A path to improving firms’ employee retention
November 27, 2023
By Mark Gallegos, CPA, MST, and Jackie Meyer, CPA, The Tax Adviser
Public accounting has long been perceived as a demanding and high-stress profession, leading to challenges in attracting and retaining top talent. However, the future holds immense potential for transforming this perception and making public accounting a great place to work. By implementing effective processes and procedures, fostering a positive and uplifting outlook, and prioritizing employee well-being, tax practices and other public accounting firms can redefine their workplace culture and improve employee retention. This column explores various strategies to change the perception of public accounting and create a brighter future for the profession.
The current perception and the need for change
Before embarking on the journey of change, it is crucial to grasp the current perception of public accounting. The profession is often associated with long hours, intense workloads, and limited work/life balance. Employees may feel undervalued, experience burnout, and perceive a lack of growth opportunities. By acknowledging these challenges, firms can proactively address them and pave the way for a positive transformation.
Creating a positive outlook: A shift in mindset
Perceptions shape reality, and public accounting is no exception. By working to change the perception of the profession, accounting firms can attract and retain top talent. Public accounting firms need to showcase the profession’s exciting and rewarding aspects, emphasizing the impact professionals can make, the opportunities for growth and advancement, and the variety of career paths available within the field.
However, it is important to note that perceptions can vary among individuals and organizations. Some may still hold on to the traditional perception of public accounting as a demanding profession, while others may have experienced positive changes in their work environment. Efforts to address employee retention and reshape the perception of public accounting are ongoing and require continuous commitment from firms to create an environment that fosters employee satisfaction, growth, and inclusion.
To change the perception of public accounting, a fundamental shift in mindset is required. Firms must cultivate a positive and uplifting outlook that promotes employee well-being, career growth, and work/life integration. Embracing a positive workplace culture starts from the top, with leaders setting the tone and demonstrating their commitment to a healthy and supportive environment.
Key changes needed: Implementing processes and procedures to improve retention
The path to change is not always smooth, but the result is certainly worth the effort. Firms should consider using these processes and procedures to enhance and increase employee retention.
Workload management: Public accounting firms should adopt effective workload management processes to prevent burnout and ensure a healthy work/life balance. This includes optimizing resource allocation, setting realistic deadlines, and encouraging collaboration among teams. Leveraging technology to automate repetitive tasks can also alleviate workload pressures.
Career development and growth: Establishing structured career development programs is essential to retaining talent. Firms should provide comprehensive training, mentorship initiatives, and clear pathways for advancement. Offering opportunities for skill diversification and specialization can further enhance employee engagement and satisfaction. Public accounting firms should prioritize providing opportunities for employees to enhance their skills and competencies. These can include technical training programs, workshops, seminars, and certifications that keep professionals updated on industry trends, regulations, and best practices. By investing in continuous learning, firms demonstrate their commitment to professional growth and provide employees with the tools they need to excel in their roles.
Innovation and technology integration: Embracing innovation and technology is crucial to modernizing public accounting firms. By automating repetitive tasks and adopting advanced analytics, firms can increase productivity, improve service delivery, and provide more strategic insights to clients. This not only elevates the profession but also makes the work more interesting and engaging for employees.
Structured career paths: Establishing structured career paths is also crucial in public accounting to enable employees to clearly understand the opportunities available to them. This can involve defining roles, responsibilities, and expectations at each level and outlining the skills and experience required for progression. Clear career paths allow employees to set goals, work toward advancement, and feel a sense of purpose and direction within the organization.
Collaboration and cross-training: Public accounting firms should foster a collaborative environment that encourages teamwork and cross-training. When firms provide opportunities to work on diverse projects with different teams, employees can broaden their skill sets, gain exposure to various clients and industries, and develop a well-rounded perspective. Collaboration also cultivates a sense of camaraderie, strengthens relationships, and promotes knowledge sharing.
Mentorship and coaching: Mentorship and coaching programs are powerful tools for career development and growth. Pairing experienced professionals with junior staff members allows for the transfer of knowledge, guidance, and advice. Mentors can provide insights into the industry, share their experiences, and help individuals navigate their careers. Regular feedback, coaching sessions, and constructive performance evaluations further contribute to employees’ professional growth.
Flexible work arrangements: Recognizing the importance of work/ life integration, firms should implement flexible work arrangements such as remote work options, flexible hours, and compressed workweeks. Trust-based systems and clear guidelines can ensure productivity while allowing employees to balance their personal and professional lives.