The labor market continues to struggle amid the Great Renunciation as the US Bureau of Labor Statistics reported that 4.4 million people quit their jobs in April alone. While no industry is immune to this phenomenon, the accounting profession has been especially hard hit with workers leaving their jobs in record numbers and exacerbating concerns about shrinking the industry dating back to pre-pandemic times.
After reaching a peak in 2012, the total number of employed accountants has decreased since 2019, indicating that fewer professionals are entering the field. As a result, the profession faces challenges with retaining and recruiting employees.
Once the pandemic hit, increased uncertainty and stress in the workforce became apparent, further complicating recruitment and retention issues in accounting. Many experts now believe that the mental health repercussions of the pandemic are expected to remain a concern for employees around the world for the foreseeable future.
Employee burnout is one of the biggest mental health issues facing the workplace today. It wasn’t until 2019 that the World Health Organization officially recognized burnout in its International Classification of Diseases, calling it a syndrome “resulting from chronic job stress that has not been successfully managed.” Burnout can affect focus, productivity, and mood, and it can affect anyone, regardless of age or experience level.
According to a March 2021 survey conducted by By the wayEmployee burnout has only increased with the pandemic, with more than half of respondents (52%) feeling burned out and more than two-thirds (67%) believing that feeling has worsened over the course of the pandemic.
Employees suffering from burnout may be at risk for more serious illnesses such as depression, anxiety disorders, or chronic fatigue syndrome. It is more important than ever for employers to combat burnout in the workplace and support employees by prioritizing their mental health. With a focus on company culture and policies that promote work-life balance, employers can not only see fewer incidents of burnout, but also strengthen their ability to attract, hire and retain great people.
Flexibility
An important part of mental health is setting aside time to focus on the things you love to do. Flexible work models encourage and support work-life balance. Whether it’s telecommuting, alternate locations, flexible hours or job sharing, empower employees to make their own decisions about how and where to work. While face-to-face interactions are critical to fostering deep relationships with colleagues and clients, employees with flexible work models report higher job satisfaction, less burnout, and higher productivity. Even offering half-day Fridays in the summer is a way to encourage work-life balance. Give employees a good start to their weekend and more time to kick back and relax during the less demanding months of the year for CPAs.
mental health workshops
The traditional peak season in the accounting profession is demanding for employees and this is when the risk of burnout can peak. While it’s important to offer employees the option to stay home from work if they need to reduce stress, consider focusing on mental health with employees during the workday. For example, choose a day of the week to share mental health topics and resources with employees. Topics may include information on meditation, self-care, or the power of positivity. Educating employees on ways to manage stress can help reduce the incidence of burnout over time.
Unlimited paid time off
Give employees the freedom to take time off when they need it. Let employees manage their own schedules and treat them like the professionals they are. This gives employees the peace of mind that they don’t have to prioritize vacation days, keep track of PTO hours, or work while sick. It also allows them to prioritize their mental health and take a day off when needed to maintain a healthy work-life balance.
Employee Assistance Programs
Employee Assistance Programs offer free, private and confidential support and resources to employees that can help them with a variety of issues affecting their personal lives, such as stress and anxiety, child care solutions, abuse support of substances or crisis intervention. These programs are designed to support an employee’s overall wellness, which contributes to mental health and can help prevent burnout. EAPs are a no-brainer for employers committed to investing in their employees’ work-life balance.
Mental health is an important topic, both inside and outside the workplace, especially in a demanding industry like public accounting. With employee burnout at an all-time high and the Great Resignation showing no signs of abating, now is the time for companies to treat employees as their greatest asset by prioritizing mental health in the workplace and establishing programs with work-life balance in mind.
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