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For many decades, accountancy has been considered to be one of the most ‘sure thing’ careers out there. Flash forward to 2023, however, and the industry is facing an unprecedented recruitment challenge. Firms and internal accounting teams are struggling to retain and attract talent, and 65% of those who are already employed are uncertain about their future in the industry.
Increasingly, the reason for this is becoming apparent: burnout is rife among accountants, but the reasons for burnout are more complex. It’s not just a heavy workload, it goes deeper than that. It starts with a lack of fulfilment – a sense that the day-to-day work could have more purpose, appreciation, or growth. It can be a thankless job, and avoidable inefficiencies in the role add weight to this, particularly when closing the books. Month after month accountants are faced with tiresome and repetitive tasks; chasing missing pieces of data and waiting on colleagues for information, leaving less scope for creativity, innovation or strategy.
Employers must adapt to prevent further talent erosion. Addressing this crisis is crucial for the industry’s reputation and organisational success. And stemming the outgoing tide means changing the way things are done. Improved processes are key to retaining and recruiting accountants, while supporting a more fulfilled and productive workforce.
The Great Recalibration
According to research published by FloQast, in coordination with the Consumer Analytics Program at the University of Georgia, a whopping 53% of accountants are unsure about whether they will stay with their current company. The reasons are clear – six in ten accountants report struggling with a poor work-life balance, and that they doubt they can complete the work they’ve been assigned in the time available. At the same time, 65% of accountants report that they are aspiring to take on a more strategic role in their organisation.
In other words, the majority of accountants are struggling mightily in their to-do lists, and at the same time, wishing they were doing a different type of work. It’s not a great mix. And when they feel like their working conditions are less fulfilling than they need, very few will speak up about it – only 11%. The rest fall into two camps: about half (48%) will try to find a way to improve the situation on their own, which is unlikely to improve their overall perception of their job and employer. The other group (41%) will just leave.
Businesses need to give valuable staff a reason not to leave – whether they express that need verbally or not. Proactivity is everything. Don’t just wait for your staff to reach breaking point.
Job satisfaction, talent attraction, strategic thinking
Feeling the pressure yet? Don’t worry – there are answers. First and foremost, remember to treat your people like people. Listen to them; work on making sure line management is as supportive and engaged as it can be; and address their actual problems, rather than buying them beanbags and pool tables.
Many of those problems will have their roots in inefficient processes (endless administration, constant chasing, poor communication), which in turn are often reinforced by underperforming technology. As with most other white-collar sectors, accounting is now a tech-centric job, and if your staff have got spreadsheets coming out of their ears rather than streamlined systems that do the donkey work for them, they’re unlikely to be enjoying themselves.
By streamlining accounting processes with technology, firms can create an environment that allows accountants to take on more strategic roles and find greater satisfaction in their work.
The proof is in the pudding: accountants who work with an integrated solution that they feel is designed with their needs in mind have an 80% chance of staying in their job. Those who strongly believe their companies will choose and implement the right technology solution are three times more likely to stay with that company. These days, having the right technology and having a better work experience are so closely linked that accountants effectively can’t tell the difference. If you address the tech, you start to address the causes of burnout.
Where to focus your energies
That means looking at whether your systems have in-built task tracking, highly transparent intra-team communication options, automated invoice and expense chasing, and high-powered data management and analytics. Does your software handle the paper trails and number entry instead of needing staff to count the beans?
Does it give them a single overview of all the outstanding tasks required before month-end? Does it enable them to quickly assign and review jobs within their teams? And does it give them the data-driven insights they need to provide strategic advice to senior leaders, elevating their role from number-crunching to value-generating?
When the answer to these questions is ‘yes’, it doesn’t just benefit your existing staff. More than 60% of accountants say technology is more important in their job satisfaction today than two to three years ago, and 96% are at least somewhat likely to ask about technology when interviewing for a new role. Organisations and accounting teams that prioritise tech adoption become magnets for top talent.
The bottom line is simple: if you want to see your staff sticking around, give them the tools they need to do their jobs smoothly, accurately, and more strategically. Talent retention starts with the nuts and bolts.
