CHARTS & GRAPHS

Despite Staffing Crunch, Firms Freeze Pay Raises

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Average hourly earnings of all employees in the accounting profession. Hint: Don’t show this chart to recruits.

 

Millennials say compensation isn’t the most important thing. Employers say, “Heard.”

By Beth Bellor

Suppose you’re a leader in a field that has fretted for months over staff shortages. Would you put on your thinking cap, plug it in for a while and come up with… frozen pay?

MORE: Tax & Accounting Firms Grow for 9th Straight Month | Tax & Accounting Profession Grows, but Wages Don’t | Tax and Accounting Pay Advancing at 5.9% Pace | Accounting Jobs Up 4% for Year
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Strangely enough, that’s what the latest tax and accounting profession earnings data show. Compared to previous months, the trend is stagnant or even down. The only bright spot was in payroll services staff, which also added bodies – but cut hours.

(How’s that song go? If it weren’t for bad luck?)
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Tax & Accounting Firms Grow for 9th Straight Month

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Overall accounting profession employment

 

Bookkeeping is playing the tortoise game.

By Beth Bellor

Bit by bit, the accounting profession is growing. Despite a staffing shortage. Despite an uncertain economy. Despite everything, tax and accounting firms are steadily adding to headcounts.

MORE: Tax & Accounting Profession Grows, but Wages Don’t | Tax and Accounting Pay Advancing at 5.9% Pace | Accounting Jobs Up 4% for Year
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As tax and accounting professionals begin planning for the year ahead, the CPA Trendlines Research team is fielding a new survey to check the pulse of the profession, detect emerging trends, and identify the best success strategies going into 2024.
Join the Survey. Get the Results.
Click here to launch the 10-minute survey.

According to the latest data mined by CPA Trendlines Research, new highs were reached in September in employment overall, staff, CPA firm staff, bookkeeping, women overall and women in CPA firms. Staff also hit a new mark for hourly earnings.

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Accounting Jobs Up 4% for Year

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Payroll services up over 7 percent.

By Beth Bellor
CPA Trendlines Research

Employment in the accounting profession continues to climb, according to the most recent federal jobs data. New highs were set in

  • employment overall and for staff, CPA firm staff, payroll, payroll staff, bookkeeping and women
  • earnings overall and for staff, and for payroll staff

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Total nonfarm payroll employment rose by 339,000 in May, with the unemployment rate ticking up by 0.3 percentage point to 3.7 percent. The professional and business services sector added 64,000 jobs, similar to April.
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