Let's say you have attracted more students to the accounting profession and encouraged more of them to take the CPA exam. Congratulations!
The challenge now is to make them stay.
According to T
Michelle Search, national practice director for finance and accounting for Jefferson Wells, says that turnover is a huge hidden cost for firms. Earlier this month,
As a result, Search recommends that employees figure out what they stand for as an organization and interact with employees as individuals, because they need more than compensation. In the last five years, employees have expressed growing interests in issues such as ESG and diversity, and
"People want to work for a company that they believe in and that takes their concerns from a social and economic perspective seriously," said Search. "People are willing to make changes in their jobs if they don't believe in the corporate culture or the way the company does business, which is really interesting. I think organizations that lean into that and take that seriously are going to be a lot more successful in attracting and retaining talent, which is in many ways even more important."
Top 100 Firm The Bonadio Group has always prided itself for its strong "feedback culture" and high employee satisfaction, which CEO Bruce Zicari says is notably due to "stay" interviews. To create a welcoming environment and improve the public accounting experience, the firm asked leaders below the partner level to interview employees at different levels of the organization. In a constantly evolving landscape, the goal is to find out what Bonadio can improve and what's important for its accountants to make this transition smoother.
To support the community they live in, Bonadio has put several "purpose days" in place and regularly distributes awards to recognize employees who are the most involved in charity efforts. Zicari says this kind of initiative is one way to incentivize loyalty, because people love working in a purpose-driven environment that focuses on growth and opportunities. Besides giving employees dedicated time for volunteering around the holidays, the firm also gives them unlimited paid time off to fulfill their family obligations.
"The one advice that I would give to other firms is to simply listen," said Zicari. "It's not a groundbreaking idea, but it's something that not a lot of organizations do well to understand what's important to their staff."
A changing workplace
Job candidates have also expressed interest in a flexible environment, but Search says there's still a certain kind of discrepancy between recruiters and employees about the amount of time people should spend in the office. According to her, it's all about trusting one's associates to make informed decisions and remain effective to support the organization, even in an entirely virtual space.
As a manager, Search says that recognizing that a job is just one element of somebody's life is essential to create employment opportunities that are complementary to the balance of their life.
When she joined the workforce 30 years ago, it was commonplace for employees to work 80 hours a week and just do what they were told. But in current days, Search says that people no longer want this trajectory and that the Big Four have been a leading force in enhancing work-life balance structures, since they're often perceived as those driving overtime.
Moreover, she says that refusing to work with employees to find a mutually beneficial rhythm is a receipt for high turnover, as people find it difficult to stay in the profession with changes in their personal lives, especially women.
"I have a number of employees who have returned from the workforce after temporarily leaving during the pandemic, and some of them are working part-time because of their personal obligations," said Search. "It works great! They work when it fits in with their schedule, and I very much enjoy the opportunity to be able to offer that."
To have an enriching and thought-provoking work experience, employees need opportunities for growth and leadership as well. To achieve this goal, Search recommends organizing training sessions and having regular, honest development conversations with employees.
Most of all, managers should lose their concern about losing a valuable asset to their team and connect their staff with the opportunities that best fit them, even if it's outside their department. Successful organizations should also give accountants a chance to rotate into other departments or even other areas such as sales or operations, because it creates a better executive environment in the long-term.
At Bonadio, the firm offers multiple pathways to leadership by allowing its employees to start with a broad range of experience and have them specialized as they move up from staff to partner. Zicari says that the firm was structured to allow people to pursue fields they are truly passionate about through development programs such as
Additionally, the firm put in place a partner mentorship program to ensure that everyone had a direct line of communication with a partner, which involved establishing guidelines and providing a consistent training experience to every partner.
"That's really a way to make a big firm a lot smaller, and having a mentor has been extremely valuable for our people, especially in a context where more and more people work remotely," said Zicari. "They can talk through their day-to-day struggles or discuss career options, and it really did make a big difference in our people's lives. "
At Big Four firm Ernst & Young, a practice that has proven successful is to build loyalty by offering benefits and promoting self-care. For instance, the firm has expanded the number of no-cost counseling and mental health coaching sessions from five to 25 per year for its staff and their families. In 2020, EY also increased its annual Wellbeing Fund from $500 to $1,000 per person to cover items like vacation lodging and travel, gaming consoles, fitness classes, meal delivery services and outdoor fitness equipment.
"While some aspects of the EY culture ― including our commitment to ethics, integrity and quality ― have not wavered, over time, we have adapted others to meet the current demands," said Americas assurance talent leader Becky Burke. "We leverage a range of active and passive listening sources, including surveys, studies and social media platforms, to gain insight into how EY can create more exceptional experiences for all our people."
When it comes to achieving career goals, Mike Decker, vice president of the CPA examination and pipeline at the American Institute of CPAs, believes that accountants should embrace lifelong learning, or a cycle of "learn, unlearn, relearn."
As the accounting world undergoes massive transformations to embrace digital finance, CPAs are also taking on more responsibilities earlier in their careers. Manual tasks once handled by newly licensed CPAs are becoming automated, leaving room for new CPAs to take part in higher-valued work earlier, such as consulting, data analysis or personal financial planning.
For this reason, Decker explains that it's essential to develop digital acumen by understanding prevailing technologies and their impact on tax, accounting and audit. Some tech skills and tools that are applicable to new CPAs include data management and analysis, SOC engagements, computer-aided audit tools, robotic process automation and cybersecurity. These new tools are not only exciting and gratifying for employees, but they create a more productive environment as everyone feels part of the company's future.
"As we talk with leaders in the accounting profession, we encourage them to understand the changing perceptions of work, and the need to continue fostering cultures where their talent has a sense of belonging, sees the opportunity for growth and personal development, understands the immense purpose and value of the work they do and has a flexible work environment that allows them to successfully balance their personal and professional commitments," said Decker.
For more on the pipeline problem, see
