Overcoming the mental health crisis within public practice

It’s no secret that being an accountant is hard work.??

Whether it’s long hours, towering workloads or high-pressure environments, it’s a career that can sometimes ask a lot.??

However, we’re seeing a troubling trend recently – a significant rise in stress, burnout, and mental health issues within public practice professionals.??

New stats from Advancetrack , who compiles the Accounting Talent Index, outlines just how serious the “mental health emergency” has become.??

So, what’s causing the “mental health emergency”, and how can firms provide better support to overcome it??

Let’s talk about it.?

Advancetrack’s Mental Health report?

Advancetrack’s May 2024 Accounting Talent Index shines an important light on the magnitude of the mental health crisis and how much of an impact it’s having on accountants at every level, even those at the very top.??

The report estimates that 88% of worldwide accountants say that the skills shortage is “significantly” harming their mental health, work-life balance and stress levels. Even more alarmingly, 33% say that the strain on their wellbeing has become “severe”.?

As well as this, Advancetrack has revealed that 45% of UK firms are “severely” or “significantly” affected by the skills shortage – with 75% of those surveyed reporting that the issue is much worse than it was three years ago.?

Caba, an ICAEW funded charity, released a report back in 2022 found that 56% of accountants said that they were suffering with stress and burnout. Comparing those statistics to the 2024 research, it’s resoundingly clear that the mental health crisis within public practice has only gotten worse.??

When mental health is compromised, it affects everything—from job performance to personal relationships. For firms, this isn’t just a compassionate issue; it’s a business issue. Stressed and burned-out employees are less productive, more prone to errors, and more likely to leave the company, leading to costly turnover.?

Therefore, it’s essential that firms acknowledge the mental health crisis for what it is, and take the necessary steps to rectify it.?

Why are accountants struggling??

From tax season crunches to meeting deadlines with absolute precision, accountants are often held to high standards.?

While this may be the nature of the job, there’s clearly a demand from accountants for firms to offer better support.??

Vipul Sheth, Managing Director of Advancetrack, is now calling for firms to take action.??

He said: “The Accounting Talent Index shows we face a perfect storm. It seems it’s never been harder to be a Partner of an accountancy firm – and it’s never been less appealing to join the profession.?

“The root cause seems to be the ever-widening chasm between demand and supply of talent in major economies like the U.K., U.S. and Australia.”?

Here’s what we think may be driving the mental health crisis:?

• High Expectations and Tight Deadlines: The pace at which accountants are expected to work has only intensified. As new technology emerges, both clients and employers expect faster turnarounds, often without a reduction in workload. This constant pressure to perform can feel like a never-ending race.?

• Perfectionism and Attention to Detail: The very traits that make someone a great accountant—attention to detail, precision, and a strong sense of responsibility—can also be the source of immense stress. The fear of making mistakes, especially when dealing with significant financial figures, can be overwhelming.?
• Isolation and Loneliness: Accounting isn’t typically seen as a “team sport.” Many accountants spend long hours working independently, which can lead to feelings of isolation. During busy seasons, personal lives often take a backseat, leaving little time for social interaction or self-care.?
• Stigma Around Mental Health: Despite the increasing awareness of mental health issues, a stigma still exists. The “grind culture” attitude places a strong emphasis on professionalism and “keeping it together.” Many accountants might feel reluctant to speak up or seek help, fearing that it could be seen as a sign of weakness.?

Feel like you may be on the brink of burnout? Learn how to implement a better work-life balance. ??

Steps the sector can take together?

As alarming as the Accounting Talent Index 2024 may be, we believe that change is on the horizon.?

Conversations around mental health within public practice are starting to gain more momentum. Firms are bolstering employee wellbeing and wellness support and making work-life balance more of a priority than ever.??

As specialist recruiters hiring exclusively into public practice, we’re uniquely positioned to spot trends within the sector and advise firms on what they can do to attract and retain talent.??

Thankfully, we’re happy to see that a lot of firms nowadays are offering flexible and hybrid working as a standard perk. Employers are investing more heavily in Employee Assistance Programs and revisiting their health and wellbeing schemes to ensure that their staff have access to the support that they may need.?

To further help firms in bettering their mental health services, Advancetrack has also published a five-step action plan :?

1. Build better solutions to promote work-life balance: Offer flexible work arrangements and mental health support, including hybrid and remote work options and designated mental health days.??
2. Define and build better career development opportunities: Manage workloads effectively by hiring additional staff and utilising automation tools, as well as providing continuous education, professional development, and leadership training.?
3. Create a positive work environment: Foster a positive and inclusive culture through recognition programs and supportive work environments.?
4. Offer competitive compensation and incentives: Ensure competitive salaries and provide performance-based bonuses. Offer financial incentives and opportunities for career advancement.?
5. Utilise technology and innovation: Integrate automation tools and advanced analytics to streamline processes and enhance efficiency. Seek supporting measures, like outsourcing, to help the pressures facing the workforce.?

Want to know how public practice will change over the next year? Learn about the ICAEW’s revised 2024-2025 strategy. ??

A call to action?

If you’re reading this and you’re in a position to influence change—whether you’re a hiring manager or an accountant yourself—consider this a call to action. ?

The mental health crisis within public practice isn’t something that will go away on its own. It requires proactive steps, empathy, and a commitment from everyone within the sector to work together to create a healthier work environment.?

The most valuable asset in accounting isn’t just numbers on a spreadsheet—it’s the people behind them. And when our people thrive, so does the profession. So let’s start prioritising wellbeing to fortify the future of public practice.??

Are you a firm looking to improve the mental health services you provide to employees? Or maybe you’re an accountant who’s looking to work for a person-led practice that can offer a better work-life balance??

Here at Public Practice Recruitment Ltd, we place the wellbeing of our candidates at the forefront of what we do. Our team goes above and beyond to take the stress out of the hiring and job-searching process, so both candidates and firms can focus on the things that matter most.??

Find out what that means for you by getting in touch with our team today. ??

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