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Employer Quotes
The quotes below are from employers in this industry: Financial Services
They are talking about this topic: Workforce Trends & Challenges
The quotes below are about this issue:
There is high turnover within public accounting as more experienced employees move to the private industry for higher pay.
| "Employer: We pride ourselves. We lose staff on an annual rate of fifteen percent, which is anywhere from five to nine percent below industry average. So, we pride ourselves on keeping our people, but it's still fifteen percent. Interviewer: Fifteen? Employer: Yeah. Interviewer: Okay. Frankly, I wouldn't have guessed it was that high. And you guys actually do better than the industry average? Employer: Yeah." |
Central |
| "Employer: I can speak from the CPA perspective. We've done [lost in translation] recruiting season looking for interns for accounting positions, and we're actually finding it difficult to fill enough positions in St. Cloud and in the Metro. We've experienced turnover in the Metro area where private industry is taking a lot of our experienced individuals. So, we do need to fill those entry-level positions. So, when we say there's enough supply I think we're feeling a little crunch in that area. And getting those high-level candidates early on as well is what we're struggling with. Interviewer: When you say 'industry is taking them,' can you give me an example just so I understand the terminology? Employer: Many times in public accounting—it can be a pretty grueling profession—so you get a lot of experience. And after two to seven years of experience—the ones that wait a little longer—they're good CFO material. So, they'll go and be a CFO or a controller in another entity. Interviewer: And then they're out of public accounting basically." |
Central |
| "Employer 1: If the people with finance degrees aren't going into banking, where are they going? Do you know? Interviewer: That's a great question. Where are they? Anybody? Where are they going? Employer 2: Corporate finance. Interviewer: So, they end up skipping you altogether and going right to... Employer 2: Corporate finance and securities." |
Central |
| "I also think around that same timeframe [of having three to five years of experience], they're starting to have families. So, that additional $15,000 means a lot for their family, plus they get to stay home now. They do not have to travel like they might have to with public accounting. But I agree, they are not thinking long-term." | Metro |
| "We've noticed that when somebody from the three-to-five-year level does jump to another public accounting firm—so if we're recruiting somebody or they're looking to make the switch—a lot of times it's their last effort at public accounting. So, we find that a lot of times those experienced hires don't stay that long. We have more success with building them up the ranks, hoping they do stay, but that's why that's so hard—because people who do make the jumps, it's their last effort of, 'I'll try public accounting at one more firm.' And then a lot of times they still, after a year or two, leave to go to private firms." | Metro |
| "Public accounts do have a...they create this aura about partnership and management of the firm. And they don't like to share that with the younger staff. So, I think the last few people we've had leave had no idea what it meant to be a partner or what the compensation might be or what the hours are like. They have this impression that partners work—that that's all they do is just work and have no family life or anything else. They kind of build this bubble around them, but it's not necessarily true." | Metro |
| "Interviewer: Is it something like another company takes an employee from you and then you take an employee from them and so everybody is just moving around at that three-to-five-year level? Or is there an increase in workload and so everybody needs... Employer 1: It's both. There is an increase in workload and an increase in demand. And everyone's moving around, and so that's driving up the wages—because everyone's moving around for more money. Employer 2: So, for us, we just do without. I mean, we push the work down to the staff-level and just try to hire more interns. Employer 3: Hire more interns versus the full-time associates. Interviewer: So, it's really a retention issue. But there's maybe the opportunity for somebody coming into the industry that if you like it and you're a good fit, you can move up more quickly given that there is still this need? Employer 1: We have a name for that; it's called 'rapid skills development.' So, if we hired someone young and we have this gap, instead of trying to fill that gap, we're really going to push that person to develop their skills rapidly and try and fill it. Interviewer: So, if it works for you, you have a great career." |
Metro |
| "The younger employees really aren't thinking about long-term potential. If somebody comes in and stays in public accounting for three years, they are going to go into a more entry-level position in private industry. If they stay longer, the level of responsibility they're going to get within a private company is going to be so much higher. They're not going to step into a controller position after three years in public accounting, and we're trying to help them understand that. We actually have been able to successfully council some of the folks who were talking about leaving. We said, 'Gosh, just stay a few more years. It's going to help you out tremendously in your career, and it's going to get you over that hump—because there really is a hump at that three year marker.' And they're like, 'Is this what I really want to do? Should I specialize in something? I don't know what I'm going to do.' So, we need to communicate with them a little bit more to get them through that period. Because if they stay longer and they can get themselves on a career path a little further down the road, they might actually stay. They might realize, 'I actually do like public accounting. I like the variety and those kinds of things.' But they aren't thinking about that. They're thinking, 'I want 40 hours a week, and I'm going to get a little bit of a bump in pay and it's going to be great.' And then their friends are going to surpass them. A lot of the folks that have left us, we've reached out to them and they've said, 'Oh, my gosh. My hardest day with my previous position was easier than my easiest day with this particular firm that I went to.' And they don't understand it, but there are differences. And just because the fact of that dangling carrot in front of them, you've got to think about the long-term of what they want. And it gets back to not knowing what they want. What are they passionate about? And that is actually a question we started asking this year. What has you passionate about accounting?" | Metro |
| "Employer: I think they need more education on what public accounting really is and what private industry really is. Because we have a lot of people who are very confused about that. Interviewer: The ones who are already working—they still don't understand? Is that what you're saying? Employer: Exactly. That's why we still have some of that turnover...because people come in without really knowing what the job is going to entail." |
Metro |
| "Employer 1: Accountants don't have to look for jobs. Employer 2: Right. I mean, those jobs are there, right? They're on LinkedIn. I mean, our staff gets seven emails or in-mails a week. Employer 3: LinkedIn has been a huge impediment to keeping staff. That's just the world's biggest drain right there. Might as well just be, 'Anyone want a job?' Employer 3: Yes. Employer 2: It's true." |
Metro |
| "I know what you mean about the hours. And, in our experience, we've had really hard-working individuals who were really committed, but they get to that level where they've become three-to-five-year people and then they'll get recruited by a recruiter who can offer them $15,000—or more—than what they're making now. And they're not looking at the long-term picture. Like, they can make $15,000 or more for the next three or four years—but when they're a ten-year person and then manager and then partner, that's when your income really starts to surpass what a CPA might make in industry. So, they're not looking at the long-term vision of their career. They're looking at, 'What can I make next year?'" | Metro |
| "Interviewer: Once someone has moved to a large retail or industrial company, do you think there's an opportunity to recruit them back? Or do you think once they make that move they're just gone? Employer: I haven't seen that. When they're gone, they're gone. And that's exactly what the other respondent was saying about the employees wanting fewer hours. That's what they tell us, we have them work too many hours. Interviewer: Too many hours. So, they get trained and they get mentored and they get those first few years under their belts and then they... Employer: They don't want to work the weekends. And, again, the weekends are really only during the busy season...for us anyway. And we offer a lot of flexibility throughout the non-busy season." |
Metro |
| "Employer 1: We found we have the same struggle [as the speaker from the other company] in terms of hiring people with three to five years of experience. What we've experienced is that a lot of them, at that point, tend to jump out of public accounting and go into industry. And we're seeing more and more of that as we're doing our exit interviews. They're not necessarily going to a competitor, but they are going to industry. That's what we're seeing. Interviewer: So, they might become an accountant or find another financial position in a very large retail or industrial company? Employer 1: Exactly. Employer 2: And I think one of the reasons they leave is that they think they're going to work fewer hours. And the truth of the matter is—if you're going into accounting—you're not going to work only 40 hours a week. It doesn't matter if you go into public accounting or private industry. But these employees think, 'Well, I chose this, but it's too many hours, so I'm going to choose the other option which is private industry.' The fact of the matter is that they're really not going to work that many fewer hours." |
Metro |
| "I think we're fortunate in that regard. Our staff does know what the career progression is. And they know exactly what kinds of things they need to do to advance to partner. But an offer of an additional $15,000 a year is a lot of money when you're in your late twenties." | Metro |