[UNITED KINGDOM – SEPTEMBER 2022] According to a study by caba, an organization created to support the Institute of Chartered Accountants in England and Wales, around 56% of accountants experience stress and burnout. In comparison, only 41% of employees in other sectors are feeling the same way. Additionally, around 79% of accountants think mental health issues are a problem in the profession.

Unused Benefits
Despite the high burnout rate, 86% of accountants did not use an employer-provided counseling phone line, while 63% did not use mental health tools provided to them such as apps or subscriptions. Another 46% did not take mental health days to meet deadlines. Around 36% percent of employees did not take advantage of these benefits since they did not have time or were pressed to meet delivery dates with clients.

Reasons for Burnout
The elevated stress levels were due to long work hours, an overwhelming workload, and the pressure of having to be accurate all the time. With no room for error, many accountants are struggling to keep up.
Legislative changes to tax laws also played a role in the increased stress levels. In recent years, the changes required accounting professionals to spend more time analyzing new codes and their implications for clients. The pandemic has also contributed, with many accountants having to work remotely and juggle childcare simultaneously.

Great Resignation
The accountancy sector is a demanding and stressful industry to work in. The pandemic highlighted this fact as annual turnover rates in accounting firms increased to over 25%. This figure is a significant increase from the 17% average annual turnover rate a few years ago. The challenges that come with working in this field can be difficult to manage, especially during times of crisis. Due to this, demand for accounting employees increased in recent years.

The high burnout rate among accountants means that there will be a shortage of qualified professionals in the near future. With an increasing demand for accountants, businesses will find it increasingly difficult to find qualified employees. This shortage is likely to result in further increases to stress levels among accounting professionals, unless an adequate number can be recruited, trained, and supported.

About Jennings Morton Friel Associates Ltd
Jennings Morton Friel Associates Ltd is a specialist recruiter helping companies find quality bookkeepers. Its wide range of experience and knowledge in the accounting industry enables it to provide a tailored service for its clients. The company focuses on finding the right match between employer and employee. It is also committed to helping its clients find suitable candidates for their vacant positions.

Accounting positions are open in Charing Cross. Visit the Jennings Morton Friel Associates Ltd website to learn more.