Are Your Junior Employees Getting Ready to Jump Ship?

Source: Partner's Report

According to a recent survey of CPA firm employees by Consulting magazine, nearly 20 percent of junior staff members plan to leave their current firms by the end of this year. Even more disturbing, only one in four of these employees plans to move to another accounting firm. “Instead,” the article concludes, “we're seeing signs of a one-way stream away from the profession.”

Highlights of the survey include:

• While higher compensation is the biggest attraction for lateral movers, those planning to leave the profession are more interested in “greater work-life balance.” Another important factor is “more interesting assignments.”
• Junior staff members are frustrated by lengthy delays in promotions and inadequate investment in training.
• Many junior employees have given up looking for work-life balance within the accounting profession.
• Many junior and mid-level employees have lost confidence in firm leaders.

To retain junior staff, firms need to do a better job of communicating the advantages of staying in the profession and at the firm. They need to do a better job of providing work-life balance – which, the article points out, doesn't cost a lot – as well as more interesting assignments and more predictable career advancement opportunities.

To regain the confidence of junior and mid-level employees, firm leaders should “allow for a high degree of input from staff and financial and strategic transparency.”

For the complete article, read “Survey: One in Five Junior Staff Are Looking to Leave This Year.”

From Partner's Report, The Monthly Update for CPA Firm Owners, Institute of Management and Administration, Inc., [email protected], September 2010, p. 1.