A recent survey by FloQast, a provider of accounting workflow automation software, highlights the impact of the talent crisis, The Great Resignation, and “Quiet Quitting” on the accounting industry. The survey reveals more than half of accountants aren’t confident they’ll stay with their current company in the next year, and a majority of that group may not stay in the industry at all.
The survey also revealed the accounting industry is in the midst of a “Great Recalibration,” in which accountants (much like other employees) are rethinking how much of their time and energy their work should require of them. Survey findings revealed an alarming talent crisis in the industry, with the effects of the Great Resignation and “Quiet Quitting” taking a disproportionate toll on the field. Key insights include:
- Retention is very much in question
About half of accountants (53%) are not entirely sure they will stay with their current company in the next year. Of those, some (63%) aren’t even sure they will stay in their current industry at all. - Accountants aspire to uplevel their roles but don’t have the time
More than 60% of accountants report they struggle with imbalance between work and life, doubting they can complete the work they’ve been assigned and yet still aspire to take on a more strategic role in their organizations. - A sense of on-the-job fulfillment is critical to retention
When a sense of professional fulfillment is high, accountants are almost five times more likely to stay with their current employer than when fulfillment is average. Those with high fulfillment are also more than 12 times more likely to stay compared to someone with low fulfillment. - The relationship between technology and talent cannot be overstated
More than 60% of accountants say technology is more important in their job satisfaction today than it was two to three years ago, and 43% say they are extremely likely to ask about technology when interviewing for a new role. - The ball is in employers’ courts
When accountants have a strong belief that their company is capable of understanding and addressing these issues, they are three times more likely to stay with that company than when they aren’t sure. Additionally, 76% of accountants who strongly believe in their company say they are likely to stay in their jobs.
The survey results detail clear actions for employers, including the important role technology can play in attracting and retaining accounting talent.
This survey marks the third chapter of FloQast’s Controller’s Guidebook series. Click below to view the individual chapters in the series:
Chapter 1: Burnout in Accounting
Chapter 2: Is Your Relationship with Technology a Solution to Burnout or a Source of Stress?
Chapter 3: The Great Recalibration-The Role of Technology in Retaining and Recruiting Accountants
Source: Meltwater
