The accounting talent shortage in the United States has become a pressing concern for many companies. According to a report by Accounting Today, the number of graduates with accounting degrees fell by 17% between 2016 and 2022, while the number of candidates sitting for the CPA exam decreased by 27% over the past decade (Accounting Today, n. d.). This shortage has significant implications for businesses, with the Bureau of Labor Statistics projecting over 124,000 new accounting and auditing openings each year through 2032 (Bureau of Labor Statistics, 2022). To overcome this shortage, some smart companies in America are turning to Latin America to fill accounting roles.
Near reports that Latin American accountants are GAAP-trained, work U. S. hours, and bring similar experience to domestic hires (Near, n. d.). Latin American accounting salaries are 30-70% lower than U. S. rates, allowing companies to hire skilled accountants and controllers within budget (Near, n. d.). This approach enables U. S. companies to access qualified talent, facilitate faster closes, real-time collaboration, and reliable compliance.
The impact of the accounting shortage is being felt across various industries, with over 600 U. S.
The scarcity of skilled professionals in various industries has prompted companies to rethink their talent acquisition strategies. One approach gaining traction is nearshoring, which involves partnering with firms in countries with similar time zones and cultural affinity. For instance, companies in the United States are collaborating with firms in Latin America to access a pool of skilled professionals, including those in the accounting and finance sectors.
According to a report by the Harvard Business Review, nearshoring can help companies reduce costs, improve quality, and increase agility (Harvard Business Review, 2019). Another solution to the talent shortage is investing in employee development and upskilling programs.
Companies can provide training and development opportunities to help existing employees acquire new skills and adapt to changing industry demands.
A study by the Society for Human Resource Management found that 71% of employees are more likely to stay with a company that offers opportunities for growth and development (Society for Human Resource Management, 2020). By investing in employee development, companies can not only address the talent shortage but also improve employee retention and engagement.
The talent shortage has also accelerated the adoption of automation and artificial intelligence (AI) in various industries.
According to a report by McKinsey, automation and AI can help companies automate routine tasks, free up human resources ← →
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