So, you’re struggling to fill accounting positions or hold onto your top talent? You’re not alone. The job market may be cooling off slightly, but CPA firms aren’t finding it easier to keep their best people or bring new talent.
The reality is that accountants have clear expectations for their next role, and if you don’t meet them, they’ll find someone who does.
The Hunt for Higher Salaries
Let’s not mince words—money talks. Most finance and accounting professionals seek a new job for a higher salary. This isn’t a minor issue; it’s a clear signal that many accountants are not fairly compensated for their expertise and hard work.
In an economy still feeling the ripple effects of the pandemic, where uncertainty lingers, compensation becomes a central sticking point. Companies that continue to rely heavily on their top talent without offering competitive pay are playing a risky game. If you haven’t reviewed your salary structures recently, now is the time. Because let’s face it, if you’re not paying enough, someone else will.
The Appeal of Better Benefits and Perks
It’s not just about the paycheck. Accountants are also looking for jobs that offer better benefits and perks. Many finance and accounting professionals cite this as a critical reason for their job search. This can feel daunting for smaller CPA firms that can’t compete with the lavish packages offered by more giant corporations but don’t throw in the towel just yet.
Here’s where you can get creative. Today’s workforce is multigenerational, and one group’s values might differ. For instance, Millennials are looking for autonomy and opportunities to lead projects. If you can offer that, you’re already a step ahead.
Traditional benefits like health insurance and retirement plans are still vital, but don’t underestimate the power of perks like flexible schedules, generous vacation time, and paid parental leave. Review your current offerings and see how they stack up against the competition. Sometimes, minor but meaningful adjustments can make all the difference.
The Demand for Remote Work
Even if a fully remote setup isn’t feasible for your firm, offering hybrid or flexible work arrangements can go a long way. Remember, younger workers—your future leaders, especially value flexibility. By offering remote work options, you’re retaining talent and expanding your recruitment pool. Suddenly, you’re not limited to local candidates; you can bring in top talent from anywhere.
And don’t forget the value of contract professionals. Whether covering busy periods or bringing in specialized skills, many firms increasingly rely on contract workers to bridge the gap. It’s a strategy to help you manage workload peaks and keep your core staff from burning out.
Conclusion: Meet Their Needs or Lose Them
The bottom line? Accountants know what they want and are not afraid to leave if they don’t get it. To attract and retain top talent, you must offer more than just a job—a compelling reason to stay. Competitive salaries, attractive benefits, and flexible work arrangements are no longer just nice-to-haves; they’re must-haves in today’s job market.
So, take a hard look at what your firm is offering. Are you meeting the expectations of today’s accounting professionals? If not, it’s time to make some changes—before your top talent decides to move on.
