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Retaining talent despite shortage of accountants


Lim says to retain talent, her company provides a competitive salary and an increment scheme based on performance. — Photos: MUSTAFA AHMAD/The Star

Lim says to retain talent, her company provides a competitive salary and an increment scheme based on performance. — Photos: MUSTAFA AHMAD/The Star

THERE is an acute shortage of accountants in Malaysia, said Kalyx Consultants.

Its managing director Shirlyn Lim said in an interview that there is a demand for at least 60,000 accountants in the country by 2020.

“But according to the Malaysian Institute of Accountants (MIA), there are only about 33,000 accountants nationwide,” she added.

Lim said the shortage in Malaysia was due to the demand for accountants in Singapore, Vietnam, Cambodia, China and Hong Kong, where the remuneration is more attractive.

“Many female accountants also prefer not to practice after marriage, which also explains why there is a shortage in the accounting profession,” she added.

The demand for accountants, however, has increased correspondingly due to crowd-funding and investments from China.

Kalyx Consultants office in Icon City, Bukit Mertajam, Penang.
Kalyx Consultants office in Icon City, Bukit Mertajam, Penang.

“Over the past couple of years, we are seeing more young entrepreneurs starting online businesses to do trading and provide logistic support solutions.

“Crowd-funding has been the source of support for these young entrepreneurs who face difficulties in obtaining financial assistance from banks.

“There are also funds from China flowing into the northern region to start manufacturing and designing companies,” she added.

With the recent entry of the Leading Entrepreneur Accelerator Platform (LEAP), Lim said the demand for accountants would only continue to grow next year.

“There are approximately 19,000 small and medium enterprises (SMEs) in the country that are dependent on financing from banks.

“Currently, over 90% of the funding for SMEs comes from the banking sector.

“The LEAP platform can now provide them with fundraising access and visibility through capital markets,” she said.

According to Lim, the company, which is based in Penang, plans to extend its presence in the country over the next two years to tap into the new business opportunities.

“Now, we have only a branch in Alor Star. We are also eyeing Kuala Lumpur to set up a new office,” she added.

Kalyx has interviewed roughly 45 applicants for accounting positions since early this year.

“We have engaged about 15% of the applicants. These applicants come to us because we have a programme that rewards high-performance workers.

“We provide a competitive salary and an increment scheme based on performance.

Kalyx took home the Silver award for Best Employer in the up to RM25mil revenue category at The Star Outstanding Business Awards (SOBA) 2017.
Kalyx took home the Silver award for Best Employer in the up to RM25mil revenue category at The Star Outstanding Business Awards (SOBA) 2017.

“This is how we retain our talents in Kalyx. The increment rate we have given out over the years exceed the standard market rate of 5%,” she said.

“In Kalyx, the management does not assign jobs. We ask who wants a challenging assignment.

“Those who show initiative and can deliver are rewarded,” she added.

Kalyx believes in investments for human resource training.

“We always believe that young people are better at developing the future because they are our future.

“Investing in the younger generation is investing in our own future.

“We also believe in tomorrow. If we don’t change today for the sake of tomorrow, we will never see a tomorrow that belongs to us.

“There are no companies or entrepreneurs that can do everything. We can only do that through discovering talent, creating value, and continuous improvement and breakthrough in how we pass on the DNA of culture and organisation,” she added.

Kalyx took home the Silver award for Best Employer in the up to RM25mil revenue category at The Star Outstanding Business Awards (SOBA) 2017.

Set up 15 years ago, Kalyx comprises professional chartered accountants, tax specialists and business consultants dedicated to advise and assist Malaysian businesses to grow by enhancing values that will lead to their success.

The company tailors unique and independent consulting services to local and international clientele by turning knowledge into value for the benefit of clients.

Lim is a fellow member of Associated of Chartered Certified Accountants (ACCA), Malaysia Institute of Accountants (MIA), and an affiliate member of Registered Financial Planner of Malaysia Institute of Insurance.

   

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