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FIRM PRACTICE MANAGEMENT

‘Money is oftentimes not a and get more clients.”
Firms should raise salaries and expand benefits
motivator, but it sure can be where possible, although this might be more of
a challenge for those in lower-cost parts of the
country.
a demotivator, so you have in the Midwest told me how he’s losing staff to
“A partner at a large accounting firm based

to be at the right level.’ other firms,” said Susan Stutzel, CPA, leadership
coach, PartnersCoach, based in Tipton, Iowa. “His
people aren’t moving away, but they’re starting to
work for firms on the coasts who are offering staff
Victor Ramsauer, CPA, the CEO, shareholder, and president of LevitZacks significantly higher wages and the option to work
Certified Public Accountants fully remote.”
Stutzel added that while money often talks,
for employees since the start of 2020, including she believes salary is just one of many motivating
compensation, bonus programs, and well-being factors, and firms also need to offer employees
benefits, according to Carlier. autonomy, flexibility, social connection, purpose,
If you haven’t already, take some time to evalu- and a sense of mastery over work.
ate current staff salaries and benefits to make sure “If firms feed into those key motivational driv-
they’re in line with competitors and rising with ers, I think they’ll find people will stay,” she said.
inflation rates.
“Money is oftentimes not a motivator, but it Invest in employee well-being
sure can be a demotivator, so you have to be at the In addition to the standard benefits package, top
right level,” said Victor Ramsauer, CPA, the CEO, firms are investing in employee wellness by offer-
shareholder, and president of LevitZacks Certified ing perks such as no-cost counseling and mental
Public Accountants, based in San Diego. health coaching, additional child care support,
In addition to offering competitive salaries and fitness and wellness funds, and team parties and
benefits, Proppe said Plante Moran makes sure retreats.
employees reap the benefits of the firm’s success. Of course, firms can provide all the wellness
When the firm does well, they pass those profits resources in the world, but employees won’t take
on to the staff. advantage unless leaders demonstrate that they
“We call it our ‘Wheel of Progress,’ ” he said. can and should.
“We go out and do good work for good clients, “We encourage our leaders to demonstrate
they pay us good fees, which allows us to pay good well-being with their actions, by doing more than
wages to our staff, which then allows us to hire just encouraging their teams to consider their
more talented people, which allows us to go out personal well-being,” Carlier said. “This means

IN BRIEF

■ The job market in the financial accountants, some firms in Middle and team parties and retreats in
activities sector is driven by low America are having to compete with addition to the standard benefits
unemployment and a spike in the firms on the coasts that pay higher package.
number of job openings. Employers salaries. ■ The competition for talent is rising
are recruiting competitively, offering ■ Top firms are investing in employee along with an increase in automation.
signing bonuses, and increasing wellness by offering no-cost Many firms are implementing tools to
starting salaries. counseling and mental health take care of simple, repetitive tasks
■ As remote work becomes a coaching, additional child care and increasing the amount of time
permanent option for many support, fitness and wellness funds, employees spend with clients.

To comment on this article or to suggest an idea for another article, contact Courtney Vien at Courtney.Vien@aicpa-cima.com.

22 | Journal of Accountancy July 2022