The report from the Robert Half International Financial Leadership Council, a group created last December, has recommended a number of strategies for addressing specific challenges.

Following are some of the key findings and recommended solutions presented in Charting the Future of the Accounting, Finance and Audit Professions:

Recruitment and retention

• Competition for the most skilled accounting, finance and audit professionals is growing at a time when the pool of candidates in many areas is shrinking or expected to soon. This requires new approaches for locating and retaining these individuals.
• New recruiting strategies could range from enhancing the branding of the accounting, finance and audit professions in the media and on college campuses to showcasing professionals who have achieved a good balance between career and family.
• A particular challenge for employers is adapting to the attitudes, expectations and values of Generation Y. Strategies to counteract career dissatisfaction among entry-level professionals and enhance retention could include offering more career guidance, projects that involve continual learning, and a better balance between routine and challenging assignments.

Workforce preparation

• To succeed in tomorrow's accounting, finance and audit environments, professionals need a wider range of skills than ever before. This goes for practitioners at all levels, not just students.
• The ability to communicate effectively is one of the most essential interpersonal skills for both seasoned professionals and new entrants to accounting, finance and auditing. Technologies such as instant messaging and e-mail have actually increased, rather than decreased, the need for strong communication skills.
• As financial professionals assume more strategic roles, they will need to become more analytical. They must be able to not only produce financial reports and perform complex calculations, but also identify and explain what is meaningful in their data or findings. They need to be able to answer the "why" behind the numbers.

Adapting to the global business environment

• Professionals can improve their ability to operate in today's more global business world by increasing their cultural literacy, professional judgment and familiarity with new financial reporting models.
• Global talent sourcing is not yet widely used by U.S. businesses, but the urgent need for professionals with the right skills -- wherever they may be located -- may drive more companies to seek talent globally in the years ahead.

The report is titled "Charting the Future of the Accounting, Finance and Audit Professions." A free copy may be requested at www.financialleadershipcouncil.com.