The accounting industry is facing a growing problem. Like other professions, the accounting world has been affected by the Great Resignation. It’s no secret, accountants are one of the most unhappy occupations in 2022. Talent is disappearing as increased workload and poor morale is driving CPAs to leave their careers, combined with decreased enrollments and fewer candidates sitting for the CPA exam. To retain employees, firms need to evaluate their structure and their culture.
Remote Work
Since the pandemic, the workplace structure has changed with the advent of remote work. Many companies across all sectors, have had to evaluate their structure and adapt to attract new employees and to maintain current employees as a vast number of workers consider remote work as a priority or a must have for employment. Now is the time for your firm to evaluate and consider offering a remote or hybrid work environment to maintain your workforce.
Recruiting Employees
Evaluating your recruitment process is important for employee retention. Hiring the right candidate from the beginning that aligns with your company’s overall culture leads to employee retention. Employers must analyze their brand and discover the work style, personality, and values shared by those who thrive in your environment. Utilizing this information will help you successfully identify those qualities you seek in the right candidate.
Retaining Employees
Currently with rising inflation rates, employees seek higher salaries and benefits. To retain employees, you may need to consider offering a competitive salary. To enhance overall job satisfaction, you should evaluate the benefits you offer to your employees. Investing in employee well-being is imperative to attracting and maintaining your workforce. Recognizing employee achievement fosters employee engagement and overall retention. Employees need to be shown they are valued working at your firm. Accountants need to see the long-term benefit and worth to remaining employed with your firm.
I believe employees need to see “brightness of the future”. They need to see there is something bigger they are reaching for. In my firm, my CPA staff knows we are all an “incubator”. My employees strive to change the world by developing new ways to do things and share with other CPAs. When we develop new ideas, we don’t keep them to ourselves, but we share them with our WealthAbility® Network.
Do you provide mentorship opportunities or facilitate professional development?
Providing advanced training and education shows your employee you are invested in them, enhancing their overall morale and satisfaction.
Mitigating Employee Stress
Being one of the most stressful occupations, facilitating a good work/life balance is vital for employee retention. With automation becoming a growing technological instrument, accountants can learn to automate lower-level tasks, allowing them more time to grow and seek advanced technical training and strategies. The extra time enhances their careers, helps them develop better communication with their clients, and facilitates their role as a key advisor to their clients. All of this leads to a more productive and rewarding career.
To learn more about recruiting and retaining the right candidates for your firm, please contact us today!