money isn’t everything. just ask a cpa

staff shortages won’t be solved by just throwing money at the problem.

next question: will telecommuting hurt your career? join the new study. get the answers.

by rick telberg
on careers

for over a decade, recruitment and retention have been among the biggest challenges facing the business of accounting. the number of accounting graduates and new cpas has failed to keep up with the number of available positions. difficulties with recruitment have contributed to a grueling workload that has maybe half of all cpas open to, if not eager for, any opportunity for better pay or less stress.
it’s a vicious circle: the workload is causing cpas to seek work elsewhere, their absence causing a bigger workload for those who stay behind, their vacancies increasing the urgency of recruitment.

concerned about the difficulties of recruitment, bay street group has been compiling winning strategies. we’ve been investigating exactly how much trouble firms are having and what works to recruit or retain personnel.

we’ve turned an especially attentive ear to top tier companies, the ones that excel according to the standard measures of success (profitability, growth, productivity, etc.) — the ones most likely to understand their market and themselves best. they’re obviously doing something right, and we had a hunch recruitment is part of it. get the free report: “recruiting the best talent in a competitive environment.”

the results have raised a few eyebrows. compensation ranks third in a long list of employment-related factors. about 44 percent of respondents say compensation is important “most of the time.” but “recognition” beats it out by about 10 percentage points.

and what came in first? “work/life balance,” considered important “most of the time” by 58 percent and “frequently” by another third (35%).

what’s happening here? can it be true that cpas would rather receive a pat on the back than a little more beef in the paycheck? and if anything means more than praise and compensation, it’s … well … it seems a little obvious when you think about it … it’s life.

we’ve been left wondering whether cpas have crossed a certain divide, rising above the merely pecuniary to seek something more valuable than money.

today’s cpas want to work, yes. this is proven every day in finance departments and accounting firms everywhere.

but cpas also want to not work. they want time for life’s many other pursuits. we didn’t ask which, but as the afternoon sun dips toward quitting time, what cpa hasn’t paused to think about something else she or he would rather be doing?

our studies confirm that cpas aren’t slacker-wannabes. while workload is important “most of the time” by 36 percent of respondents and “frequently” by 49 percent, about half identify “challenging work” as a factor that would attract them.

now let’s think about that. accounting professionals are concerned about workload — presumably not wanting too much of it — and challenging work — assuming they want their task load to be tough enough to test their capabilities.
apparently these people want to work hard, but not into the wee hours, and not into the “wee kends.” (sorry. couldn’t resist.) they’ve already worked hard to develop difficult skills in a difficult profession, and in so doing they have demonstrated their intelligence.

it should be no surprise that they’re looking for jobs where they can exercise their brains without breaking their backs.

the managing partner of a small but successful cpa firm summed it up well: “very flexible scheduling for employees,” this astute manager said. “feeling appreciated; cheerfulness/mood in office; attempt to maintain low stress atmosphere.”

a financial officer at a medium-sized company gave us some insight into the nature of the work that employees are looking for, suggesting “treating people like mature adults (if they are!), involving people in decision-making, open atmosphere, company culture.”

susan arnett, a senior executive with childcare group, a not-for-profit in dallas with fewer than 100 employees, expressed a management philosophy that respects the professional urge for work, worthy of skills.

“i believe that most of my staff come to work to contribute to their own intellectual database,” she wrote. “i try to put everyone in a situation where they become a subject matter expert in their own right.”

childcare group can care for my children anytime. ms. arnett apparently understands that cpas want to work, and they want to work hard. and then they want to go home, ideally before dark.

my bottom line conclusion is that cpas apply a certain sophistication when assessing a job. money and the standard benefits are important, of course, but these professionals are looking for more. the firms that offer it are the firms that can offer their clients solid, long-term staff, and those, i dare say, are firms most likely to succeed.

new research program: more than half of global executives believe that telecommuters are less likely to get ahead in their careers in comparison to employees working in traditional office settings, even though they may be more productive. what do cpas say? join the new study: get the free executive preview.

more on staffing: one in six firms report a “crisis.” get the top 10 best practices of the recruiting leaders. “recruiting the best talent in a competitive environment” and “research summary: cpa workplace recruiting & retention.”

[first published by the aicpa]

posted on february 15, 2007