Tuesday, 19 February 2008  
 
Managing a work life balance and keeping up with the volume of work are the main issues of concern for Chartered Accountants operating in Australia and the rest of the world according to the latest International Innovation Network* surveys. 
 
The worldwide surveys targeted two membership segments, accountants operating in firms (practice) and accountants operating in businesses. The International Innovation Network (IIN) consists of national accounting institutes in Europe, Asia Pacific and the Americas who share a desire to stimulate innovation and ensure quality in the products and services offered by and to their members.  
 
Issues of concern for Australian Chartered Accountant firms were almost identical to firms operating in other countries. Of particular note given the current skills shortage worldwide, staff recruitment and retention were ranked below staying in public accounting and keeping abreast of changes in standards, indicating that accounting firms are comfortable with the loyalty being shown by their employees. 
 
The top issues identified in Australia’s business members survey results included, managing a healthy life balance and developing management and leadership skills. However, there were a few variances in terms of priority worth noting.  
 
“Australian Chartered Accountants in business, in comparison with their world counterparts have high levels of satisfaction across most aspects of their job, especially autonomy and job security. Only one third (35 per cent) of Chartered Accountants working in business have changed their job in the past five years, compared to over half (53 per cent) of those surveyed in other countries,” said Graham Meyer, Chief Executive Officer, Institute of Chartered Accountants in Australia.  
 
Business expansion was high on the agenda for many accounting firms with over 73 per cent of Australian respondents expected to expand in the next five years. However, while business expansion was high on the agenda many of the risks associated with it were not.  
 
“Coupled with business expansion comes increased risks to the business and the importance of sound succession planning. The results of the survey found that succession planning was low in priority for many firms, with only 40 per cent listing succession planning as important.”  
 
“The challenge for accounting firms is to align their succession plan with their business plan, too few businesses have a documented succession plan for the future of the business. A succession plan also acts as insurance for the business and covers the involuntary departure of key employees due to death or incapacity,” said Mr Meyer. 
 
Members in practice top-line results

• 91 per cent consider retaining quality clients as either very important or critical
• 84 per cent consider balancing work and personal issues as very important or critical
• 81 per cent deem attracting the right type of clients as either critical or very important

• The main reason for Chartered Accountants in business changing employers is for ‘better work’
• Over 60 per cent of respondents will not change jobs in the next two years
• Interesting and intellectually challenging work are the most important aspects to a job.