Halt High Accounting Firm Turnover | Accounting Talent Podcast

“Turnover is a wildfire that spreads rapidly, leaving firms overworked and in a spiral of death.”


Are Your Top Talents Leaving in Droves? Is Turnover Burning Down Your Accounting Firm? In the latest Accounting Talent podcast episode, Rob Brown and Jeff Phillips tackle the critical issue of how to reduce accounting firm turnover rates worldwide. They delve into the root causes of this exodus and offer practical solutions to stem the tide.

Jeff Phillips, CEO of Padgett Tax & Accounting Franchise and founder of Accountingfly, candidly acknowledges the gravity of the situation. He likens turnover to a wildfire that spreads rapidly, leaving firms overworked and trapped in a “spiral of death.” This discussion highlights the accounting profession’s talent crisis, where the demand for services far outpaces the supply of qualified professionals.

The crux of this episode revolves around a powerful yet straightforward solution: implementing employee surveys to gauge job satisfaction, engagement, and work-life balance. Jeff shares a proven framework used by firms like Adam Slack’s remote accounting practice, which significantly reduced turnover by actively listening to employees.


Key takeaways to reduce accounting firm turnover:

  • Turnover Defined: Turnover is the percentage of professional staff that voluntarily leaves, not those who are fired.
  • Top Reasons for Leaving: The top four reasons why people leave jobs within six months are unclear job responsibilities, lack of necessary resources, lack of team engagement, and poor work-life balance.
  • Actionable Surveys: Implement weekly or monthly anonymous surveys to identify and address issues before they escalate.
  • Commitment to Action: Don’t survey employees if you’re unwilling to take action on the feedback.
  • Immediate Response: Address low scores immediately by calling the employee to understand and resolve the underlying issues.

Listen now or watch on YouTube.

To view more hiring trends in accounting, check out this month’s Hiring Update.

Blog Overview

  • Date Posted

    July 9, 2024
  • Category

Share This Blog

Related Blogs