The scramble for accountants with three to five years of experience is spurring accounting firms to innovative uses of perks, workweeks and want-ads. Factors contributing to the dry well of accountants include a snug employee market and defection of accountants to industry, according to the September issue of The Practical Accountant.
Raises are one answer, the article notes.
But as money is rarely cited as a factor in a young accountant's retention, firms have fought back with flextime, stock options, part-timers and alliances with other firms. Larson Allen Weishair in Minneapolis, for instance, upped the firm's share of health insurance premiums. Smaller accounting firms may actually lead the Big Five in the use of customized work arrangements.