The Great Resignation Survival Guide

DOWNLOAD PDF

Five Best Practices for Accounting Firms Facing Severe and Unique Challenges

By Lee Frederiksen, Ph.D.

Pundits call it the “Great Resignation” and professional services firms are among the hardest hit. The response to the pandemic and resulting shutdowns brought into clear focus ideas on work-life balance, remote work and the benefit of a shared cultural fit. Not all organizations have recognized this swing, but they are feeling the effects of it.

Accounting firms are acutely at risk during this time. Hinge’s Employee Branding Study, conducted after the pandemic’s onset, offers insights that will help your firm during this time of shifting landscapes and priorities.

To attract and retain top talent, accounting firms must rethink their employee engagement strategy. Now more than ever, a highly visible and robust employer brand will help you attract top talent.

Risks to CPA Firms During “The Great Resignation”

A growing shortage of CPAs has been brewing for more than a decade. Many Baby Boomers are leaving the workforce now that they have reached retirement age. At the same time, fewer young people are interested in becoming CPAs, leaving many firms with a small pool of qualified candidates. It’s a perfect storm for accounting and tax firms.

Many young adults have grown up hearing stories of financial scandals and abuses, which doesn’t fit their search for meaningful work and purpose. These young adults also fear senior leadership will overlook their accomplishments or potential because of their age.

This is a daunting challenge for accounting firms. Still, predictive patterns can help us recognize when the risk is most significant for losing star employees – and point to possible solutions.

RELATED ARTICLES:

The Great Resignation - Tips on Stemming the Tide of Employee Resignations

Filling the Accounting Profession Pipeline

Accelerating Our CPA Pipeline Initiatives

SPECIAL REPORT: Desirable Internships Lead to Successful Campus Talent Acquisition

Risk Factor One: Mergers and Acquisitions

Almost 40% of surveyed accounting and tax firms in the United States had a merger or acquisition in the last three years, the highest rate among professional service firms.i Mergers and acquisitions have become a popular way for CPA firms to find the talent and services they need to grow their bottom line. Yet, how a firm handles a merger can directly impact employee satisfaction and retention.

Of those surveyed, 24% in the accounting profession had a negative experience with a merger or acquisition. In our study, 69% of respondents cited a lack of a formal integration plan as the strongest driver of employee dissatisfaction. These individuals also called out a need for someone to oversee the merger (38%) and for clear communication with employees throughout the merger process (38%).

Employees whose firms have been acquired are at an increased risk of leaving. More than 40% of passive seekers – those who are not actively seeking jobs but are open to new opportunities – are more likely to seek employment at a new organization after an acquisition.

Risk Factor Two: Pandemic Response

At the onset of the pandemic, organizations worldwide had to come to grips with a new workplace “normal.” Our study uncovered that virtually all active job seekers were dissatisfied with how their firms handled COVID-19, while most non-job seekers (66%) were happy with their firm’s plans and communication.

For accounting firms, less than half of all respondents were highly satisfied with their employer’s response to COVID-19. Forward-looking organizations actively planned for life after the pandemic, with contingency plans and open dialogue to understand their employees’ fears and priorities.

What Drives Job Seekers

Hinge Research Institute’s Employer Branding Study: Second Edition was conducted during unusual times, but the principles for thriving during The Great Resignation are universal.

Now is the time to rethink your retention and recruiting strategy. Start by considering the factors that tip the scale for employees. While competitive salaries are the leading factor for employees looking for a job, there are other factors your firm should also consider.

In the Employer Branding Study, factors apart from pay that tipped the scale for job seekers were:

  • A clear vision for the future and strong leadership,
  • The team they will work with directly, and
  • Good cultural fit and shared values.

Now that you have an idea of what candidates are looking for, it’s essential to ensure your organization is visible to top accounting talent.

Five Best Practices for Building a Highly Visible, Robust Employer Brand

Your employer brand is your reputation as a workplace or employer, and it is essential to your recruitment and retention efforts. A successful brand sets your firm apart from competitors. It clearly articulates the vision and culture of your organization, which helps attract qualified candidates at all levels. There are five things to consider when putting together an employer branding strategy.

1. Take your business model into account.

Different models require different workforce profiles. Aligning the employer brand with business strategy will help you obtain management support for the branding effort.

2. Make your strategy visible and easy to understand.

A brand with key features that are hard to identify, let alone articulate, presents challenges to internal and external audiences. To your team, a complex brand is difficult to implement and raises the risk that people will carry out the wrong brand – a frequent issue with professional services firms.

To the outside world, a brand that lacks online visibility doesn’t exist. Add to that complexity and the brand has little chance to draw the buyers and talent a business needs to grow. Your organization’s story should be told across your website, social media channels and created content, giving future employees a glimpse into your organization. Pay close attention to search engine optimization (SEO) to make sure the talent you’re looking for can find you and adjust when necessary.

3. Align your employer brand strategy with your corporate brand.

If your brand stands for expertise in performance audits for government markets, your employer brand should emphasize continual talent development in areas of expertise that meet the financial and compliance improvement challenges of government agencies. Your employer brand will help you fulfill the promise of your corporate brand.

4. Take a research-driven approach.

Branding should be based on research into your current and prospective talent, as well as referral sources. This approach will show you where the gap between your current and desired reputation lies and how to close it.

5. Monitor results so you can adjust your plan and implementation as needed.

Branding and rebranding are huge investments. You need to ask yourself two questions. Did we follow the plan? Did we achieve the results we expected from it?

Building a Strong Culture and Brand

What will potential employees find out about your organization when they conduct a Google search? It’s essential to know the answer.

A well-coordinated and creative plan will put your organization in front of potential employees. It will set you apart from your competitors and engage current employees who might be considering taking another job.

Potential employees will not be the only ones who notice. Building a strong culture and brand will resonate with prospects and clients as well.

About the Author: Lee W. Frederiksen, Ph.D., is managing partner at Hinge, the leading research-based branding and marketing firm for professional services. Contact her at lfrederiksen@hingemarketing.com. Hinge conducts ground-breaking research into high-growth firms and offers a complete suite of services for firms that want to become more visible and grow.

Source

i Hinge Research Institute. (2020). The Employer Branding Study. Reston, VA: Hinge Strategies.

 

 

 

  • TXCPA’s 2024-2025 Year in Review

    TXCPA addressed key challenges in the accounting profession through strategic initiatives focused on the CPA talent shortage, advocating for licensure flexibility, expanding student outreach, and enhancing member services. Key achievements included support for legislation introducing additional CPA pathways, strong participation in advocacy efforts and impressive engagement in CPE programs.
    View Article
  • CPE: The Significance of Codes of Conduct in Professional Organizations - Standards for Ethical Practice

    This article examines the ethical codes of four major professional organizations - AICPA, ACFE, CFA Institute, and IIA - highlighting their shared values of integrity, objectivity, confidentiality, and competence. While all emphasize ethical behavior and professional standards, each code is tailored to the unique responsibilities of its field.
    View Article
  • 89th Legislative Session Review: New House Leader, Rule Changes and a Productive Session for TXCPA

    The 89th session of the Texas Legislature began on January 14, 2025. TXCPA has been hard at work advocating its legislative agenda and has had a very productive session. Texas is one of the state leaders in addressing CPA pipeline issues.
    View Article
  • Special Report: The Digital Transformation of Accounting

    Digital transformation is reshaping accounting, making technology adoption essential for firms to stay competitive. Automation streamlines reporting, while document management systems improve organization and compliance. Embracing innovation allows firms to boost efficiency, deliver deeper client value and lead in a rapidly evolving profession.
    View Article
  • Key Considerations for Financial Statement Auditors Before Leveraging Artificial Intelligence in Their Audits

    There is a growing role for generative AI tools to be used in financial statement audits. The tools offer numerous advantages, including enhanced data analysis, continuous learning, predictive insights, audit automation, and cost savings. However, challenges remain, such as data privacy risks, bias in training data and the inability to verify source data. Learn more in this article.
    View Article
  • How Accountants Can Embrace an Entrepreneurial Spirit

    The use of AI-driven technologies has resulted in numerous tools that threaten the existence of many professionals. Accountants are not immune to the threat since many of their tasks can be automated. To stay relevant, accountants can upskill or start their own business. Despite low risk tolerance, their financial expertise makes them strong entrepreneurial candidates.
    View Article
  • Maximizing Audits: Key Elements for Efficient and Successful Financial Assessments

    Audits provide stakeholders with reliable financial insights, but the process can be daunting for companies. To prepare effectively, businesses should focus on strong internal controls, accurate transaction records and clear, compliant financial statements. Internal controls help prevent fraud and ensure accurate reporting, while well-organized documentation streamlines auditor reviews.
    View Article
  • Spotlight on the Accounting Profession: Jessica Rodriguez Reyes

    Jessica Rodriguez Reyes, an outstanding undergraduate in the BS/MS accounting program at the University of North Texas, shares her journey as a first-generation college student. With internship experiences in small and large firms, Jessica emphasizes the value of hands-on learning and her dedication to mentoring other students is making a noticeable impact.
    View Article
  • A Year of Progress and Impact

    As the 2024–2025 membership year ends, we reflect on a year of progress driven by the dedication of leadership, volunteers and, most importantly, our members. Together, we advanced initiatives, strengthened our community and expanded our reach. Looking forward, even greater opportunities lie ahead to build on this success.
    View Article
  • What’s Happening Around Texas - May-June 2025

    Members in Austin, Dallas and San Antonio participated in community service activities and professional networking events. Fort Worth hosted a successful masquerade ball to fund scholarships, while TXCPA South Plains introduced its new board. Southeast Texas engaged students at a career expo, Victoria hosted a student-CPA coffee meet-up, and Wichita Falls organized an educational event at Midwestern State University.
    View Article
  • Accounting Firms Continue to Innovate in Response to Rapidly Changing Market Conditions

    There is a growing trend of private equity investments in CPA firms amid declining CPA Exam participation, talent shortages and rising reliance on AI. While offering growth opportunities, the deals raise concerns about maintaining professional independence in a profit-driven model.
    View Article
  • Take Note

    In this edition of Take Note: Renew Your TXCPA Membership Today; TXCPA Passport is On-Demand CPE at Your Fingertips; Tips to Reduce Digital Overload; Get Published in Today’s CPA Magazine
    View Article
  • Classifieds

    The classified ad section features listings for practice owners looking to sell, professionals seeking firms to purchase and a variety of specialized services. Whether you're looking to expand, sell or explore niche opportunities, these classified ads can connect you to valuable business prospects and resources.
    View Article

CHAIR
Mohan Kuruvilla, Ph.D., CPA

PRESIDENT/CEO
Jodi Ann Ray, CAE, CCE, IOM

CHIEF OPERATING OFFICER
Melinda Bentley, CAE

EDITORIAL BOARD CHAIR
Jennifer Johnson, CPA

MANAGER, MARKETING AND COMMUNICATIONS
Peggy Foley
pfoley@tx.cpa

MANAGING EDITOR
DeLynn Deakins
ddeakins@tx.cpa

COLUMN EDITOR
Don Carpenter, MSAcc/CPA

DIGITAL MARKETING SPECIALIST
Wayne Hardin, CDMP, PCM®

CLASSIFIEDS
DeLynn Deakins

Texas Society of CPAs
14131 Midway Rd., Suite 850
Addison, TX 75001
972-687-8550
ddeakins@tx.cpa

 

Editorial Board
Derrick Bonyuet-Lee, CPA-Austin;
Aaron Borden, CPA-Dallas;
Don Carpenter, CPA-Central Texas;
Rhonda Fronk, CPA-Houston;
Aaron Harris, CPA-Dallas;
Baria Jaroudi, CPA-Houston;
Elle Kathryn Johnson, CPA-Houston;
Jennifer Johnson, CPA-Dallas;
Lucas LaChance, CPA-Dallas, CIA;
Nicholas Larson, CPA-Fort Worth;
Anne-Marie Lelkes, CPA-Corpus Christi;
Bryan Morgan, Jr, CPA-Austin;
Stephanie Morgan, CPA-East Texas;
Kamala Raghavan, CPA-Houston;
Amber Louise Rourke, CPA-Brazos Valley;
Shilpa Boggram Sathyamurthy, CPA-Houston, CA
Nikki Lee Shoemaker, CPA-East Texas, CGMA;
Natasha Winn, CPA-Houston.

CONTRIBUTORS
Melinda Bentley; Kenneth Besserman; Barry Kaplan; Holly McCauley; Shicoyia Morgan; Craig Nauta; Kari Owen; Dipesh Patel, CPA, CGMA; John Ross; Lani Shepherd; Patty Wyatt

 

Your TXCPA membership has not been renewed for 2025 -2026. Renew now.