Accounting firms have been facing problems in filling their open positions as the number of new accountants declines, and one solution may involve rehiring past employees who left for other firms and then decided they didn't like it in the new workplace after all.
The Bonadio Group, a Top 50 firm based in Pittsford, New York, has long been welcoming so-called "boomerang" employees, but has seen a resurgence in recent years.
"We've always had boomerangs at the Bonadio Group," said COO Bob Enright. "There's always been one or two, but things have changed dramatically since the pandemic, and we're seeing a lot more people working remotely. Thus, the competition for staff is no longer a local competition. It's now more of a regional or national competition. We've really been noticing and thus increased our programs on trying to recruit some of our boomerangs back. Everybody's in a talent war right now, and everyone's doing their best to get the best staff on their team. While we've got programs for entry-level and experienced hires, we now have programs specifically to go after our boomerangs that have left and come back."
Some accountants who have retired or been out of the workforce for a long time may be able to come back as boomerang employees at their old firm as demand swells for staff. Bonadio has been hiring some retirees who worked at careers outside accounting in the past.
"We had something we call Purpose Day a few weeks ago, and I was working side by side with a gentleman who was a retired police officer," said Enright "He served our community quite well, and we brought him in as an entry-level person in our forensic practice. He had some great investigative experience, obviously. As far as looking at alternative people, there are no more limitations. Before it used to be that you had to have your five years and 150 hours. But now if you've got the right characteristics and the right skill set, we've become much more broad in our hiring standards, and it's worked."
He noted that the Bonadio Group's workforce is up 12.5% higher than last year at this time. Compensation isn't the only factor that accountants are looking for when they decide which firm to join. Enright believes culture is an important factor as well.
Employees who start off interning at the firm and later join as staff may work for a few years, and then begin looking for other opportunities outside the firm. They may be lured away by a larger accounting firm or private industry, but then miss the flexibility they once enjoyed. Bonadio offers unlimited paid time off, according to Enright.
"It can't be that stringent way of public accounting that you saw just five or 10 years ago," he said. "Our folks, as with all in the profession, are starting to see very hefty raises year after year. Sometimes when you get into private, you get locked into that 3% annual increase. Our average increases are north of 10%, so they're seeing that opportunity. Maybe it's not that opportunity of years ago where I want to become a partner, because I don't think a lot of 25- to 27-year-olds are looking that far. But they're seeing this is the next step of work. We're a fast-growing firm, so we've got plenty of opportunities for promotions, whether it's to managing principal or to partner."
