Tuesday, August 16th, 2011

Will It Be Another Year of Belt-Tightening for CPA Firms?

Are your team members once again concerned about their jobs? Are they worried that the roller-coaster stock market might mean another ride on the recession merry-go-round?

Yesterday, I posted that many CPA firms are seriously looking for people to aid in maintaining their high-level of client service during the first quarter of 2012. However, will the recent downturn in the market cause firm leaders to go through another season of cautious hiring and expense belt-tightening?

In a WSJ article titled, Memo to Staff: Don’t Panic, it notes that corporate leaders are looking at how they can jack up morale in the work place via town hall meetings and company wide memos.

If your team has been operating “lean and mean” for the last couple of years (or even if you have been adequately staffed) please keep the lines of communication open so that your team knows what to expect in the coming months. It is probably too soon to tell if you will change your strategy. If that is so, then communicate what you are thinking. Keep in mind that team members inside CPA firms are tiring of the excessive workload because firm leaders have not been replacing people who were let go or left on their own.

It seems the need for top talent never goes away in the accounting profession. Communicate that to your team and do it often.

It is also always important to deal with those who are NOT top talent, counsel them on how to become a star performer then if they fail, they won’t be surprised.

  • "I always feel like I'm on a roller coaster, but I never want to get off. There's a certain high you're always on."
  • Leonardo DiCaprio

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