Think about your best accountant. What would happen if they left tomorrow? 

The reality is, we talk to many accounting firm owners and partners, who are grappling with this issue right now. Losing key team members disrupts operations, strains client relationships, and creates a costly and time-consuming recruitment process.

These days, it’s becoming increasingly important for accounting firms to find ways to effectively attract, onboard, and retain their team members, especially if the business is looking to grow. 

Accounting job satisfaction statistics

Many accounting firms are already facing a shortage of qualified employees. 

This shortage is especially impacting small and mid-sized accounting firms — with less than 1% of these organizations reporting having enough accountants to fully staff their business. As a result, many accounting businesses are having to turn away clients.

In addition, a recent survey by the Institute of Management Accountants and Robert Half found that a large number of accounting and finance professionals were intending to leave their existing place of work or the profession. For instance, individuals aged 18 to 38 had the highest turnover rates at 39%. Additionally, 26% of this cohort were likely to leave their current job within the year. 

Some reasons cited for planning to leave included:

• Limited opportunities for career advancement
• Feeling dissatisfied with their work or coworkers
• Feeling disengaged at work
• Not having a sense of belonging within the organization 
• Lack of work flexibility

This shortage of accounting talent is likely to continue as many existing accountants approach retirement age and fewer students enroll in accounting programs, leading to fewer candidates taking the CPA exam.  

Additionally, technology advances, shifts in workforce demographics, and views on the workplace and work-life balance can also influence employees' job satisfaction and motivation to stay with their current employer.

Here are some strategies small to mid-sized accounting firms can use to help increase accounting job satisfaction, create a inclusive team environment and company culture, and increase team member retention. 

Career development opportunities

Providing career development opportunities can help foster a sense of belonging and show employees that they’re valued. Additionally, this can help those who are looking for ways to continue to advance and grow within the field.

Some career development opportunities accounting firms can initiate include:

• Establishing mentorship programs to help integrate and provide support for new hires
• Develop personalized career plans that take into account the employee’s professional goals
• Providing discounts for professional organizations, courses, or certifications 
• Encouraging involvement in accounting industry organizations, including local chapters

Support for continuing education and training

Another way to increase employee engagement and satisfaction is to provide support for continuing education and training. This approach also helps ensure your employees remain up-to-date with the latest industry standards, including certifications. 

Some ways firms can encourage continuing education and training include:

• Providing financial support or discounts for continuing education courses and certifications
• Creating an in-house training program
• Providing access to online courses, webinars, and industry publications
• Allowing flexible scheduling or paid time off for those pursuing advanced certifications

Positive work environment and company culture

Your accounting talent is more likely to stay if they enjoy their work environment and company culture. Allowing people to voice their ideas, concerns, and feedback help foster collaboration and pride, helping employees feel part of the firm and valued. But to be successful, employers must also be open to acting on feedback and updating employees. So employees know their thoughts and views were considered, even if the idea or change wasn’t incorporated.

Some ways to encourage a positive work environment and inclusive company culture include: 

• Encouraging open communication through team meetings, suggestion boxes, or survey emails
• Establish an open-door policy
• Organize team-building activities and company retreats to build camaraderie among teams and co-workers
• Set a company culture that promotes and supports a healthy work-life balance, such as respecting time boundaries and encouraging breaks, which can increase work satisfaction and productivity 

Clear career pathways for advancement

Employees who feel stuck in their jobs without the ability to grow their careers or knowledge can become dissatisfied, leading them to look for other job opportunities. By providing clear career pathways for advancement, employees can see a future for themselves in the organization. 

When establishing an advancement process, employers will want to:

• Create transparent promotion criteria and well-defined processes to ensure fairness
• Provide regular performance reviews so employees can discuss their career progress and any areas for improvement
• Provide leadership training for those who want to transition into managerial or supervisory roles

Team member recognition

Recognizing team members’ achievements and work milestones fosters positive morale and motivation. Additionally, employees feel valued and seen by the firm, which helps them feel more connected to the business.

• Create specific, meaningful milestones or activities that lead to recognized achievements
• Acknowledge the accomplishments through team meetings, a company newsletter, or social media
• Offer incentives for teamwork, exceptional performance, or innovative ideas to keep employees motivated and working collaboratively
• Incorporate employee appreciation activities throughout the year, such as handwritten notes, gifts, bonuses, or extra time off after a milestone or period of intense work

Practicing effective leadership

Your employees take cues from the leadership when assessing an organization’s culture and how it values its employees. Having a cohesive, effective leadership team is essential for fostering employee satisfaction and increasing accounting talent retention.

• Provide leadership training, resources, or workshops to allow their leadership team to foster continued growth
• Ensure leaders and managers set a strong work ethic by displaying ethical behavior, professionalism, and a healthy work-life balance
• Ensure the leadership team practices active listening so employees’ concerns and ideas are heard and addressed
• Foster an environment that encourages delegating tasks appropriately so team members feel empowered 
• Create an ongoing feedback process and clear company policies

Flexible work arrangements

Many younger employees are seeking job environments that allow some flexibility to help maintain a healthy work-life balance. This balance can be particularly important to accountants who often have long work weeks during busy seasons but want to find ways to reduce stress and burnout. 

Flexible work arrangements can allow employees to feel more in control of their schedules and balance personal and professional commitments. This flexibility can help reduce stress and increase productivity and motivation. It also helps show them your dedication to promoting a healthy work-life balance.

Some ways accounting firms can support their employees include:

• Providing parental leave
• Allowing flexible hours, such as letting employees start a little earlier or come in a little later, which can help them avoid traffic congestion or be able to drop children off at school or pick them up with less disruption to their schedule
• Allowing remote or hybrid work schedules
• Encouraging autonomy in how work is done as possible
• Set realistic workload expectations and deadlines
• Establish a rotation for weekend tasks among employees if your firm is open on weekends

Competitive salary and perks

This is obvious, but compensation matters. Being well-compensated and receiving benefits are some of the main reasons many accountants stay with their current employer. 

To stay competitive, accounting firms can:

• Regularly benchmark existing salaries against regional norms and industry standards
• Provide comprehensive benefits packages that include perks like health insurance, paid time off, and retirement plans
• Survey employees regarding perks they’d enjoy, such as access to wellness programs, gym memberships, etc. 
• Provide mental health days
• Provide employees with a work-from-home stipend so they can upgrade their home office

Key takeaways

Given the current shortage of accounting talent, it's essential for small to mid-sized accounting firms to incorporate policies, procedures, and opportunities that support their employees and increase their work satisfaction.

Companies can help attract and retain their employees by focusing on programs that help them feel valued, heard, and recognized. Additionally, providing employees with opportunities to grow their careers can keep them motivated and engaged, increasing their desire to continue working for your business. 

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