iscover Wellbeing of accountants, bookkeepers below national benchmark, index finds
BusinessAn index measuring wellbeing across the accounting and bookkeeping industry has revealed the profession is under strain and burnt out.
The recent launch of the Australian Accountants & Bookkeepers Wellbeing Index (AABWI) - a country-first and industry-wide measure of wellbeing and workplace conditions across the professions - revealed levels of mental health and wellbeing below national benchmarks.
According to the national AABWI report - Examining Wellbeing and the Underlying Drivers of Stress in the Profession - the workforce is “under sustained and, in many areas, intensifying strain: elevated psychological distress and burnout, escalating workloads, persistent staff shortages and recurring buddy periods that erode work-life balance.”
Technology also emerged as an area of tension - both with the relentless need to upskill and as a decisive impactor of organisational change.
Of the varied segments of the profession - including public practice, in-house positions, and bookkeepers, business owners and sole traders emerged as the most vulnerable and affected group due to the almost doubled pressure from operational responsibilities on top of the emotional toll without the established support structures of a company.
As would be expected, this degree of poor wellbeing “undermines job satisfaction, engagement, retention, and firms’ capacity to continue delivering high-quality services.”
On the other end of the spectrum, however, the report identified protective factors that could support a workforce to thrive - especially when it comes to strong social support and fair leadership. The report said the results reflect what decades of research have shown: “when leaders communicate clearly, design work sustainably, model healthy behaviours, and foster supportive team environments, both wellbeing and performance improve".
Developed by the university’s SME Research Centre, the AABWI will identify the evidence-backed factors that shape workforce health, sustainability, and professional fulfillment. Methodology blends established metrics with industry-specific indicators to offer a framework that can be trusted to guide decision-making for employers, industry bodies, and policymakers.
As the report highlights, there has not thus far been a “comprehensive, structured, or longitudinal way of understanding the wellbeing of the profession or the systemic pressures shaping its day-to-day reality,” and this is something that will hopefully be addressed in response.
The Index, the report continued, “provides an evidence base to guide decisions across employers, industry bodies, regulators, and policymakers.”
The report was co-authored by Leow-Taylor, S., Noblet, A., Tanewski, G., Torres de Oliveira, R., Bromfield, S., Nguyen, T., Hovey, E., & Davison, M.
According to research centre director Rui Torres de Oliveira, “The AABWI provides an important step toward building a clearer, evidence-based understanding of wellbeing within the accounting and bookkeeping profession.
The Australian Accountants & Bookkeeping Wellbeing Index was launched yesterday (April 13) at Deakin Downtown, Melbourne.
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Amelia is a Professional Services Journalist with Momentum Media, covering Lawyers Weekly, HR Leader, Accountants Daily and Accounting Times. She has a background in technical copy and arts and culture journalism, and enjoys screenwriting in her spare time.
