2 min read November 2022 — Invest: spoke with Antonio Argiz, South Florida managing partner at BDO, about the impact of the labor shortage, the switch to remote and hybrid work models and being an exclusive sponsor of Accounting Rookie Camp. “We need to tackle labor shortages, and it may be something we are experiencing for the whole decade,” said Argiz.
What are some highlights or milestones for BDO over the last year?
BDO has seen tremendous growth over the past year despite the challenges presented by the pandemic. In January 2021, MBAF’s merger with BDO bolstered our presence in Florida – nearly doubling our footprint across the state. We are now one of the largest accounting and advisory firms in Florida, and this July, we were ranked the largest accounting firm in South Florida by the South Florida Business Journal, with over 60 partners and more than 240 CPAs in the area.
Tax executives are no strangers to change, and while there were many adjustments made recently, we have become more resilient for them. Specifically, we’ve seen the labor shortage challenging businesses across South Florida, and the country. BDO has stayed an employer of choice through all of this by remaining responsive to evolving workplace dynamics as candidates are looking for a more flexible work environment. Many of the recent changes made to the way we work, where we work and even why we work will likely endure for years to come because those changes served to make BDO’s businesses and people more agile in the face of disruption. By doing this, we are ensuring we have the staffing levels to support BDO’s continued growth, not only in this market, but in others around the country.
Why is South Florida a good place to do business?
We are continuing to see a large migration of people and businesses relocating to South Florida to take advantage of the attractive low tax environment and vibrant lifestyle. Florida’s population is growing significantly, with more than 20,000 new residents alone in the first half of 2022 and close to 3 million people relocating to the state over the last decade. With this population rise, we have seen subsequent demand across many industries in Miami, including technology, healthcare, real estate, hospitality and restaurants, professional services, manufacturing and distribution, and more.
The growth in Miami has given many great opportunities to provide our services in unique and exciting ways. We have continued to diversify our specialty tax, audit, and advisory services to help each client thrive and also provide new opportunities for our younger staff to grow in their careers.
BDO is an exclusive sponsor of Accounting Rookie Camp. What impact do you expect from this partnership?
BDO’s exclusive sponsorship of the Accounting PhD Rookie Recruiting and Research Camp is an opportunity for us to build relationships with current and future university faculty. Those individuals are the leaders of accounting academia, and they are inspiring the next generation of graduates to embrace careers of service and excellence.
Beyond Rookie Camp, we are finding other ways to draw new talent into the profession, including getting more involved in the community. This includes working alongside local universities and supporting work study programs in local high schools to provide hands-on experience to learn about a firm’s business operations. We see great value investing in their futures in this direct way.
BDO is constantly evaluating and adopting new ways to recruit, empower, and retain the best people in our industry, while also ensuring we meet the growing needs of our clients and our standard of exceptional service. An important part of our strategy is BDO Flex, which is foundational to BDO’s business and has been the primary driver to help our professionals find work+life fit for the past decade and on. The most important factor is that the work is done well, not regulating how, when or where the work is accomplished.
What are some of the challenges for the industry and overall economy?
Inflation, expensive and competitive workforce housing, and high gas prices pose significant challenges to all businesses in 2022. Additionally, we are also seeing supply chain shortages, especially here in Miami as we are one of the largest ports in the state and airports for cargo. BDO is constantly working with our clients to overcome these challenges. We employ a holistic lens to their business and work with them to implement strategies that can help their business succeed even in difficult times. For example, while not always a leading factor in a business’s decisions, every business decision has a tax implication, so tax strategy should always be a part of the equation for any challenge a business may face.
What is your outlook for the future at BDO?
With additional shifts on the horizon, the next few months are likely to feature more change for the industry. For tax executives, though, the spotlight on our ability to help make or break business strategy has never been brighter, and with the right people and tools in place, tax departments are poised to help build businesses that are ready to take on what’s next.
We look forward to continuing to strengthen and enhance our services, especially in growing sectors in Florida, such as international tax and family wealth. We will also continue to foster a diverse and inclusive workplace, empowering our people to be stewards of their communities.
Looking forward into 2023 and beyond, it is important that business leaders also reflect on the other challenges they face beyond staffing and consider how the steps they took to adapt over the past two years can be applied to other disruptions in the years ahead.
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