Expanding recruiting initiatives to include a global workforce, especially for accounting teams, is on the rise, and with highly educated, GAAP-qualified accountants in the Philippines, CFOs are finding offshore talent at half the cost. But you’re not alone if you don’t know how or where to begin recruiting offshore accounting talent. The truth is, finance and accounting leaders are having to navigate a new world where attaining the best talent is a competitive advantage, and they are having to reach outside of their local areas to get it.
Since the onset of the pandemic, many organizations have shifted their recruitment strategy to respond to the differences in how America works—remotely. And with that, it’s not a surprise that companies are going global. You’re not the only one considering this transition - a recent Monster survey found that 87 percent of employers find themselves struggling to fill positions despite high unemployment numbers.
The difficulty of recruiting and retaining top employees is an obstacle all organizations have to jump-through to overcome the talent shortage in the U.S. Read on to explore why Manila, Philippines is an ideal location to find global talent and why utilizing offshore accounting services to fill your accounting and finance positions is a great long-term solution for business growth.
The U.S. Talent Shortage Leads the Way to a Global Workforce
The last year has changed the way employees view and approach work. In short, employees want more, and they aren’t willing to waver on their stance. Becky Frankiewicz, President of ManpowerGroup North America, touches on this topic – “Skilled workers are in control and companies need to understand people’s priorities to compete.” And with 54 percent of companies globally reporting talent shortages, it’s no wonder businesses are scrambling to fill the gaps. So, the question is, why is talent shortage so prevalent?
Covid-19 accelerated the retirement of many older employees. Nearly 30 million Boomers were forced to retire by the third quarter of 2020.
Lack of talent to fill the vacancies. Younger generations will not necessarily have the experience or skills to fill many of the jobs left open. That, or they don’t think it’s worth the time.
Changing needs and expectations. An EY 2021 Work Reimagined Employee Survey found that 54 percent of employees surveyed globally would consider leaving their job post-pandemic if they are not provided some form of flexibility in where and when they work.
Listen Here: Our VP & GM at Personiv, Megan Weis talks more about the Accounting Talent Shortage on the Marketscale Technology Podcast
What to Expect When Hiring Overseas Talent
If you’re considering outsourcing overseas, you probably have a heap of questions and several concerns. Moreover, you might ask yourself, “What is the quality of talent that will be assigned to my team?” With a population of over 106 million, Manila is no stranger to U.S. companies. Even more so, the Philippines is home to nearly 850 BPO providers, bringing in an estimated $1 billion every year. So with a thriving BPO industry, why wouldn’t you choose Manila for your outsourcing needs?
Our very own Paulo Cheung, EVP and Site Head of Personiv Manila said it best: “Our English proficiency and deep cultural compatibility is a perfect combination. We don’t just speak English well in the Philippines, we can also relate easily to our clients and counterparts in the U.S. – whether it’s the call center agent who can make small talk with a U.S. customer about the latest fashion trend, or a graphic designer that can create a perfect color combination that appeals to American sensibilities.”
[PODCAST] Hear More from Paulo: CFO Weekly Episode 3 – Maximizing Cultural Compatibility Outsourcing F&A to the Philippines
Sending work overseas has become a widespread practice throughout every industry, but especially in accounting and finance. But what can you bank on when you move part of your finance and accounting operations offshore to the Philippines?
Post-graduate talent from top-notch colleges and universities. Manila is a hotbed to some of the best collegiate schools recognized by the Commission on Higher Education and the QS World University Rankings.
Growing pool of highly qualified accounting talent. The Philippines is home to the Philippine Institute of Certified Professional Accountants. And in Manila alone, there are a combined 8,325 CPAs in public or commercial practice. The high point? Accounting in the Philippines is based on U.S. GAAP accounting standards.
Cultural compatibility to the U.S. 92 percent of Filipinos claim English as their second language. So if you were worried you would have to take a language class, scratch that off your list.
Strong work ethic woven into the culture. Filipinos take pride in the work they execute, which undoubtedly breeds loyalty through the working relationships they form.
Suggested Reading: Location Matters – Top 5 Reasons to Outsource to the Philippines
Use Outsourcing to Start Working With Global Accounting Talent in the Philippines
While stateside talent is dwindling these days, the accounting profession is gaining momentum in the Philippines. Consider this: 75 percent of U.S. CPAs will retire within the next 15 years. And if you thought the next generation would step up to the plate to fill the gaps, think again (spoiler alert: outsourcing eliminates the need to find hard-to-recruit talent).
The modern workforce is changing at an unprecedented rate. Employees are expecting more from their workplace than ever before and are not afraid to let their employers (or potential employers) know. Businesses that understand this paradigm shift are realizing that shifting to overseas recruitment is more than just a short-term strategy. But how can small to mid-sized businesses access global talent without the HR resources of a larger company? Offshore accounting is the answer.
Companies can build a global workforce by developing a hiring strategy that entices a wide range of talent. At Personiv, we offer outsourcing solutions that can help you find the qualified talent you need at the timeline you set. Just like you, our team cares about creating an accounting and finance team worth having; that’s why we’ve outlined how to hire global talent and how to offshore accounting to the Philippines in the sections above. Get in touch with our experts to find out how we can help you outsource your accounting and finance services to the Philippines and in turn, foster a workforce that promotes creativity, encourages new ideas and improves your bottom line.