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Employer Quotes
The quotes below are from employers in this industry: Financial Services
They are talking about this topic: Workforce Trends & Challenges
The quotes below are about this issue:
There is high turnover within public accounting as more experienced employees move to the private industry for higher pay.
| "Employer: I can speak from the CPA perspective. We've done [lost in translation] recruiting season looking for interns for accounting positions, and we're actually finding it difficult to fill enough positions in St. Cloud and in the Metro. We've experienced turnover in the Metro area where private industry is taking a lot of our experienced individuals. So, we do need to fill those entry-level positions. So, when we say there's enough supply I think we're feeling a little crunch in that area. And getting those high-level candidates early on as well is what we're struggling with. Interviewer: When you say 'industry is taking them,' can you give me an example just so I understand the terminology? Employer: Many times in public accounting—it can be a pretty grueling profession—so you get a lot of experience. And after two to seven years of experience—the ones that wait a little longer—they're good CFO material. So, they'll go and be a CFO or a controller in another entity. Interviewer: And then they're out of public accounting basically." |
Central |
| "Employer: We pride ourselves. We lose staff on an annual rate of fifteen percent, which is anywhere from five to nine percent below industry average. So, we pride ourselves on keeping our people, but it's still fifteen percent. Interviewer: Fifteen? Employer: Yeah. Interviewer: Okay. Frankly, I wouldn't have guessed it was that high. And you guys actually do better than the industry average? Employer: Yeah." |
Central |
| "Employer 1: If the people with finance degrees aren't going into banking, where are they going? Do you know? Interviewer: That's a great question. Where are they? Anybody? Where are they going? Employer 2: Corporate finance. Interviewer: So, they end up skipping you altogether and going right to... Employer 2: Corporate finance and securities." |
Central |