The Bonadio Group, a leading accounting firm based in Pittsford, New York, is taking steps to attract top talent in the industry by enhancing its compensation and benefits packages. The move comes as the accounting profession faces challenges in combating the perception of declining employment opportunities.
CEO Bruce Zicari highlighted the firm’s low turnover rate, which stands at approximately 12%, significantly lower than the average turnover rates experienced by many of their competitors, which range from 15% to 20%. Zicari attributes this success to efforts made to ensure the firm offers a competitive salary, especially in the high-cost New York market. The company conducted several compensation and survey studies in the industry over the past two years, resulting in an overall increase in compensation by an average of 30%.
In addition to competitive compensation, The Bonadio Group also places a strong emphasis on career growth and development opportunities for its employees. Zicari believes that providing such opportunities keeps employees engaged and motivated to stay with the company. The firm is currently working on a new strategic plan, collaborating with the American Institute of CPAs and other top accounting firms, to redefine the career experience in public accounting.
To enhance work-life integration, the company is focused on providing professional discretion and flexibility to its employees. This includes allowing employees to work remotely and on their own terms, as well as delegating routine administrative tasks to designated units called efficiency centers. The Bonadio Group has also expanded its employee benefits related to health and wellness.
The firm is committed to improving diversity, equity, and inclusion within its workforce. It has made significant efforts in this area, including hiring a diversity, equity, and inclusion manager and actively recruiting from different colleges to bring in candidates from diverse backgrounds. The company views diversity and inclusion as integral to establishing a positive and purpose-driven culture.
Zicari acknowledges that the accounting profession as a whole needs to change to attract and retain top talent. This includes redefining work experiences, offering flexibility, providing comprehensive training and development programs, and focusing on technical and leadership skills.
The Bonadio Group’s dedication to attracting and retaining top accounting talent through improved compensation, career opportunities, work-life integration, and diversity initiatives demonstrates their commitment to creating a rewarding experience for their employees. As the firm continues to refine its strategic plan and implement innovative measures, it strives to be at the forefront of the accounting industry while addressing the evolving needs and expectations of its employees.
