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December 2021 » The Value of Incorporating Values...
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Lauren L. Rich, DBA, and James C. Rich, DBA, CPA
Many CPA firms are losing more than 25% of their staff each year, which is more than double the national average (Carolyn Kmet, “CPAs: Why They Leave, Where They Go,” Insight, Fall 2018). Shockingly, the direct costs associated with replacing a staff member often exceed 50% of the employee's annual salary (“The Cost of Staff Turnover: $32,500,” CPA Trendlines, 2010). In addition, potentially of greater concern are the indirect costs resulting from the reduced quality of client services and loss of specialized knowledge inherent to high turnover (Hossein Nouri and Robert James Parker, “Turnover in Public Accounting Firms: a Literature Review,” Managerial Auditing Journal, 2020, p. 294). In spite of the significant efforts and resources expended by firms to combat employee turnover, the issue continues to plague public accounting firms and remains one of the most challenging problems facing professional leaders.
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