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January 29, 2023

BREAKING: Staff Leaving CPA Firms for More Money

According to the Rosenberg MAP Survey, which you can buy here if you feel like dropping $450, turnover at some CPA firms saw their turnover go up 50% in 2012.

GAHHHHHH!

Wait, it's NBD:

Yes, turnover increased 50%. But the 16-18% range is about where staff turnover was at before the recession and where it has historically settled at in the CPA profession. The 11-12% for 2011 and 2010 was much lower than historical turnover levels because people were hanging on to their jobs, waiting until the recession’s recovery created new jobs. As businesses slowly emerged from the recession, they weren’t doing much hiring. That changed in 2012. So yes, staff turnover is up 50%, but it’s just getting back to historical levels.

According to the survey, the four main reasons people left their firm are:

1. Went to industry often for better money.
2. Something, something
3. Something else
4. Something about family

And they shared a few quotables from those who left including all your favorites:

“One of our major niche industries has been hiring like crazy and they don’t care about economics; they will pay whatever it takes.”

"[They] left for more money with less stress"

“90% of our staff departures went into industry – salary offers were very high.”

“Many staff hung in’ with us when salary increases and bonuses were disappointing. Then, when the market improved, the staff jumped."

We'll update you as information becomes available.

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