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Why Accountants Stay


Sept. 19, 2005 (SmartPros) A recent Hudson survey says nearly 70 percent of accounting workers would leave their employer. So what keeps 30 percent of accountants loyal to the company?



In part, compensation -- but work-life balance, training, and good manager relationships are important, too, the survey found. When workers' needs regarding issues such as career advancement and training are not met, they are more likely to look for a new job than when their salary and benefits are poor.

When broken down by occupation, accountants appear satisfied with their current job, especially when compared to other occupations. Three in ten (30 percent) accounting workers would not consider another job offer, while just one-fifth (19 percent) of human resource and manufacturing workers feel that way. The average for all occupations is 25 percent.

Specifically, 68 percent of accounting workers polled fell into one of three "job search status" categories: "actively looking," "updated resume," or "would listen [to a job offer]." Two percent said "not sure." The remaining 30 percent said they would not consider another job offer.

As the table below shows, accounting workers ranked fair salary, benefits and manager relationship as very important, followed by balance, opportunity and training.

Very Important

Fair Salary

79%

Benefits

77%

Manager relationship

65%

Balance 

67%

Opportunity

56%

Training

49%

On the other hand, while 79 percent want a fair salary, only 28 percent ranked theirs as "excellent," 36 percent as "good," and 20 percent as "fair." And only 31 percent ranked their benefits as "excellent," and 32 percent as "good."

In contrast, accountants appear pleased with the relationships they have with managers. Forty-six percent ranked their manager relationship as "excellent," and 37 percent said it is "good." Just 18 percent rated is as "fair" or "poor." 

All things considered, 65 percent of accountants would recommend their own organization, and 47 percent of accountants say the best employees stay. More than half, or 57 percent of accountants polled, have been employed at their current employer for less than five years, 18 percent between 10 and 15 years, and 25 percent for 15 or more years.

Interestingly, the survey found that most companies don't ask workers for their input. Only 34 percent of accounting workers reported that their organizations conduct internal surveys to gather feedback from their employee base. Of those who do conduct surveys, 79 percent said they "always" participate.

According to Hudson, the survey results suggest that workers still consider a competitive pay and benefits package to be indispensable, but employers need to offer more than that to keep employees satisfied and on the job.

How do you compare? See the results of our reader poll. 

Additional information about the Hudson retention survey is available in the "Why Employees Walk: 2005 Retention Initiatives Report" online at www.hudson-index.com. The survey is based on a national poll of 10,000 U.S. workers and was compiled by Rasmussen Reports, LLC, an independent research firm.

2005 SmartPros Ltd. All rights reserved.

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