If you’ve been in the accounting profession for any serious amount of time, you’ll know that tax season often drives some employees to leave their roles when it ends (or worse, BEFORE it ends). This isn’t anything new. Tax season is brutal. But, it is essential, as an employer, to understand why this happens and what it means for your business.
There are various reasons why accountants leave a firm after tax season. Some of the biggest are burnout, lack of recognition, lack of work-life balance, or a new career opportunity.
Workers who dedicate long hours and exert considerable effort will want to abandon ship ASAP if their hard work isn’t properly recognized and rewarded.
That doesn’t mean they expect a Lamborghini and $5 million to get through tax season. But it does mean they’re human and want their hard work to be valued and appreciated — to feel like they belong. And if you’re only buying the team pizzas on Friday as “appreciation” for the amount of work they’ve put in during tax season, you could be part of the problem.
The demands of tax season can severely disrupt an employee’s work-life balance, making it challenging to allocate time for personal activities and family. Finding a position that allows for a healthier balance between professional responsibilities and personal time is often a top priority for those looking to change jobs post-tax season.
Let’s look at some ways losing top talent in your firm directly affects it.
Businesses must allocate funds not just for the hiring process — which includes advertising the position, conducting interviews, and possibly employing recruiters — but also for the training of replacements. This training consumes monetary resources and current employees’ time, which could otherwise be invested in revenue-generating activities.
High turnover, particularly after a stressful season, can adversely affect the morale of remaining employees. It’s not uncommon for the exit of colleagues to create an environment of uncertainty or dissatisfaction. This atmosphere can dampen engagement and the overall spirit of the team, potentially leading to a domino effect of decreased morale and productivity and even further turnover.
Now that the doom and gloom are out of the way, here are five strategies you can implement in your firm to retain your best people.
A simple “thank you” can go a long way, but it’s seldom enough, and offering tangible rewards is often beneficial. Consider implementing a rewards program that gives bonuses, paid time off, or other incentives for employees who excel during the busy season. These gestures can go a long way toward making employees feel valued and appreciated, not to mention encouraging them to keep up the hard work.
Fostering an environment that encourages growth and learning can significantly enhance employee satisfaction. Show your team the available paths for career advancement within the company and offer opportunities for professional development. This could include training courses, certifications, workshops, or conferences that allow them to expand their skill sets and knowledge. Employees who see growth and learning opportunities are more likely to stay committed to the company.
Offering flexibility in work hours or allowing remote work can vastly improve job satisfaction. Flexible work arrangements can demonstrate your understanding of employees’ lives outside work, showing empathy and respect for their personal lives. Whether it’s flexible start and end times, compressing workweeks, or offering options for telecommuting, such arrangements can positively affect employee retention.
Implementing wellness programs can proactively support employees’ health, particularly during high-stress periods like tax season. Programs for stress management, physical fitness, mental health support, or even healthy eating plans can contribute to a healthier and happier team. But remember, how you implement these programs is vital. When push comes to shove, most people would rather get their work done than spend an hour on a treadmill. So, ensure you have options catering to their needs without adding more stress to their schedules.
Employees should feel comfortable expressing their thoughts, ideas, and concerns regarding their work. Regular meetings, surveys, or suggestion boxes can facilitate communication. Listening to and acting on their input can improve your company’s operations and build trust and respect among your workforce, further motivating them to stay.