It wasn’t that long ago that employers had all the power.

They dictated employment terms and conditions with little regard for the satisfaction and preferences of employees and potential employees.

But the tables have turned. Today, employees are in control.

The Covid-19 pandemic has prompted people to re-evaluate their life, resulting in many changing the way they work.

In the United States, this has led to the economic phenomenon known as the great resignation, where employees voluntarily quit their jobs en masse in 2021, citing hostile conditions, limited career opportunities and lack of meaning.

Australia is experiencing its own version of the great resignation. Almost 10 per cent of Australian workers, or 1.3 million people, quit their job in 2021, according to the Australian Bureau of Statistics.

An ABS survey conducted in mid-2022 also found 31 per cent of businesses are struggling to find staff.

And it’s not just cafes and airlines being impacted.

Accounting and financial advisory businesses are experiencing challenges too.

CPA Australia Chief Andrew Hunter recently described the skills shortage crisis in accounting as “critical”, citing a 34 per cent increase in job ads for accountants in FY22.

Since the Hayne Royal Commission, job ads for financial advisers, paraplanners and compliance staff have also exploded, coinciding with tougher regulatory requirements and new education and training standards.

For the fortunate few who, whether by good luck or good management, are yet to suffer the loss of key personnel or the frustration of trying to hire a replacement on the same money, their dream run may soon be over.

Two million Australians are poised to quit their jobs in the next six to 12 months, according to a report by Allianz Australia.

Needless to say, every accounting and financial advisory business must have a strategy for recruiting and retaining talent. This is especially important for businesses with ambitious plans to be a fast growing firm of the future.