The aging workforce
Some twenty years ago, the accounting profession instituted the 150 hour rule; we are now faced with a potential shortage, not of staff accountants (much of their work can be automated), but we now have a limited number of 35-50 year old accountants, who should be in the prime of their careers, stepping into executive level positions.
How do we create a level of up and coming leaders?
35 months ago
What needs to be done is to initiate strategic planning involving human capital development and talent management programme for the accounting workforce.
This should involved a period of time and investment designed specifically to attract, identify, recruit, select, place, engage, retain, retrain and motivate younger accountants in the middle level positions within the accounting workforce or related fields; in order to equip them with relevant technical and leadership skills and competencies expected for the executive level positions.
High-quality training programs for these people are notoriously difficult to create and maintain. But creating an ownership mentality by trusting your employees and giving them the authority to make certain decisions is key to this initiative. This builds on the skills needed to develop a positive work climate and encourage strong team performance, at each management level they qualified to ascend. It is important to teach your employees how to effectively network as soon as possible and increase employee engagement that strengthen teams in the organizational hierarchy they shall rise.
This builds on the skills needed to develop a positive work climate and encourages strong overall team performance at each management level as the case might be. Finally they should demonstrate qualities of leadership to attain positions of leadership in innovative options while teaching others to do the same in order to unleash untapped creativity in the whole company.
The company itself must create a culture of innovation, from the plant floor to the boardroom.