From time to time the editors of the PASA News page will post accounting industry observations in an “editorial” style. The PASA Industry Notes are meant to spark a dialogue as well as inform others about the comings and goings in the industry.
Employee Turnover: An Epidemic?
Turnover is too high across the industry.
But, is it really much higher than previous years? The answer is “YES” according to several partners and managers we have talked to. Never before have we seen so many public accountants leave their firm to work at other firms or in the private industry. And for the first time, FIRST YEAR STAFF, are quitting the business after only one year or less of work experience! What are the reasons for this mass migration? Well, PASA has conducted an informal poll of accountants who have recently jumped ship. Here were the top reasons we discovered (editorial note: each of these topics will be explored in-depth in an upcoming series of PASA Industry Notes):
- MONEY, MONEY, MONEY
- Hours–“The Work/Life Balance”
- Work environment
- Complete career changes
- Office/Client location
High turnover is bad for the industry. Plain and simple. It hurts business. It ticks off clients. It is bad for the individuals “left behind” as well. It does not seem like many of the accounting firms have come up with a solution. The response typically has been that this is all “normal” and that everything will work out on its own.
We here at ThePASA.org want to do our part in solving this problem. We believe that part of the solution to the industry’s problem is….COMMUNICATION.
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- We will tell college students what it is really like to work in the business. That way they know what they are getting into and won’t quit after 6 months on the job.
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- We will provide information about what each firm is doing right and what each firm is doing wrong (all through the eyes of actual staff, seniors and managers working at firms across the industry). This way the different accounting firms can learn what the “best practices” are and will hopefully make some changes for the better.
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- We will give new and experienced professionals the necessary information and business contacts to pick the perfect firm to work for. Turnover cannot get much worse. As long as people are jumping ship, they might as well be making a change for the better.
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- We will help accounting firms hire well-qualified, eager, and knowledgeable employees who are a perfect fit for their firm culture. A content, well-informed employee is significantly less likely to quit.
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- We will do all this and more to ensure that turnover is drastically reduced and more students choose careers in public accounting.
