By Jason Flanders, President of Professional Talent Solutions at Randstad USA.
Coined as ‘quiet cracking,’ the latest workforce trend is the idea of a worker’s persistent unhappiness in the workplace, leading to disengagement, poor performance and a desire to quit. This specifically poses a threat to the finance and accounting industries amid ongoing workforce shortages. With over 124,000 accountant and auditor positions expected to open each year, it’s critical for organizations to keep their current talent engaged and happy.
Quiet cracking might not be obvious at first, going unnoticed until it becomes detrimental to the organization. The ongoing accountant shortage, demanding workloads, economic uncertainty and more can contribute to consistent employee unhappiness that manifests as a gradual decline in performance, detachment, and withdrawal. Leaders don’t have to feel like this trend will sneak up on them, though. It’s possible to get ahead of declining employee motivation and job satisfaction.
Here are three tips that accounting leaders and firms can leverage to keep talent engaged and satisfied in their roles.
Employability is Vital
Recent workforce reductions and lingering economic uncertainty are contributing to accounting talents’ worries of potential layoffs. Employability, the ability to stay skilled, relevant, and secure in a shifting job landscape, ranks as the most important priority for talent, according to Randstad USA’s Workmonitor Pulse survey.
To ease workforce fears and anxiety, employers should be transparent and communicative with employees on rationale for organizational changes, cost cuts and the implementation of new tools, such as AI. Then, employees can better understand the decisions being made and the direction of the company. By keeping an open line of communication with employees, accounting firms can also be aware of and reduce concerns among employees.
Employers can also invest in upskilling opportunities for workers to help employees feel more secure in their roles and career paths with the organization. Accounting firms can fund online courses that advance employees’ proficiencies with AI, blockchain, or other relevant technologies. Opportunities can also be offered through in-house workshops or mentorship programs that help employees develop their soft skills, like communication and leadership.
While job security is foundational for employees, flexibility will be the secret to unlocking employee satisfaction.
Flexibility is King
According to Randstad USA’s Workmonitor Pulse survey, 70% of finance talent prefers control over their working hours over a higher salary. Offering finance and accounting talent more flexibility, in terms of working hours and location, can be a simple way to reduce work pressures and employee unhappiness.
However, any finance leader knows that peak seasons like year-end reporting or audits will limit how employers can support a healthy work-life balance for employees. Also, the pressure of tax season might require employees to work certain hours. Remote work might be an alternative offer that supports employee well-being during a stressful season. In fact, the same report found that over two-thirds of financial services workers prefer working from home two to three days over receiving a higher salary, reinforcing the tradeoffs that talent are willing to make to cut down on commutes and gain more personal time.
As the younger generations become a larger percentage of the workforce, it will be especially critical to meet their preferences in the workplace. With about 75% of accountants expected to retire in the next 15 years, and the number of CPA exam candidates dropping by almost a third over the last decade, that will only exacerbate ongoing shortages. To fill this gap, employers will need to adjust their workforce recruitment and retention strategies and prioritize meeting talent preferences, especially for Gen Z and Millennials, who would consider leaving their jobs for a lower salary if asked to work onsite full-time, Randstad USA’s Workmonitor Pulse Survey found.
By offering employees flexibility where they can, accounting leaders and firms can improve employee engagement and drive retention.
Retention is Personal
Workers want to feel connected with their employers. Engaging in more personal strategies can improve retention rates, as well as support recruiting efforts. Three in four financial services workers would be more likely to stay in their current role for five years if they shared values with leadership.
Aligning talent values with those of the organization’s leadership can help organizations build a culture of belonging that improves employee morale and workplace well-being. Organizations can reinforce shared values, like honesty, respect, and teamwork, by weaving them into common processes, such as communication, conflict resolution, and decision-making.
Workers also want to feel supported by their managers. Leaders offering regular touchpoints, supporting professional development, and providing growth opportunities to employees can go a long way in keeping employees engaged and performing well in their role.
Proactive Approach to Retention
Quiet cracking might sound innocuous, but it eventually leads to quiet quitting. With ongoing workforce shortages, finance and accounting leaders can’t afford to lose productivity or talent. By taking a proactive approach to employee retention and satisfaction, employers can prevent employee disengagement. With tactics that ensure workers feel valued and engaged at work, accounting leaders can achieve higher worker productivity and retention.
Recruiting top talent is only half the challenge, and retaining those top performers is essential to keeping operations moving. By creating an environment that supports employees, enabling a healthy work-life balance, and meeting talent preferences, employers can take the first step in cultivating an engaging and inclusive workplace that combats quiet cracking.
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Jason Flanders serves as president of professional talent solutions at Randstad USA, leading operations and strategic initiatives to expand Randstad’s footprint, optimize service delivery, and align talent solutions with the market’s shifting demands.
As an alumnus of Clemson University, he is a noted speaker and commentator on key issues related to finance and accounting, employment trends as well as extensive thought leadership topics related to the broader labor market. He presents on the national and chapter level with leading professional associations, including Financial Executives International, CFO Leadership Council, Institute of Management Accountants, and the FP&A Board.
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