Accounting Firm Leaders Can Take to Improve Succession Planning

Many firms are competing to retain talent and employees. As the baby boomer generation begins to retire, is the accounting profession ready for a talent shortage to hit the industry? With the talent gap in mind, some firms are beginning to re-examine their succession plans.

In an article from Accounting Web, author Chris Rush writes, “This practice leaves many companies with holes in what they thought were airtight plans to fill the vacant spots of retiring leaders. With fewer highly experienced employees to replace those who retire, accounting firms may need to get serious about succession planning”.

In this article Rush discusses:

  • If you don’t have a plan, get one
  • Train a larger pool of candidates
  • Identify multiple successors
  • Smaller firms may want to adopt a large-firm mindset

Rush continues, “Ultimately, having a succession plan can be a sign of business stability and longevity to existing and potential clients, as well as potential employees”. Don’t get left behind, plan now for your firm’s future!

To read more, see the full article from Chris Rush in Accounting Web.