Perception is one of the biggest contributors to the pipeline issue in our profession. It’s seen as “traditional,” “stuck in our old ways” and sometimes even “uncool.” Ouch!

Students are drawn from the stability of the accounting profession to more exciting specialties like data science, engineering and tech, which offer great job opportunities, along with the cutting-edge environment, culture and flexibility.

Firms have had to get creative in recent years to engage and retain a more diverse workforce, many of whom are remote at least part time. This hasn’t been easy, but from this challenge, many creative and forward-thinking ideas have emerged. And if these approaches were more common, we’d be well on our way to solving our perception problem.

Here are some unique ideas being used by CalCPA members to engage their teams and create an environment where young—and future—accountants want to work.

Creating Connection & Culture

When it comes to retention, having an engaging, supportive culture and connection with peers can’t be replaced by a slight pay bump. Candidates are searching for work/life integration and meaningful ways to contribute and give back. Weaving these values into your culture is a home run.

“At LevitZacks, what truly sets us apart is our unwavering dedication to our team’s well-being, infusing fun into our workplace and keeping everyone engaged,” said Bryan Carpenter. And it shows.

The firm has built a robust calendar of activities designed to create connection, relieve stress and foster friendly competition. Many of the activities, like team lunches, are virtual-friendly and held over Zoom, and they commit to gathering together as a team twice per year in San Diego.

They’re also finding time to give back.  “Our ’LZ©’s’ community service committee finds unique opportunities to give back. We allow our employees additional paid time off for community services activities and volunteer work,” Carpenter said.

Finally, the firm has shown a commitment to its team’s well-being and personal development. “We offer golf lessons and support ongoing employee rounds, providing an opportunity for team members to learn” a new skill they can carry with them for life. Not into golf? “Our firm volleyball team competes with fellow accountants and CPAs,” explained Carpenter, fostering both physical fitness and social interaction. 

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The Four-Day Workweek

Critics of the four-day workweek worry about productivity and the potential impact on meeting deadlines. GSA CPAs has had success with its take on the four-day workweek model where team members have every other Friday off between May and December. On the alternating Friday, the team is responsible for checking in on emails periodically and addressing any critical matters.

This approach hasn’t resulted in a drop in productivity or efficiency. In fact, it’s improved. According to Dalton Sweaney, this structure allows for producing work with “high quality and a freshness that allows me to think critically and service my clients at my best.

A six-month study conducted by Autonomy in the UK followed 3,000 workers in 61 companies as they trial the four-day workweek. From an employee perspective, participants noted decreased stress and levels of burnout, with improved productivity. On the company side, absenteeism was down, the number of resignations reduced by half and despite fewer hours, productivity was up 22 percent. And 94 percent of the companies that participated opted to continue utilizing this model. More information can be found in Scientific American and CNBC.

Another of the firm’s strategic decisions supports the four-day workweek model. “We’ve found working with fewer clients really aligns with our values as a firm,” Sweaney said, enabling them to focus on more complex work for a smaller pool of clients. This approach has allowed the team to “operate within our skill sets and focus on providing tremendous value to the clients.”

Incentive Compensation Model

In a bold move to enhance employee engagement and performance, AuditClub, the Audit Service Center for CPA Firms and companies, recently reimagined its incentive compensation program. Departing from the traditional year-end bonus model within most firms and companies, AuditClub embraces an approach that includes weekly and monthly awards linked to specific goals and projects that fuel the company’s growth strategy and focus on enhancing its member and employee experience.

Employees can choose monthly projects within three verticals that align with their skills and interests, effectively becoming architects of their professional journey within the company. As they commit to these projects, the bar is set high, promoting a culture of excellence and personal accountability. The game-changer lies in the immediate recognition and cash payout via personal debit cards when employees successfully complete their monthly projects. This real-time acknowledgment bolsters motivation and fosters a sense of accomplishment, creating a feedback loop of success.

At the end of the fiscal year, employees can earn a multiplier on their total awards, hinging on the company’s collective success. This dual-tiered approach rewards individual accomplishments and aligns every team member’s efforts with the broader strategic objectives of the company.

Chris Vanover, AuditClub president and senior chief auditor, reflected, “By embracing weekly and monthly awards, immediate cash rewards and performance-based multipliers, AuditClub has elevated its corporate culture and also set a precedent for organizations seeking to elevate their compensation programs in the ever-evolving modern workplace.”

Virtual Reality

CPA firms are embracing innovative approaches to foster engagement. As an example, BPM has entered the Metaverse to explore how it can enhance social connections, encourage collaboration and create immersive onboarding experiences for new hires.

An unexpected revelation from these experiments has been the Metaverse’s ability to authentically replicate the sensation of being in the same room with colleagues situated thousands of miles apart. Heather Esposito, director of learning and development with BPM, stated, “While we are still piloting a number of different use cases, we are excited to see how this emerging technology may support engagement and deepen relationships between colleagues, especially as our Virtual Region continues to grow.”

Conclusion

Outside-the-box approaches to building culture and creating “stickiness” in your organization isn’t reserved for hip start-ups or huge firms. These changes are positively impacting firms in our backyard. The perception of our profession will shift one firm at a time. What role will your firm play?