Innovation

Capacity challenges are No. 1 professional issue, CPAs say

The 2022 VSCPA Future of Work Survey reveals how CPAs and their organizations are preparing today for the workplace of tomorrow.

In the past two years, the professional world has transitioned into multiple stages: the COVID-19 lockdown and fully remote work, the distribution of vaccines and hybrid work, and now fewer masks and in-office work for many companies.

Although the VSCPA can never exactly predict the future, we like to try. The 2022 VSCPA Future of Work Survey reveals more than 350 of your opinions on technology, remote work and capacity.

Key findings of the report include:

• CPAs are open to change and embracing innovative practices: 86% of respondents said that the leaders in their organizations are open to change. Companies are quickly adopting new technology, enhancing work flexibility options, and prioritizing certain lines of business to meet their core business goals.

“What this year’s Future of Work Surveys shows there is no turning back to “normal.” The future of work is constantly changing. With this data, we’ve found that hybrid work will be continuing, salary isn’t the most important benefit, and firms are open to change,” said VSCPA President and CEO Stephanie Peters, CAE.

• The most significant challenge to CPAs is understaffing and overwork: More than half of respondents confirm that capacity challenges are constant in their firms and organizations — and workforce recruitment/retention is the most critical professional challenge.

• The hybrid workplace will be around for another year: Last year, respondents were unsure about the future of remote work. Because of different coronavirus variants, respondents are in the same place again. About a quarter of organizations plan to maintain a hybrid workplace for the next year.

• Flexibility trumps salary: As employers search for new staff, CPAs say these benefits were most important, in this order: flexibility, salary, a benefits package, vacation and sick leave, and remote work.

• Newer CPAs want larger salaries: While most account professionals in executive positions are satisfied with their salaries, newer staff members would like to see an increase in pay. 49% of executives are satisfied with their pay, while only 28% of staff are.

• CPAs are implementing new technologies but also concerned about security. 62% of respondents said they are ready to invest in new technology: advanced cybersecurity measures, artificial intelligence, workflow software, robotic process automation, and enterprise resource planning. Regardless of workplace, CPAs are concerned about cybersecurity threats. Additional challenges include training staff on new tech, high costs, and adequate IT support. n

Download the full report in the Center for Innovation Resource Center at https:// www.vscpa.com/CenterResources. More tools and info are also available in the Capacity Resource Center at https:// www.vscpa.com/Capacity.