Companies and accounting firms are shelling out bonuses and boosting salaries to recruit and retain CPAs amid staff shortages and record turnover.
Salary offers have jumped as much as 25% for some roles in recent months. But it’s uncertain if the higher pay will make up for a decade of sluggish salary growth and a shrinking profession.
Competition for skilled accountants has forced the largest CPA firms to boost pay—including midyear raises that KPMG LLP announced in January —as employers adjust to the hot labor market. Firms have also offered flexible work, expanded paid leave, and other carrots to recruit fresh hires and convince others to stay on the job.
“The pandemic and the great resignation have really shone a spotlight on a problem that has been brewing for years,” said Liz Kolar, executive vice president of Surgent Accounting & Financial Education. “The accounting industry for some reason has just not moved with the rest of the country in terms of offering competitive salaries, and this has been going on for over a decade.”
The shift in power toward workers and away from employers has forced businesses to meet demands for more time off, remote work, and flexible schedules—not just wages—said Paul McDonald, senior executive director for staffing firm Robert Half.
“They are demanding perks and benefits that we haven’t seen...
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