Accounting firms and departments understand the importance of modernizing tools, policies and procedures that are used to service clients and stakeholders during the digital age and in the future of work. Yet, similar to nonprofits that don’t always afford the quality-of-life enhancement to employees that the organizations offer to the communities they serve, the accounting profession has not fully adapted the modernization of employment policies for employee wellness and retention.
As an accountant who has worn many hats, a first-generation American, and an Afro-Latina who has worked with nonprofits in various capacities, I have seen firsthand how important people find culture, community, tradition, leadership and philanthropy. Nonprofits are not perfect. The organizations provide a space for people to come alive, come together, come as they are. Accounting firms and departments often adhere to strict rules, policies and work schedules that do not afford employees enough time to engage on anything outside work, or even strictly prohibit it.
I follow several lawyers and human resources specialists on LinkedIn and the way they depict outside work and social media activity restrictions, noncompete agreements that are abusive, etc., is concerning. In different cultures and religious communities, people are expected to actively participate in non-work activities on evenings, weekends, etc. Younger generations, tech-savvy and entrepreneurial-minded people engage in side hustles and create passive income streams with what appears to be ease.
While some accounting firms and departments have set up good systems to outsource and delegate work, retention, diversity and employee satisfaction may still be challenges. Making work better for employees is a win-win. Yes, companies need to protect the business’ and department’s reputation, especially as the U.S. is a litigious society and social media posts can lead to “cancel culture” and image harm. Yet leaders and managers should not be so afraid that they lose sight of opportunities to leverage their employees’ creativity, hindering employees’ ability to create wealth and build a strong personal brand for themselves.
What do I suggest companies do to modernize their policies for employee wellness and retention and organizational success? I could write a book to respond to that question. Instead, I’ll share a few ideas.
Replace a blanket prohibition on outside work with a prohibition on only the specific tasks performed by employees for the firm’s and the firm’s main service or product, and to the firm’s target audience and direct competitors to the extent possible. Someone preparing individual tax returns for people from their fraternity or religious group for money on their own time using their own PTIN, software and equipment should not be prohibited. Selling coaching packages to the employer’s recurring clients should be prohibited.
Provide financial wellness and coaching to employees through consultants or employee assistance resource programs, and enhance employee benefits. Everyone does not have the same financial literacy education or financial status background. Some people need assistance figuring out how to pay off student loans. Students loans and plans to buy a new home may be reasons people want to work extra jobs. If your company can afford to, it should consider offering a form of student loan repayment to help employees eliminate debt and build wealth. As companies hire employees from different backgrounds, firms need to be mindful that while compensation may be market rate and generous, everyone’s overall financial situation and personal financial obligations look different. For example, while employees who are married or come from affluent or middle-class families may have other income and passive income streams available to their household, first-generation Americans and/or students, single people or people who are transitioning may be currently building or rebuilding their personal finances and may rely on side gigs to manage their finances well.
Technology, particularly social media, has made it possible for people to connect with others and build community and monetize that. Some employees may be full of ideas and personality and create podcasts, blogs, merchandise, online products that create passive income, sponsorship opportunities, etc. If an employee starts a book club with subscription fees and affiliate marketing on their free time, this should not be a prohibited activity. If an employee wants to use company resources to create social media campaigns that are not approved by the marketing department, this should be a prohibited activity.
Employers also need to update their ethics policies, conflict of interest policies and communication policies. It is one thing for an employee to advocate for stakeholders’ rights and stand up for themselves. It is another for employees to share trade secrets that aren’t common practice or public information. For example, sharing on social media that a company holds fake interviews for diversity hires to meet the diversity hire job search quota, knowing the role has already been promised to and slated for internal candidates, can cause an employee to face retaliation and termination. Reporting such incidents internally can get an employee canceled. Networking externally to help others overcome systemic issues and connect with leaders can have more favorable outcomes. Firms need to be transparent in their hiring practices and ethical, to say the least.
Employees who are thought leaders need to be mindful of what tips and tools they share. For example, suggesting a single tax preparation software product on social media while their employer has dedicated software that is used to service clients and work internally may be viewed as an informative post for peers in the industry or as contradictory to company policy.
While employees are individuals and their career is more than a job, they must be mindful that they represent their employer and they need to be clear when they communicate to not affect their company adversely.
Firms should experiment with ways to leverage their employees’ personal brand to build community beyond clients. For example, having employees appear on the firm’s podcasts or be featured in blog posts, or showcasing them in a “day in the life” type of video series interacting with clients or peers who are part of training and development programs can help add more value to the profession and give professionals insight into how modern and resourceful a firm or department is.
Employers, employees and members of the profession have to work together to make work work better. During a time when the CPA exam is evolving, companies and firms need accounting professionals to be advisors. Technology is changing at a rapid pace. We must all work to not only attract, retain and advance accounting professionals, but to support them in showing up in their best light. To be well as we excel, we must have spaces, energy, time and support to decompress, create, and have freedom and flexibility. The work must get done, but the old models of work and doing mundane tasks in archaic ways and having life outside of work no longer work. Some may argue it never worked.
Do not be the reason a professional leaves the profession. Be the reason a professional can afford to live holistically well.
