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The Accounting Services industry is expected to experience steady growth over the next five years. Combine this with a spike in new businesses forming, and there will be more of a demand for traditional accounting services both at a private and corporate business level.
With this growing market in mind, it is of the utmost importance to invest in the right set of employee benefits to attract and retain the best accounting talent. Candidates are looking for the perfect mix of medical and disability insurance, paid time off, and a work-life balance to keep them inspired to wake up and come to work each morning.
Typically skilled workers, competitive benefit packages can help to attract talented employees; lower turnover rates, and lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are about 133,000 accounting services companies in the United States, employing over 1.14 million people. Each business tends to be on the smaller side, with about 9 employees per firm. The accounting industry is predominantly female, so to make yourself stand out in a sea of competition, it is more important than ever to invest in the right employee benefits. Doing so will entice applicants, save your company money, and promote employee retention.
60% of accounting companies offer access to both short-term disability and long-term disability plans. This percentage is well above the national averages.
75% of accounting companies offer life insurance, which is again above the national average.
As a whole, the accounting services industry is well above the national average when it comes to providing their employees with good quality and sustainable benefits. But in order to stay at this impressive level, it is important for accounting companies to constantly invest and reevaluate their benefits packages. The goal is for a business owner to offer employee benefits in accounting package that really stands out, entices top-quality employees, and is used as a differentiator in this competitive space.
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