Monday, November 15th, 2021

Hang On To Your Team

“That’s what I consider true generosity: You give your all and yet you always feel as if it costs you nothing.” – Simone de Beauvoir

Over the weekend, I read the latest news from the Associated Press. – – Americans quit their jobs at a record pace for the second straight month in September, while businesses and other employers posted a near-record number of available jobs.

Employees have become empowered and are quitting to take the higher pay that is being offered by employers who are desperate for workers.

I have observed, that some CPA firms are not doing what is necessary to retain the best and the brightest (or even the average) employee.

Some firms are still paying interns $15.00 or $16.00 per hour. I asked some more progressive CPA firms what they are paying for interns for 2022 and learned they are paying $20 to $28 per hour. Of course, geographic location makes a difference but none were paying less than $20.

The more progressive firms have already given significant salary increases and stay bonuses. If you have not done this, these firms will be attracting YOUR people. I have no proof, but I am hearing that the largest accounting firms are giving a signing bonus of $75,000 for a Manager and $100,000 for a Senior Manager.

Firms are also taking steps to outplace troublesome and nonprofitable clients because they want to maintain awesome client service to their best clients. They can’t do that if they do not have the man/woman power.

Now is not a time for CPA firm shareholders to be greedy. You have to give your team lots of little things (perks), but you also have to give them money.

Read the AP article here.

  • "You cannot do a kindness too soon because you never know how soon it will be too late."
  • Ralph Waldo Emerson

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