Why Some Accountants Do Not Like Their Jobs and How to Help

Traditional accounting career paths do not fit today’s accountants. This is why many accountants do not like their jobs.

Most accountants do not want to remain with the same company throughout their careers. Instead, they want to change employers to diversify their skill sets.

The lack of opportunities for advancement causes many accountants to be dissatisfied with their jobs. These accountants value professional development and promotions.

Employers tend to focus solely on having accountants complete their work at the office. However, today’s accountants typically desire flexibility, meaning, and purpose in their roles.

Discover why many accountants dislike their jobs and what managers can do to help.

Long Work Days

Many accountants are expected to work at least 60 hours each week. This can be longer during tax season. As a result, these accountants have limited time to fulfill personal responsibilities and interests.

Limited Professional Development

Many accountants work for companies with prestigious reputations. However, these accountants often lack opportunities to reach their full potential with the organization.

Accountants who work for large firms tend to specialize in audit, tax, materials and acquisitions, or another narrow field. As a result, these accountants do not learn how the business operates as a whole.

The lack of variety in accounting responsibilities can be frustrating. Accountants who are unable to develop their skills tend to be unfulfilled in their jobs.

Difficulty Changing Practices

Choosing between public and private practice impacts an accountant’s career. Each type of practice requires different personalities and skill sets. As a result, switching to the other practice after establishing a career can be difficult.

Accountants who change from private to public practice or vice versa may need to start from the bottom and work their way up. This can cause significant professional setbacks after years of career establishment.

Tips to Increase Job Satisfaction

Accountants tend to prioritize work-life balance. This means many accountants prefer jobs with remote or hybrid work and a flexible schedule over higher-paying jobs that require onsite work during set hours. Offering these perks can increase accountants’ job satisfaction.

Most accountants want variety in their jobs. Consider letting them cross-train to take on additional duties and responsibilities. These accountants can cover when their colleagues are off work.

Accountants typically desire meaningful work. Providing challenging tasks and projects that require creativity and problem-solving promotes engagement and productivity.

Want Help Sourcing Accountants?

Many accountants work long hours and have limited opportunities for professional development. This lack of skill development makes it difficult to switch between public or private practice after career establishment. Managers can alleviate these issues by allowing flexibility for work-life balance and diversifying job duties and responsibilities.

If you are having difficulty sourcing qualified accountants, Casey Accounting & Finance Resources can help. Reach out today.

How Do You Calculate the ROI on Employee Engagement?

Employee engagement may be defined as proactively and passionately adding value while aligning with the company mission. Engaged employees demonstrate their commitment through their hard work, communication and body language. Because engagement impacts your bottom line through higher productivity and less turnover and absenteeism, knowing what a fully engaged team can do for your business is essential. Here’s how to calculate your ROI on employee engagement.

Reasons Employee Engagement Matters

Engaged employees are more focused and efficient than nonengaged employees. Engaged staff openly communicate about experiences, triumphs and challenges. They genuinely care about their work and don’t let anything stand in their way of attaining success. Engaged employees appreciate receiving feedback on their strengths and weaknesses so they can improve their performance.

Calculate Your ROI on Employee Engagement

To determine your ROI on employee engagement, begin by calculating your revenue per employee, which measures how efficiently you utilize your employees. Divide your annual company revenue by your average number of employees. For example, if your annual revenue is $31,550,000 and your average number of employees is 29, $31,550,000/29 means you earn approximately $1,087,931 in revenue per employee.

Next, determine your cost of absenteeism per employee. For instance, if your absenteeism per employee averages out to be 1.2% of total working days (3 days per year), take 1.2% of revenue per employee and add 1.2% of average employee salary. Based on the previous example, if your revenue per employee is $1,087,931 and average employee salary is $61,812, $1,087,931 x 1.2% = approximately $13,055 and $61,812 x 1.2% = approximately $742. Adding $13,055 + $742 means your cost of absenteeism per employee is $13,797.

Then, calculate your turnover rate by dividing the number of employees who left during the year by the average number of employees during the year. Based on the previous example, if your number of employees who left during the year is 11 and average number of employees during the year was 129, 11/129 means your turnover rate is 8.5%.

Next, determine your total cost of employee turnover by multiplying the average cost to replace an employee by the number of employees who quit or were fired last year. According to the Society for Human Resources Management, it costs 6-9 months of an employee’s salary to replace that employee. Nine months’ salary was used for this formula. So, $61,812/12 = $5,151 per month in salary; $5,151 x 9 = $46,359 for nine months’ salary. So, on average, if your cost to replace an employee is $46,359 and 11 employees quit or were fired last year, $46,359 x 11 = $509,949 in employee turnover.

Determine Your Total ROI

Finally, determine your total ROI value, which is the amount of revenue added due to a 20% increase in employee productivity, plus the money saved from a 41% reduction in absenteeism and 40% decrease in turnover. Based on the previous example, an increase in revenue would bring in an additional $28,068,594 ($1,087,931 x 20% = $217,586; $217,586 x 129 = $28,068,594). A reduction in absenteeism would save you $1,050,060 ($13,797 – 41% = $8,140; $8,140 x 129 = $1,050,060). A decrease in turnover would result in an additional $305,969 in revenue ($509,949 – 40% = $305,969).

Hire Engaged Employees

Hire engaged employees through Casey Accounting & Finance Resources. As a top Chicago employment agency, we provide high-performance candidates who make strong contributions to their companies. Partner with us today!