Nonprofit accounting faces a range of challenges today – and many organizations are finding they can best solve these challenges by creating a plan for accounting professional development.
While technology is freeing accountants to take a greater role in forecasting and strategy over conventional number crunching, it’s also opening organizations up to new risks. This shift in responsibilities and risk means that many organizations, nonprofits included, have to adapt their hiring practices to recruit for new skill sets. In many cases, organizations are adopting remote and hybrid work approaches to find the right candidate.
By prioritizing training and targeting accounting professional development, nonprofits can better position their accounting professionals for success. With the right approach, nonprofits can attract skilled accountants and help employees adapt to meet evolving needs.
Professional development attracts top talent
When budgets get tight, professional education is often one of the first items nonprofits cut. Before making these cuts, nonprofits must consider whether pulling back on education could have a more costly long-term impact on recruitment, retention, or the ability to keep up with accounting demands.
Opportunities for structured professional development have become a priority for employees in all roles. In fact, a 2022 McKinsey study found that the lack of career development and opportunities for advancement were the most common reasons employees quit. Research indicates that the newest generation of workers in particular value training. Adobe’s Future Workforce study found Gen Z’s top priorities are the ability to perform meaningful work from an employer that provides training in job-related hard skills. Nonprofits are particularly well suited to delivering this balance of purposeful employment and on-the-job training.
This training isn’t just limited to those roles working in the field. Your accountant is also looking for opportunities to expand their skills and expertise. This desire for training can give nonprofits an opportunity to retain these essential employees and strengthen the skills they need in-house.
Training is taking a tech focus
Many nonprofits offer paid coursework or certificates as part of their non-wage compensation package. However, organizations should also consider thinking bigger about the types of accounting professional development they offer. For example, accountants may benefit from technology training that allows them to support organizations that increasingly rely on digital solutions. With the right training, accountants can better leverage software to enhance their efficiency or sharpen their ability to analyze the data available to them. This training not only makes these employees feel vested but can provide them with skill sets that add tremendous value to your organization.
While technology-based training will be increasingly important, it’s not the only area from which your accounting staff may benefit from training. Key players among your accounting staff may benefit from leadership development that prepares them to grow in their careers while advancing your organization. This training can include the development of the soft skills needed for effective communication and collaboration.
Training to support a changing workforce
As a result of the accountant shortage, many organizations are making changes in their hiring practices. Nonprofits may find that their leaders need training on how to manage a changing workforce.
Organizations that adopt remote and hybrid work approaches in order to pull from a broader pool of accountant candidates will need new skill sets to remotely manage these professionals. To keep these remote and hybrid workers engaged, nonprofit managers may find they need to become more intentional in how they check in and communicate with these employees. That can mean scheduling regular meetings, reviews, and even social interactions with employees to help them feel like a part of the team.
Nonprofits recruiting entry-level applicants may find their teams benefit from training on how to support members of Gen Z. Small changes, such as providing more frequent performance reviews or more personalized training, can help engage the youngest members of the modern workforce. Managers may also benefit from training on how to help multiple generations work effectively together. This training can help nonprofits adopt communication strategies that foster engagement across their entire workforce and prepare their accounting staff to excel.
Get help with your accounting professional development
The right approach to accounting professional development has an impact on your organization well beyond recruitment and retention. Regular professional development can give your accounting team the expertise needed to keep up with evolving requirements and best practices, and weather future challenges.
For nonprofits still developing their professional development plan – or their accounting department – the team at Vault can provide this expertise. Connect with Vault to learn how we can help enhance your nonprofit’s accounting.
