The Burnout Epidemic in Public Accounting: A Collaborative Perspective
By Brian Gabrielson, Founder and President of New Gig Solutions, and Craig Kurtzman, Tax and Finance President at New Gig
Introduction
As leaders in the staffing industry, specifically within the accounting and finance sector, we have witnessed firsthand the pervasive issue of burnout among professionals in public accounting. The demanding nature of the job, coupled with the ever-increasing pressure to meet deadlines and deliver high-quality work, has led to a concerning trend of declining mental health and job satisfaction among accountants.
The Data Speaks Volumes
Recent studies paint a grim picture of the state of burnout in the accounting industry. A 2021 Indeed study reported that 52% of workers feel burnt out, a significant increase from the 43% reported before 2020. Furthermore, a study of 204 accounting and finance professionals found that an astounding 99% of respondents experienced burnout, with 53% scoring at or above the average burnout level on the MBI scale.
The Causes and Consequences of Burnout
Several factors contribute to the high rates of burnout in public accounting, including long work hours, pressure to meet tight deadlines, lack of work-life balance, monotonous tasks, and insufficient support from management. The consequences of burnout are severe, ranging from decreased productivity and increased absenteeism to mental health issues and strained personal relationships.
Addressing the Problem: A Multi-Faceted Approach
As industry leaders, we believe that tackling the burnout epidemic requires a comprehensive, long-term approach. Firms must invest in resources that support and ease the burden placed on their employees, particularly during peak seasons like tax time. However, simply increasing compensation and benefits is not enough. Firms must also focus on improving workflows, systems, and processes to create a more manageable workload for their staff.
Leveraging Technology and Training
One key aspect of reducing burnout is leveraging technology to automate repetitive tasks and streamline processes. By implementing robust training programs, firms can ensure that all staff members are equipped to effectively utilize the resources at their disposal. This not only improves efficiency but also reduces the stress and frustration associated with manual, time-consuming tasks.
Prioritizing Mental Health and Well-Being
Firms must extend supportive resources beyond the office and prioritize the mental health and well-being of their employees. Implementing comprehensive employee assistance programs (EAPs) that offer mental health assistance, counseling, and health and wellness consultation is crucial. Encouraging staff to take advantage of these resources and use their earned time off can go a long way in preventing burnout and promoting a healthy work-life balance.
Reevaluating Success Metrics
While profitability and productivity are essential, firms must also look beyond these financial metrics to gauge the health and well-being of their employees. Regularly assessing employee satisfaction, morale, absenteeism, overtime worked, and attrition rates can provide valuable insights into the effectiveness of burnout prevention strategies.
Engaging Employees in the Solution
Involving staff members in the process of identifying and addressing burnout is essential. By inviting employees to share their experiences and insights, firms can gain a better understanding of the challenges they face and develop targeted solutions. This collaborative approach not only leads to more effective outcomes but also reinforces employees’ sense of purpose and value within the organization.
Conclusion
The burnout epidemic in public accounting is a complex issue that requires a multi-faceted, long-term approach. As leaders in the staffing industry, we urge firms to prioritize the well-being of their employees by investing in resources, technology, and training that support a healthy work-life balance. By working together to address the root causes of burnout, we can create a more sustainable and fulfilling future for professionals in the accounting industry. New Gig Tax and Finance is skilled in finding new opportunities for CPAs, book keepers, and Tax and Finance professionals all over North America.
