The Future of Work
What the Big Stay Means for Your Accounting Department
About the Author: Katie Thomas, CPA, is a content creator, 2021 & 2022 40 under 40 CPA Practice Advisor recipient, Top 50 Women in Accounting recipient, and the owner of Leaders Online, where they help accounting professionals increase their impact, influence, and income through thought leadership and digital marketing. Feel free to visit Leaders Online or connect with her on LinkedIn to get in touch with Katie.
For quite some time, a talent crunch has loomed over the accounting industry as a whole. If you’re in the accounting world, you’ve likely heard that 53% of accountants are unsure of whether they’ll be with their current company in 2-3 years, but we’re now observing another trend, one that some refer to as “The Big Stay.”
While the talent shortage still exists, we’re also seeing a group of professionals staying with their companies, which presents a prime opportunity to enhance employee fulfillment.
In 2023, the number of professionals who left their jobs fell by 12%. While it’s crucial to address the reasons why some are still leaving, it’s equally important to focus on the fulfillment of those who remain. In fact, we know that only 11% of accountants will speak up when they’re feeling unfulfilled. Fewer professionals may be quitting, and if you overlook those who are staying, it’s really a missed opportunity to further increase retention, while also unlocking the true potential of those employees who are choosing to stay as strategic resources within the organization.
What the Big Stay Means for Your Team
This might go without saying, but leaders should always prioritize employee satisfaction because you want your employees to be fulfilled. When people are fulfilled, they:
- Attract similar talent
- Help organizations reach their goals
- Are more productive in the workplace
- Contribute in the workplace more often
We’ve all heard about accountants being unhappy in their roles – especially in recent years – but The Conference Board’s Job Satisfaction Survey 2023 found some surprising stats:
- 62.3% of workers were satisfied in their roles
- Satisfaction reached a recorded high since the survey started in 1987
While these stats aren’t specific to accountants, they mirror the trend of fewer professionals leaving their positions in accounting. Aon, a professional services company, found that voluntary turnover has fallen from 17% in 2022 to 12% so far this year.
We also have the GAAPWEB 2023 Survey, which includes payroll, CFOs, accountants, and other job titles in the finance and accounting industry. It found that 71% of professionals are extremely satisfied or satisfied with their positions.
And while this is good news, it’s crucial to distinguish between satisfaction and fulfillment.
Being satisfied means being content with current conditions or circumstances, but fulfillment goes a step further. It implies a deeper sense of purpose, accomplishment, and personal growth.
While the data points to the fact that many accounting professionals are satisfied, fulfillment is the real goal.
Recognizing the Big Stay, we must ensure that our people who are staying (those satisfied) are also fulfilled. This means realizing their potential and contributing meaningfully.
This leads us to our next question, how can you create an accounting department that is fulfilled?
How Can You Continue To Cultivate An Accounting Department Of People Who Are Fulfilled?
Accountants feel fulfilled when their work is:
- Meaningful
- Important
But here’s the thing: we’ve already established that only 11% of accountants will actually tell you that their work is less fulfilling than they desire.
For this reason, it is crucial to be aware of your talent and make sure you’re doing all that you can to help them feel fulfilled in their roles.
Cultivating fulfillment isn’t just about preventing people from leaving — it’s also about ensuring that your team is happy and productive in their roles.
But how do you achieve this goal?
The first step is to understand your employees’ professional goals.
Understanding Where Employees Want to Go
Every member of your accounting team has a goal – a True North Star. If you don’t know their goals and aspirations, you can’t help them achieve them.
Take the time to ask your employees about their vision for life, both in and out of work. Maybe some of your team members want to climb the career ladder as quickly as possible. Others may want to spend more time with their families in the evening, retire by a certain age, or learn specific skills.
Once you know where your employees want to go, you can help them create a plan to get there.
Professional Development and Growth Opportunities
With a better understanding of your team’s aspirations, you can start providing opportunities for professional development and growth.
Micro and macro learning matters.
- Microlearning could be encouraging your team to take a quick CPE lesson in FloQademy.
- Macro Learning could be helping a team member move up into a higher position or supporting them in earning a new certification.
Don’t be afraid to think outside of the box and get creative. For example, I work with an accountant at a family office. She has an interest in real estate investing. Her company encourages and supports her in attending real estate investing conferences because it:
- Supports her interests, and
- Allows her to apply her newfound knowledge to her work with clients
Supporting and providing opportunities for growth is one piece of the puzzle. It’s also important to check in with your employees regularly. Are they growing and in a way that fills their cup, as outlined above? If not, revisit your plans and see how you can help them feel more fulfilled.
Work-life Balance
Accountants, like many other professionals, crave a healthy work-life balance. But what does that mean?
Work-life balance is more than just supporting remote work. It means:
- Offering flex schedules to support working parents
- Respecting boundaries and hours outside of work
- Encouraging your employees to engage in hobbies outside of work and to take some time off
A Culture of Recognition and Appreciation
Today’s accounting teams want recognition and appreciation. Work is a major part of professionals’ lives, and you can nurture this culture with:
- Peer-to-peer recognition
- Recognition programs
- Meetings and evaluations where employee achievements are recognized
When employees receive recognition, they’ll be more likely to be engaged and motivated in the workplace.
Technology, Tools, and Resources
Technology is advancing rapidly. It’s an exciting time for all professionals, and no one wants to be left behind with outdated technologies that only slow them down. You want to perform a tech, tools, and resources audit every six months to a year to ensure:
- Technology is up-to-date
- Tools are utilized properly
- Resources for your team add to fulfillment
New tools are being released often, and if you incorporate them into your teams, it can even help you retain more talent. Integrated solutions that leverage AI streamline workflows and make the job of an accounting team more fulfilling.
Reducing tedious tasks to allow your workforce to focus on tasks that they enjoy is a shortcut to happier teams that have work-life balance and better overall performance.
Don’t Miss the Big Stay Opportunity
While there is still a notable trend of people leaving the workforce in accounting, the phenomenon of the Big Stay, where some employees choose to remain in their roles, can’t be ignored. Many employees are finally settling down, and if you leverage this trend, it can lead to a loyal team that is happy to walk into work every day.
By staying agile and prioritizing your employees’ needs, you can significantly boost productivity and support retention, ensuring a more stable and engaged workforce.
