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Accounting team labor costs will skyrocket 🚀 over the next decade

Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers,
Own Your Close
Accounting team labor costs will skyrocket 🚀 over the next decade
By Blake Oliver • Issue #91 • View online
Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers, and providers of outsourced accounting services. For more accounting technology updates, tune in to my Cloud Accounting Podcast.

Everybody is so distracted by the threat of automation and artificial intelligence that it seems no one is paying attention to the looming global talent shortage. 
New research shows that companies around the world will have to pay big bucks 💰💰💰 to hire and retain skilled workers (such as those with a CPA license) over the next decade.
By 2030, the average wage premium for skilled workers in the U.S. is expected to reach $8,300 (a wage premium is the extra amount employers can expect to pay above normal inflation). 
Not too bad, but if you have a lot CPAs on staff, that could get pricey, especially since that’s the average wage premium for all skilled workers. It’s easy to imagine that accounting and finance professionals will command an even higher premium.
I definitely wouldn’t want to be an accounting firm partner in Australia … Employers there will be paying at least an extra $28,600 per head!
It’s clear that the key to surviving the talent crunch will be empowering skilled workers with automation, not replacing them.
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Labor Costs Will Skyrocket over the Next Decade
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Thanks for reading and have a great week!
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Blake Oliver

"Cloud Accounting Weekly" is now "Own Your Close," a newsletter for industry accountants, controllers, and providers of outsourced accounting services! Subscribe and stay up-to-date with the latest in technology, new regulations, and management tips.

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