How Accounting Firms Can Avoid Staff Turnover


How Accounting Firms Can Avoid Staff Turnover

Finding qualified staff is a competitive undertaking within the tax and accounting industry. Retaining existing staff is one of the most important issues for firms nationwide. 

More than four million Americans quit their jobs in May and accounting the Bureau of Labor Statistics, that figure hovered at the same amount from June through August. Taking a closer look, 40% of employees surveyed reported they left their jobs because of burnout. So what does this mean for you? When it comes to operating your firm, you need to protect your staff from burnout and exhaustion. If you want to understand how your firm can avoid staff turnover, this blog post can help. 

What can I do to prevent staff turnover at my accounting firm?

Preventing staff turnover starts with examining how your firm’s ecosystem functions. Take an introspective look at your firm’s culture. Ascertaining what kind of culture your firm has is the first step in understanding whether or not your staff will harmonize with each other. 

Often, firm managers don’t hire staff that fit their firm’s culture. When we look at who managers hire, they often focus on applicants rather than understanding who is the right candidate for the position. Many applicants can have similar educational backgrounds and experience. This doesn’t mean they’re all fit for the job. 

Is your firm’s operating structure a hierarchy? Or does your staff collaborate with each other to complete complex tasks? How do they handle stress? When they’re presented with a difficult task, what’s their solution to figuring out the answer? What about their ideal methods of communicating? Take these questions and apply them to your staff. 

If a member of your staff goes against the flow, they’re likely to experience higher levels of stress as they don’t fit the environment they work in. To mitigate this, find those members of your team who may not be the right fit for the puzzle and see how they can better adapt to the role they have. 

Employees nationwide are in the middle of a movement that wants to feel empowered. Disillusionment is another reason employees find themselves looking for new opportunities. Regular raises and clear paths to promotion can help provide your employees with the validation they need to stay with your firm. 

Another aspect of firm management you may want to consider is flexibility. The COVID-19 pandemic showed us that firms can operate remotely without sacrificing productivity. Employees, likewise, have grown accustomed to a flexible working environment. Allowing staff days to work from home via a hybrid work strategy and encouraging them to block off personal time on their calendars allows your staff to feel as though they don’t need to spread themselves too thin. 

As you foster a more harmonious work environment, consider how you recognize and reward your employees. It may not require much, but moments of praise can substantially boost your firm’s morale, especially when you’re deep into the busy season. Employees can flourish in a positive work environment. A manager's influence is substantial in this situation. Giving thanks and messages of gratitude for the job your staff completes can help improve employee retention.

Positive feedback from managers dramatically boosts employee engagement. It's simple to see why peer-to-peer recognition schemes are so popular, especially when technology is involved. Gift cards can be an easy way to boost morale. Whether it’s for lunch or a cup of coffee, letting your employees know you care about their performance and recognize improvement is a way to make them feel appreciated and happy to work at your firm. 

How can Taxfyle help? 

Burnout is one of the most pressing issues firms have to cope with. Our industry is one that frequently runs into stressful situations, especially when the tax and extension seasons roll around. So how can you curb burnout? 

Taxfyle connects firms like yours with its robust network of tax professionals. When it comes to saving your firm time and preserving its energy, one of the simplest ways to begin is by offloading busy work

With our flexible staffing service, our partners are able to get the extra time they need so their staff can focus on more important tasks like complex projects and client engagements. All communication and the work our Pros complete is on our easy-to-use platform, so you don’t have to worry about the returns you outsource to us not meeting your expectations. 

Our platform lets you outsource however many tax returns you want. Why wait to augment the way your firm operates? 

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