Joyce Fok, Recruiting Associate Director at Robert Half and an Institute member
With Hong Kong still in the grip of a skills shortage and the unemployment rate sitting at 3 percent, the competition for talent is tight. In today’s market, most finance and accounting candidates are receiving competing offers as employers fight to hire them, meaning they often have the choice of more than one job.
In order to “win the talent war” and enhance attraction within the accounting profession, employers now need to shift their focus towards selling the role to candidates, drive job applications, and secure their preference during the job interview. It’s important to understand the key selling points for a job among accounting candidates in Hong Kong today, and how they form a compelling employee value proposition to attract high-quality candidates.
Talent attraction can be enhanced by offering a premium benefits package that promotes work-life balance and highlighting it in the job ad. Since the pandemic, Hong Kong accounting professionals highly value the benefits of hybrid working environments, such as flexible working hours or any working arrangement that gives them wriggle room outside the traditional nine-to-five office set-up. It allows accounting professionals to improve their relationship between work and home life, and is highly attractive as a differentiator between companies competing for the same staff.
“It’s important to understand the key selling points for a job among accounting candidates in Hong Kong today, and how they form a compelling employee value proposition to attract high-quality candidates.”
Talent attraction can also be enhanced within the accounting profession by offering current market salaries. Candidates want to work for businesses that offer them fair salaries that take into account their experience and skills. Consulting sources, like the Robert Half 2024 Salary Guide, is the perfect way to ensure companies are paying their accounting staff properly.
Shortening the recruitment process is also effective in enhancing attraction, as accounting job seekers want to start their jobs immediately rather than waiting for companies to give the green light after weeks and weeks. The quicker businesses get workers in the door, the better the employee onboarding experience will be while also enhancing the retention of staff.
Finally, having and promoting a strong employee value proposition in the job ad and interview is an effective talent attraction method. An employee value proposition is the promise you make as an employer to your employees in return for their commitment and excellent performance which includes career development pathways, the latest technology and programs to work with, work-life balance actions, reward and internal recognition programmes, and community initiatives. Having a strong employee value proposition is the key to unlocking and attracting premium accounting talent.
Derek Yuen, Regional People Partner, Hong Kong at KPMG and an Institute member
In the rapidly evolving field of accounting, attracting top talent is crucial for maintaining competitiveness. At KPMG, our talent attraction strategies are carefully crafted to resonate with today’s professionals, emphasizing both fulfilling careers and alignment with our core values.
As the role of accountants transforms with automation and digital technologies enhancing routine tasks, the need for a workforce adept at handling complex challenges and embracing new technologies has never been greater. We integrate data analytics and artificial intelligence to not only enhance efficiency but also to enrich our team members’ work experiences, enabling them to improve performance and find deeper job satisfaction.
Understanding the importance of work-life balance, we offer flexible working arrangements that cater to the diverse needs of our team, establishing KPMG as a compassionate and attractive employer. Our dynamic work environment promotes engaging with various colleagues across multiple projects, with on-the-job training that accelerates personal and professional development.
“We transparently share our vision with potential candidates,
ensuring that their goals align with ours for a long-term,
mutually beneficial relationship. This approach not only
helps us attract professionals looking for more than just a job but also those seeking a career that evolves with them.”
At the heart of our workplace are diversity and collaboration. We leverage the unique skills of each team member, fostering an environment where innovation thrives and superior results are achieved. Our multidisciplinary teams are encouraged to share knowledge and push the boundaries of what’s possible, creating a stimulating atmosphere where every voice is heard and valued.
Talent attraction is about mutual understanding. We transparently share our vision with potential candidates, ensuring that their goals align with ours for a long-term, mutually beneficial relationship. This approach not only helps us attract professionals looking for more than just a job but also those seeking a career that evolves with them.
As the Regional People Partner for KPMG in Hong Kong, I am deeply invested in how our industry adapts to these changes. Our initiatives highlight our belief that the future of accounting will increasingly rely on our ability to integrate diverse perspectives and harness collective strengths. This ensures that we continue to deliver superior value to our clients and maintain our leadership in the accounting profession.
Frank Mao, Recipient of the Institute’s Qualification Programme Scholarship 2023 and Master’s student, CUHK Business School, Class of 2024
As opposed to choosing accounting firms as their first stable job, recent accounting graduates, influenced by Gen Z’s emphasis on innovation, creativity, and entrepreneurship, are more inclined to explore diverse opportunities beyond the accounting profession. They view this as a pathway to delving into a deeper meaning and purpose of life. In addition, it is no secret that the accounting domain has been losing its competitiveness in attracting and retaining talent due to its perceived working nature. This issue became more pronounced during the recent economic downturn, resulting in bright minds opting for promising opportunities that offer better work-life balance. To maintain a robust talent pipeline, accounting organizations must get proactive about enhancing their appeal to prospective candidates and consider ways to cultivate green hands to become future stars.
The first step is to know the concerns and perspectives of students by standing in their shoes. Accounting firms should proactively engage with students through various channels, such as campus recruitment, company visits, and information sessions. During these interactions, firms should provide a realistic, transparent overview of the profession, including both the positive and negative aspects of the work. By doing so, firms can help students make informed decisions about pursuing a career in accounting and identify the most suitable candidates who are likely to thrive in the profession over the long-term.
“Firms should provide a realistic, transparent overview of the
profession, including both the positive and negative aspects of the work.”
Additionally, firms should offer more hands-on workshops and experiential learning opportunities for students at different stages of their academic journey – from those still choosing their major to those already enrolled in other programmes. These real-world practical lessons can give students a deeper understanding of the daily realities and challenges faced by accounting professionals, enabling them to better assess their fit and interest in the field.
From the firm’s perspective, fostering a collaborative and healthy work culture is crucial, as employee retention can be just as impactful as talent attraction. Though the prevalence of overtime is unavoidable due to the work nature, accounting organizations must address these industry-wide challenges by implementing policies that reasonably compensate staff for their efforts. This could include providing adequate rest periods via overtime compensation and offering flexible work arrangements to ensure employees’ fitness, to uphold a high spirit. Besides, the firm should encourage staff to level up their professional knowledge by obtaining recognized qualifications like the Institute’s Qualification Programme, and provide extra rewards and study time to ensure every participant gets sufficient support.
