Accounting Influencers Roundtable

Accounting
Influencers
Roundtable

#1 Top Strategy to Halt High Accounting Firm Turnover

Are Your Top Talents Leaving in Droves? Is Turnover Burning Down Your Accounting Firm? 

Rob Brown and Jeff Phillips delve into the burning issue of high turnover rates plaguing accounting firms worldwide. They dissect the root causes fueling this exodus and provide practical solutions to stem the tide.

Jeff Phillips, CEO of Padgett Tax & Accounting Franchise and founder of AccountingFly, candidly acknowledges the gravity of the situation, likening turnover to a wildfire that spreads rapidly, leaving firms overworked and in a “spiral of death.” The discussion highlights the talent crisis faced by the accounting profession, where the demand for services outpaces the supply of qualified professionals.

The crux of the episode revolves around a powerful yet simple solution: implementing employee surveys to gauge job satisfaction, engagement, and work-life balance. Jeff shares a proven framework used by firms like Adam Slack’s remote accounting practice, which significantly reduced turnover by actively listening to employees.

Key Takeaways:

  • Turnover is the percentage of professional staff that voluntarily leaves, not those who are fired.
  • The top four reasons why people leave jobs within six months: unclear job responsibilities, lack of necessary resources, lack of team engagement, and poor work-life balance.
  • Implement weekly or monthly anonymous surveys to identify and address issues before they escalate.
  • Don’t survey employees if you’re unwilling to take action on the feedback.
  • Address low scores immediately by calling the employee to understand and resolve the underlying issues.

Quotes:

“Turnover is a wildfire that spreads rapidly, leaving firms overworked and in a spiral of death.” – Jeff Phillips

“Stop paying marketing companies $100,000 to develop a complex survey you roll out once a year. Ask frequently. Get in the weeds. Be willing to deal with troublesome feedback.” – Jeff Phillips

You can watch this specific episode on our YouTube Channel here: https://youtu.be/iRYy9v1RSRISHOW DETAILS HERE

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This is the the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. If you’d like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

The Accounting Influencers Roundtable (AIR) runs regular international virtual speed networking events to build your personal brand and make valuable industry connections network in the accounting, finance and tech world: Book your place at our next gathering here: https://accountinginfluencers.com/events

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Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of remote recruiting by tapping into a natural pipeline of job seekers.

TOA GLOBAL. TOA helps you hire elite talent for your accounting firm. Join thousands of leading firms empowering their teams with job-ready outsourced accountants & bookkeepers. They work to unlock your firm’s potential with strategic accounting outsourcing services. The “TOA Global Difference” is simple – build a flexible, scalable outsourced accounting team to align with your firm now and as you grow. Crush the talent crisis and outsmart your competitors by adding highly skilled accounting professionals to your firm faster. Permanently increase your firm’s capacity with a dedicated outsourced accounting team in weeks, not months. Access elite professionals and discover a hidden pool of elite accounting talent ready to enable your firm’s growth with additional capacity. Build a dedicated team of highly skilled outsourced accountants and bookkeepers for your firm today.https://toaglobal.com

If you’d like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.