Imagine losing your top accountant right before tax season, only to be told it could take up to 120 days to find a qualified replacement. It’s not just an inconvenience — it’s a full-blown crisis that’s hitting finance and professional services hard.
Much like those millions on TikTok earlier this year, 'looking for a man in finance,” you might find yourself desperately hunting for talent. But unlike the trend, this talent shortage is no joke, and it’s disrupting the industry in ways we’ve never seen before.
The talent shortage is real, and it’s threatening to disrupt the industry in ways we haven’t seen before. Our recruiting partners and their networks say that almost half (45 per cent) of firms are “severely” or “significantly” affected by skills shortages.
The reality of a talent shortage
In 2024, a staggering 83% of senior leaders in the accounting industry reported a significant talent shortage, up from 70% in just two years. This shortage isn’t just about the availability of candidates; it’s about a shrinking pool of qualified professionals. Over 300,000 accountants and auditors left the industry between 2020 and 2022, creating a gap that’s increasingly difficult to fill. As a result, critical roles often remain vacant for months, putting immense pressure on existing staff and heightening the risk of errors in financial reporting.
This talent shortage isn’t just a temporary setback; it poses a long-term threat to the stability and sustainability of accounting firms of all sizes. If unaddressed, this will impact the ability of firms to meet client needs and maintain operational efficiency.
Navigating the crisis with planned global hiring
With the talent pool dwindling, firms are being forced to rethink their recruitment strategies. Domestic hiring can no longer keep pace with the demand, and traditional outsourcing models often come with their own set of challenges, such as quality control and consistency issues. However, there’s an alternative that’s gaining traction: global hiring.
Global hiring allows firms to tap into international talent pools, where the availability of highly qualified professionals might be higher. Countries like South Africa have become key hubs for accounting talent, offering a workforce that is not only highly skilled but also aligned with Western business practices and time zones. Many professionals in these regions hold globally recognised qualifications such as ACCA (Association of Chartered Certified Accountants) and CIMA (Chartered Institute of Management Accountants).
How an Employer of Record (EOR) simplifies global hiring
However, hiring internationally isn’t without its complexities. This is where the Employer of Record (EOR) model comes into play. An EOR enables firms to hire talent across borders without needing to set up a legal entity in each country, handling all the necessary compliance, payroll, and legal aspects.
Teamed, for example, partners with local recruitment experts who are well-versed in identifying top-tier talent. This ensures that firms can access highly qualified professionals who meet their specific needs, whether they require deep technical accounting skills or strategic business acumen. Once the right talent is identified, Teamed handles the entire hiring process, from onboarding to payroll, ensuring a seamless experience that allows firms to focus on what they do best = serving their clients.
As CT:, an accounting firm that partnered with Teamed, noted, “Teamed made global hiring simple and efficient. They took care of all the compliance and payroll, allowing us to focus on what we do best — serving our clients".
The broader implications for the professional services industry
The implications of the talent shortage go beyond individual firms — it’s a challenge that could reshape the industry if not addressed proactively. By embracing global hiring, firms can not only mitigate the risks associated with talent shortages but also position themselves to take advantage of a more diverse and skilled workforce.
At Teamed, we’ve supported 15 of the top 25 global accounting practices in navigating these turbulent times, helping them expand their talent pools and maintain operational stability despite the challenges.
Time to turn the challenge into an opportunity
The talent shortage might have started as a trending topic on TikTok, but for finance and professional services firms, it’s become a daily challenge. By tapping into global talent through an Employer of Record (EOR) like Teamed, you won’t just be searching for someone in finance — you’ll be finding the right talent, wherever they are.
By working with partners like Teamed, you can utilise our network of pro recruitment partners and ensure that you’re not just filling roles, but building a resilient, future-ready workforce. Let’s chat about how we can help you solve this problem and keep your firm ahead of the curve.
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