Part two: Four strategies to manage retention within your accounting firm

Our last blog covered the retention challenges facing the accounting industry within Australia. From tight competition within the recruitment sector to burnout to a national skills shortage - it’s no secret that the Australian accounting world needs to address concerns regarding retaining hard-working and loyal staff. The culture surrounding the industry has changed and with that, accounting firm’s must change with it. 

A study from Sage found that 90% of accountants worldwide believe there has been a culture shift within the industry and with that, it can bring challenges. How can you set yourself apart from other firms who are also looking to address their retention issues and work toward a long-lasting partnership with their staff? 

1. Set your firm apart from competitors
   
   It’s imperative to update your salary expectations for incoming staff to reflect the industry standards. To ensure you’re able to recruit talented staff members, offering higher compensation will allow you to access talent who possess the skills and the soft-skills necessary to thrive in your firm. If you’ve decided to outsource your compliance work to an off-shore company, you can switch gears and aim to recruit staff who are well-versed in business advisory services or financial advising.
   
   If a higher salary isn’t viable for your firm, perhaps you can offer flexible workplace arrangements. Surveys over the last three years have shown that Australian workers are choosing lower salaries in favour of flexibility. It’s no secret that hybrid or remote working models are a high priority for job seekers. 

2. Banish burnout and prioritise work/life balance
   
   With such a high number of accountants reporting burnout, this issue is one that is increasingly becoming paramount for firm’s to address if they’re looking to retain their staff. Burnout is a symptom of many industries however accounting does seem to report it with greater frequency. To tackle this, a firm should look to create a supportive workplace that fosters open communication, steady boundaries and realistic expectations.
   
   If you find your workload is growing with a lack of staff to undertake the tasks needed, there are always options to spread the work further afield. You can use the time you gain back to work on a healthy environment for your staff’s and your own work/life balance. The elusive balance between your work and your life is a constantly juggling act. But one necessary to maintain a successful professional and personal life. Retaining staff means finding the right balance and working together with your staff to ensure your firm succeeds with employees who aren’t burnt out or resentful of their lack of balance.

3. Upskill and reskill

Training your staff is one of the best ways to ensure you upskill and retain driven professionals. By creating an open workplace, you can work with your employees to find their pain points and work together to fill in any skill gaps. Conduct a skill analysis with them, providing solutions to their weak spots. Work together to define their learning goals using the SMART method (set specific, measurable, achievable, relevant and time-bound goals for upskilling).

You can introduce staff to your network, increasing their knowledge and experience when meeting with other accountants and financial advisors. It’s important to encourage your employees to work on their soft skills as well. A working environment that prioritises time management, organisation, and critical thinking can flourish. Using resources available can help with fostering creativity, open communication and investing in training courses to alleviate high turnover and support your workers.

4. Encourage career development
Around 40% of Australian job seekers are looking toward a pay rise in 2025. Alongside work/life balance, career development is a primary reason for employees to remain loyal to their employer. CPA Australia encourages employers to engage with online events and courses to develop their staff’s career. Creating an environment that welcomes initiative and forward-planning is a perfect way to retain ambitious staff.

If you’ve outsourced your compliance work to a company, that means your employees have opportunities to progress their career into advanced fields. Using the time you gain back through outsourcing, you can discuss developing their skill set into other factions of your firm, increasing profitability.

Missed part 1 of this blog? Read it here.