COVID Impact: 17,500 Tax & Accounting Jobs Lost

Tax and Accounting Headcount, Year-to_year Percentage Change. July 2020
In the red: Tax and accounting headcounts, year-to-year percentage change.

Cutbacks fall hardest at payroll agencies.

By Beth Bellor

Overall, the total number of employees in the tax and accounting sector is dropping again, but not nearly as dramatically as at payroll agencies.

MORE JOBS & HIRING TRENDS: Firms Recall Half of Furloughed Staffers  | Covid Kills 67,600 Jobs in Tax and Accounting | Pre-COVID-19, Accounting Profession Hits New Highs | Headcounts Dip by 3,500 in Tax & Accounting | Tax & Accounting Headcounts Hit Record High  | Hiring Growth Rate Shows Signs of Leveling Off | What Staffing Shortage? | Payroll Agencies Lead Jobs Growth in the Tax & Accounting Industry  | Hiring Trends Flash Warning Signs of Slowdown in Tax & Accounting | Hiring Surge Powered by Growth in Payroll Agencies |

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The payroll segment lost almost 15 percent of its jobs in the latest data collected by CPA Trendlines Research. In some consolation, though, those who are left are seeing record new earnings.

In this report, CPA Trendlines highlights:

  • Current and long-term hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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Tax & Accounting Wages Up 4%

And, hours worked? Down all over.

By Beth Bellor

The accounting profession continues to make year-over-year gains, according to new CPA Trendlines research. Hourly earnings are growing more than 4 percent, and the number employed is up in all segments – except tax prep, which is down 8.9 percent… for now.

MORE ON JOBS: The Myth of the Staff Shortage | What’s the Profession Going To Do with 79,000 New Accounting Graduates? | Accounting Profession Shows Steady Growth | Tax & Accounting Salaries Increase 2.8% | Regional CPA Firms Go Head-to-Head with Big Four in Talent Wars | Global Talent Wars Hit Home for Local Firms | How to Set Your Firm Apart to Recruits
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In this report, CPA Trendlines highlights:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the profession
  • Average hourly earnings for key segments
  • Average hours worked per week
  • Trends regarding women in the accounting workforce

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Why Firms Can’t Afford NOT to Develop Women Partners

Young smiling woman holding tablet in office8 best practices.

By Marc Rosenberg
On Staffing

Let’s open this discussion in very simple terms.

MORE ON STAFFING: Staff Performance Feedback Done Right | Why Staff Scheduling Should Be Centralized | Compensation: Money and Beyond | How to Make Mandatory Saturdays a Thing of the Past | What Staff Mentoring Is and Isn’t | Do Flexible Hours Help or Hurt Us? | 8 Keys to Keeping Staff Engaged | Staffing: What CPA Firms Are Learning the Hard Way
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The CPA profession suffers mightily from a shortage of labor. There are several reasons for this, in no particular order:
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When Coworkers Fight Flexible Scheduling

Man's finger pointing to watchSaboteurs can step in when they don’t realize they can benefit, too.

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

A talented, ambitious woman who works less than full time or takes extended family leave is extremely vulnerable to being derailed professionally.

MORE ON SPONSORING WOMEN FOR LEADERSHIP: Image Often Carries ‘Double Bind’ Baggage  | 9 Ways to Help Your Protégée Land Better Assignments | The Political Cost of Sponsorship | Don’t Let Gossip Interfere | Women Fight ‘Kids First’ Perception | 3 Changes for Men to Make | 4 Firm Benefits of Sponsoring Women as Leaders | Being the Best Means Including Women
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Whether because she is “out of sight/out of mind,” or because people doubt her commitment, she may be disregarded for promotions or high-profile projects.
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Image Often Carries ‘Double Bind’ Baggage

Black woman working at deskHow to provide ‘soft skills’ advice.

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

Feedback is important at any level of professional development.

MORE ON SPONSORING WOMEN FOR LEADERSHIP: 9 Ways to Help Your Protégée Land Better Assignments | Steer Your Protégée to Opportunities | 4 Keys to Pairing Sponsors, Protégées | 4 Ways to Help Women Seek Power | Women Judged on Performance, Men on Potential | 3 Ways Women Benefit When Seen as Leaders | Being the Best Means Including Women
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But for a woman trying to become a leader, honest, clear and practical feedback is essential. She needs to know both how well she is performing and how to project the image she wants others to have of her.
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9 Ways to Help Your Protégée Land Better Assignments

Woman shaking hands with a man as another man looks onHow are you promoting her to your coworkers?

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

Promoting your protégée to others is an important part of sponsorship.

MORE ON SPONSORING WOMEN FOR LEADERSHIP: Steer Your Protégée to Opportunities | Sponsorship Best Practices, Early and Ongoing | 3 Ways to Wreck a Woman’s Career | 4 Reasons Women Say No to Leadership | Fix Gender Bias at Your Firm | Sponsor or Mentor?
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Here are nine concrete steps:
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Steer Your Protégée to Opportunities

Stylized industrial 3D number 88 ways to guide her.

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

Once you have identified a woman to sponsor and determined that you click, you may be wondering how to get started.

MORE ON SPONSORING WOMEN FOR LEADERSHIP: Sponsorship Best Practices, Early and Ongoing | The Political Cost of Sponsorship | Don’t Let Gossip Interfere | 4 Ways to Help Women Seek Power | 4 Reasons Women Say No to Leadership | Women Fight ‘Kids First’ Perception | Women Judged on Performance, Men on Potential | Fix Gender Bias at Your Firm | 3 Changes for Men to Make | 3 Ways Women Benefit When Seen as Leaders | Sponsor or Mentor? | 4 Firm Benefits of Sponsoring Women as Leaders | Being the Best Means Including Women
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Here are some concrete steps to take:
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Sponsorship Best Practices, Early and Ongoing

Younger businesswoman and older businessman smiling and talking in office hallway17 ways both parties can make it work.

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

When you sponsor a woman, there are many steps that you can take to ensure that the relationship is productive and achieves its objectives.

MORE ON SPONSORING WOMEN FOR LEADERSHIP: The Political Cost of Sponsorship | 4 Keys to Pairing Sponsors, Protégées | 4 Ways to Help Women Seek Power | Women Judged on Performance, Men on Potential | 3 Ways Women Benefit When Seen as Leaders | Being the Best Means Including Women
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Here are some tips for getting off to a strong start and following through effectively, especially by focusing on career opportunities and promoting your protégée to others.
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