The Loyalty Question - Part 2 - Wage Compression

 

"I've worked hard here for three years and the new hires are making the same wages as I am. I am job hunting."

Real quote from a frustrated worker.

The last three years have been difficult for employers and employees alike, and some employees who remained loyal and did not leave are feeling put upon.

How do you adjust to the current labor market and not leave loyal employees behind?

Regular evaluations and regular pay adjustments are a valuable approach.

What if you just cannot afford to pay more?

Silence is not a high value management strategy. If the news is bad tell the loyal employees and let them decide their own fate. Look for other means of compensation, such as increased paid time off. Try something.

Silence does not work out well.

Why Does Your CPA Look Frazzled and Why Are the Fees Going Up?

 

The public accounting sector is hitting the perfect storm.

        many CPAs are at or near retirement age

            fewer young people are enrolling in college accounting  programs

            there is more work

            the IRS code (and state tax codes) are becoming more complex

            costs are going up

            technology demands are greater, and costs are going up

This will cause higher fees, and your accountant may "fire" you from the client roster, due to the above factors.