Staff retention is pivotal to the long-term success and health of any business.
By retaining high performing staff, firms ensure they maintain their competitive edge in today’s economic climate. The alternative is the expensive process of continually “training up” new staff to fill the gaps created by staff attrition.
This report seeks to explore the difficulties women within the accounting profession encounter returning to the workforce after a career break and the drain on firms created by the loss of human capital when these staff consider it too challenging to return to their previous roles.
Focusing on professional women in the field of accounting, this report suggests remedies to assist these women transition back to their chosen profession and explores the concept of retaining this valuable resource.
The report highlights:
- The difficulties faced by women returning to work within the accounting profession;
- The importance of staff retention for accounting firms;
- The economic value in maintaining women in accounting.
Our research conducted over three years, exposed problems in the accounting industry and revealed a shortage of skilled female accountants. We spoke with numerous mid-tier CBD firms, suburban and regional firms as well as individual accountants.
Australia now produces more female graduates than males and despite women comprising 45.6% of all employees in the workforce, the accounting industry is struggling with a skills shortage when they look to recruit. The solution is simple: women must be retained and supported in the accounting industry and accounting firms supported by industry bodies in this endeavour.
This report suggests remedies to assist women transition back to the accounting profession. It explores the concept of engaging accounting firms in becoming aware of these issues, to avoid the potential loss of human capital and financial drain.
Benefits for Accounting Industry Bodies from maintaining women in accounting:
- Increase in Employer Value Proposition;
- Increase in staff connectivity to business;
- Increased staff retention;
- Increase in client satisfaction;
- Decrease in recruitment costs.
- Increase of industry longevity;
- Increase in membership tenure;
- Positioning of Industry body as a thought leader;
- Increased liaison with accounting firms through support and leadership.