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Elevate
ful Accounting Firms

COVER STORY

THE ACCOUNTING PROFESSION has long held a reputation for being a stressful career option. This perception

benefit in a way that works for both management
and employees and does not disrupt regular
operations.

was substantiated by a 2019 survey by the U.K.-based
mental wellbeing organization Chartered Accountants'

TRAINING AND
DEVELOPMENT
PROGRAMS

Benevolent Association (CABA). While that research is
from the U.K., it mirrors trends presented by the AICPA
showing that only 2 percent of accountants surveyed were
unaffected by stress, 37 percent said their job was the
main cause of stress, and 29 percent referred to difficulty
maintaining work-life balance.
The reality is that accounting can be a
demanding vocation, particularly from January
through April each year, so how can your firm
successfully attract and retain high quality
employees and ensure they're not experiencing
burnout? One way is through a comprehensive
benefits program.
Benefits today extend beyond the traditional
options such as medical and retirement plans.
While employees still value those offerings, they
also consider more ancillary benefits and perks
when deciding whether to accept a job offer or
remain where they are. Some employees even
rank benefits above salary when considering job
options. In a 2018 AICPA survey, 80 percent of
respondents said they would choose a job with
benefits over an identical job that offered 30
percent more salary but no benefits.
Understanding the importance of these offerings, some of the employee benefits and wellness
initiatives your firm may want to consider may
include these options:

UNLIMITED
PAID
TIME OFF
Today's employee has a different outlook on work
than hard-driven Baby Boomers who are aging
out of the workforce. An insistence on work-life
balance is real, no longer the stuff of lip service
as it tended to be for that generation. The commitment to promoting this balance is set in stone
at firms like The Bonadio Group, which offers an
unlimited paid time off (UPTO) policy. As the
majority of accounting firm employees endure
a long and hectic busy season, allowing them to
take the time off they want and need throughout
the year is one way to ease the burden of that
timeframe. The guidelines of such a policy
are customizable so firms can implement this

Professional development is an ongoing employee
desire and essential for a firm to maintain a
competitive advantage. It makes sense to provide
creative, motivated associates with an environment in which they can excel and progress to
the level to which they aspire (a departure from
when employees were expected to fit companyprovided opportunities and mandates). Committing to providing lifelong professional learning
opportunities can take the form of training, CPE
courses, and informal and formal mentoring
programs, all of which we organize, support
and nurture.

A CPA STUDY
MATERIALS
REIMBURSEMENT
PROGRAM
While young professionals are eager to learn
and take the necessary steps to grow in their
careers, the cost of career development programs
and certifications necessary to advance can be
overwhelming, especially on top of student loan
payments, rent, car payments, food, utilities and
more. To help ease this burden on employees,

MARCH 2020 ■

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CPA_Practice_Advisor_March_2020

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