It’s an exciting time to work in internal audit. Many companies in North America are looking to their internal audit team to serve as a strategic partner to the business. That’s giving auditors more opportunities to explore new areas and grow professionally. But as demand continues to rise for highly skilled and versatile auditors, many employers are struggling to secure the talent they need to support this critical business function.
The shortage of skilled talent available for hire is one factor. In the United States, for example, the unemployment rate for accountants and auditors, including internal auditors, has been trending well below the national unemployment rate, according to recent figures from the Bureau of Labor Statistics (BLS). The BLS also projects that employment of accountants and auditors will grow 10 percent through 2026. That’s faster than the average for all occupations.
Another trend creating staffing challenges for internal audit leaders is the need to manage a multigenerational team effectively. Four age demographics are represented in today’s workforce — baby boomers and Generations X, Y and Z. Each group has their own approach to work and communication preferences, as well as different expectations about the leadership style of their managers.
For these and other reasons, discussed in the 2018 Internal Audit Compensation Executive Report from Robert Half and The Institute of Internal Auditors’ Audit Executive Center, recruiting and retaining highly skilled auditors isn’t easy for today’s businesses. This special report, authored by Robert Half senior executive director Paul McDonald, explains how businesses can help increase their odds of being seen as an employer of choice for in-demand internal audit professionals. Topics covered include:
The must-have ‘magnets’ for attracting top talent: Candidates for internal audit positions will weigh many factors when considering job opportunities, of course. But you can be sure competitive compensation will be top among them. Find out what other offerings could help tip the scales in your firm’s favor during the hiring process.
Best practices for managing a multigenerational team: From hosting team-building events to setting the right example, there are several ways for internal audit leaders to build a cohesive, multigenerational team and connect better with all staff members on a one-to-one basis. Some of these strategies can also raise the profile of the internal audit function in your organization, which can help with internal recruiting efforts.
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Download your free copy of the 2018 Internal Audit Compensation Executive Report today for more insight on the trends having an impact on internal audit compensation levels, and more details on best practices that can help your business build and maintain a high-performing internal audit function.
