A trailblazing shift to 2080 hours - Interview with Jim Marasco, Managing Partner, EFPR Group
Earlier this year, EFPR made a trailblazing announcement. Beginning October 1, they will adjust their annual hour requirement for employees down to 2080 total hours. This new initiative will modify employee schedules to ensure they’re working an average of 40 hours per week.
Since making this announcement in April, EFPR Group managing partner, Jim Marasco , shared how his team has been working hard to prepare for this policy change.
As part of their long-term strategic plan, they knew that in order to grow and stay independent, they needed good staffing and people to come up the ranks and stick around with the firm. Allowing for at least six months of lead time, EFPR Group has been working on the plans to ensure this new policy is successful.
“We recognize there will be ebbs and flows, but we’re striving for an overall 40-hour, or 2080-hour annual, work schedule,” said Marasco.
EFPR Group knows they’re losing thousands of hours with this policy and are in the process of staffing up to accommodate. Overall, the partners were very supportive of this change and trusted that this was going to be worth the financial risk. They’ve hired a new recruiter to help with these staffing efforts. Marasco also emphasized the importance of communicating expectations with clients and staff.
“It’s important to prepare both staff and clients,” said Marasco. “We want to plan and schedule around the clients who have various busy times to set expectations upfront about new timelines for when work is going to be completed.”
Marasco explained that this radical shift from requiring 2300 hours annually to 2080 was necessary because of the changing state of the accounting profession and to help make their firm stand out.
“It can be challenging to differentiate ourselves from others in our size and market,” said Marasco. “We’ve added a lot of benefits, but we’re finding that people really want a reduced schedule, less stress in their life, and more balance. At this point, we can either fight where the industry is going or get out ahead of it.”
The staff at EFPR Group has been excited about the new policy so far and Marasco shared that they haven’t lost any employees post-tax season, even after an especially stressful season.
“Since making the announcement and talking with staff, we haven’t lost anyone,” said Marasco. “People have even let us know that this policy is the reason people are going to stick around.”
“As a working parent, the prospect of a 2080 policy is exciting,” said Kara E. Cline, EFPR Group director. “It would give me the flexibility to be present for family matters without feeling guilty or overwhelmed. It would also alleviate the stress of balancing professional and parental responsibilities and provide the necessary support for a healthier work-life integration.”
EFPR Group senior accountant, Arnold E. Mast shared, “I’m looking forward to the 2080 policy, as it will allow me to spend more time with my family, which is my highest priority. It will ultimately result in a more fulfilling professional and personal life.
“I am so excited to be a part of the firm’s 2080 work-life balance,” said Leigh Jason, EFPR Group senior accountant. “As an avid skier, I am always balancing my ski season with tax season and to know that my future is going to be filled with even more time to do the things I love is such a great feeling. I am looking forward to not only getting more visits to the mountain but being more present with my friends and family. Being able to have a work-life balance that works for me is so valuable and I am thrilled to be a part of this change that EFPR is presenting to the accounting industry.”
While the results of this change aren’t in yet, Marasco and the team are looking forward to the next few months of implementing their new policy, hiring more staff, and adjusting expectations. Marasco promises to share with CPAmerica how things have progressed, so check back in a few months!
If you’re interested in learning more about EFPR Group’s 2080 Policy, please contact Hope DellaStua , director of operations, at [email protected].
This article can be found in the June 2023 issue of the CPAmerica Advantage newsletter. Click here to view the full newsletter.