Are you looking for ways to attract and retain top talent in your accounting firm? Are you searching for a competitive edge in a crowded market? The answer may lie in embracing workplace flexibility.
Recent surveys indicate that professionals in the accounting industry are increasingly seeking flexible work arrangements that enable them to work from any location and at any time. With the rise of cloud computing and automation, accounting firms can now provide their employees with all-time data access, removing the geographic barriers that once limited their talent pool within their borders.
In this blog post, we'll explore the benefits of offering flexible work arrangements to your team members based on the answer of 216 public accounting firms across the US to their thoughts on flexible work arrangements
The Current State of Workplace Arrangements
The COVID-19 pandemic has changed the way we work, with many professionals now seeking more flexibility in their work arrangements. The accounting industry is no exception, with a growing desire for a more comfortable work-life balance in terms of work location and work hours. As we move further away from the pandemic, it's clear that flexible work arrangements are here to stay.
Results of the 2022 ATAWW Survey
The 2022 “Anytime, Anywhere Work™ (ATAWW) Survey” by ConvergenceCoaching® studied the flexible and remote work practices of accounting firms. The survey highlights the growth potential of accounting firms and the benefits of adopting a flexible workplace model.
The survey received responses from 216 public accounting firms from across the country. The results show that 94% of firms allow for flexible schedules, while 80% of firms allow their team members to work remotely on a regular or fluid basis. Additionally, 83% of participants indicated that the admin team can work remotely some or all the time.
It's clear that accounting firms are recognizing the value of offering flexible work arrangements to their employees. By doing so, they can attract and retain top talent while providing a better work-life balance for their staff.
The What and Why´s of Flexible Workplaces
Cloud computing is playing a significant role in breaking down geographic barriers in accounting firms. It allows full access to firm data, systems, and client service providers at any time and from anywhere enabling firms to expand their talent pool beyond a specific region. This has the potential to enhance diversity and inclusion within the accounting industry. According to the same survey, accounting firms with team members in remote geography exploded from 38% in 2020 to 81% in 2022. This a big story considering 79% of the answer were about new hires and not just keeping the employees who move to another location.
The benefits of workplace flexibility in accounting firms extend beyond just attracting and retaining top talent. Studies have shown that flexible work arrangements can lead to increased employee satisfaction and productivity. In a recent study by FlexJobs, 65% of respondents reported being more productive in their home office than in a traditional office setting.
Furthermore, flexible work arrangements can lead to cost savings for both the employee and the employer. By reducing the need for physical office space and commuting expenses, employees can save money. A recent Monster survey found that 57% of workers 52% prefer long-term contracts with flexible hours. This means that the pool of professional candidates looking to work on a flexible schedule has never been bigger. For employers, this means reducing overhead costs while increasing employee morale and productivity.
Unlocking the Benefits of Workplace Flexibility in Accounting Firms
Embracing workplace flexibility is no longer just a trend but a necessity in today's accounting industry. With the benefits of increased employee satisfaction, productivity, and cost savings, it's clear that offering flexible work arrangements to team members is a win-win situation for both employees and employers.
As we continue to navigate the post-pandemic world, it's important for accounting firms to recognize the value of workplace flexibility and prioritize it in their business strategy. By doing so, firms can attract and retain top talent, enhance diversity and inclusion, and ultimately achieve long-term success. The future of work is flexible, and it's time for accounting firms to embrace it.
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Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
References:
ShareFile. (n.d.). ShareFile. https://convergencecoaching.sharefile.com/share/view/s2fda67c8db464435b552ba3c48ed97b3
