Thursday, September 9th, 2021

Does The Pay Justify The Toil?

“Leave something for someone but don’t leave someone for something.” – Enid Blyton

Are you always doing exit interviews with staff? Do you know for sure why people are leaving your firm?

There are times when someone gives notice, you and their peers are all thinking, “Thank goodness!” That should never be the case! Deal with poor performers directly and don’t just hope and pray that they will quit.

During these times of a severe talent shortage, you might find out why in an article via Accounting Today titled, 5 Reasons Staff Are Leaving Your Firm, The author, Chase Birky notes:

The leading voices in our profession consistently cite a pipeline issue — the number of accounting graduates and CPA candidates coming through the system is not high enough to meet demand — exacerbated by the strain brought about by COVID-19. However, this explanation is superficial; it only accounts for the symptoms and not the underlying illness.”

Overwork has been a problem for years but we always downplay it saying to staff that it is only a few months each year when the workload is heavy. In days gone by, that might have been the case. I rarely talk to a firm that is not very busy all year long now.

So, the staff is feeling overworked and stressed. Per Birky, “People are fed up with being treated like a machine in an assembly line. The pay no longer justifies the toil.”

The Five Reasons are – 1) Toxic leadership, 2) Unrealistic workload, 3) Compensation plan is lacking, 4) Confusion about advancement, and 5) No self-determination.

Read more about each of the Five Reasons here.

  • "People fear leaving their safe harbor of the known and venturing off into the unknown. Human beings crave certainty - even when it limits them."
  • Robin S. Sharma

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