Recently, we’ve been hearing a lot about the Great Resignation.
Apparently, half of the accounting workforce is thinking about quitting because they want more money, flexibility and happiness.
I don't think that's the real reason.
Maybe people are just feeling burnt out and unchallenged because of all the repetitive work. I mean, I can't imagine that suddenly half of the world’s accountants are just going to bail on their careers.
With this in mind, we can definitely take action to get ahead of the problem.
Some CPAs seem to be really worried about making sure everyone has equal opportunities. But let's be real here - if you give three people a challenge and one person knocks it out of the park, they deserve to be rewarded for it. The other two who just want to stay in their comfort zone, not so much. A little healthy competition within your team can be a good thing.
Speaking of competition, my daughter just turned 16 and her older brother has been pestering her for months to get her learner driver’s license. In Australia, you can start the process at 15 years and 11 months - crazy young if you ask me! At first, she didn't really care about it and was planning to wait a few years. But the more her brother pushed her, the more she rose to the challenge. And now she's begging me to take her out driving and asking if she's better than her brother was at this stage. When she sets her mind to something, she really excels.
Something to think about.
Anyway, back to your firm. Who are the star players you absolutely cannot afford to lose in the Great Resignation? Have you created an environment of challenge and accountability to make sure they stick around?
It's time to take action and get proactive.
Taking Action:
If you're interested in more insights like these, consider signing up for our Renewsletter: https://www.renewgroup.com/newsletter. Alternatively, if you'd like to discuss your CPA firm's specific needs, feel free to schedule a call with us: https://www.renewgroup.com/contact.
About the Author:
Colin Dunn, a Chartered Accountant with extensive experience in the accounting industry, is passionate about helping accountants transform their firms and lives. With over 25 years dedicated to creating content for to help CPAs improve their profitability, Colin shares valuable insights into how to adapt your firm to changing times. Colin believes that CPAs can create a better work-life balance by learning from past experiences and applying these insights to their firms, allowing them to spend more time with their families and pursuing hobbies and leisure interests.
About Renew Group:
Are you tired of being on the diet but not seeing results? Most consultants to the CPA Profession do lots of talking and deal in 'fluff'. But there's no accountability and no focus on RESULTS.
At Renew, we start with your numbers. Our firms complete a Pareto for Profit analysis EVERY YEAR, set new targets to improve their profitability and then 'weigh in' regularly. We give you a roadmap to transform the profitability of your accounting firm by accessing our content, collaborating with other firms on a similar path and being held accountable by our coaching team and your peers.
Get paid what you're worth, create a better life based on a scalable business model and eliminate tax season insanity once and for all!