Welcome to January! Are you prepared to handle the busiest month of the Self Assessment season?

With January here, you only have a few weeks to prepare and file returns before the January 31 Self Assessment tax return deadline. But this is also a time when practices get last-minute requests or encounter unexpected challenges, such as technical or capacity issues. This is why strategising ahead of the busy season and tactically distributing tasks is crucial.

But in the midst of the numerous challenges facing accounting firms, there’s a recent addition – quiet quitting.

Okay, so the trend has been around for ages and there may be nothing significantly new to it. But in light of the growing conversations around it, there may be something to worry about, especially with the Self Assessment deadline nearing.

In this blog, we will address the growing trend of quiet quitting in the UK and assess its impact on accountancy practices during the tax season.

WHAT IS QUIET QUITTING?

Simply put, quiet quitting is when an employee does only the bare minimum of what is required of them at their workplace, without putting any additional effort into the job. The term became quite popular over the summer as it began trending on Twitter, garnering millions of searches across the web.

In fact, it was searched and retweeted so many times that it was named one of Collin’s Dictionary’s words of the year in 2022. This points to the fact that it is a real and serious issue, substantially affecting the productivity of employees at the workplace.

THE TREND IN NUMBERS

A 2022 YouGov survey of 1,947 workers in the UK reported over 4% of respondents agreeing to doing just the bare minimum to retain their jobs. An additional 16% of respondents maintained that they are neither trying hard nor coasting at their job.

While the above numbers aren’t alarmingly huge, the accounting industry particularly stands at risk with the Self Assessment tax season underway.

One of the most common reasons employees become quiet quitters is burnout. The global pandemic put immense power in the hands of employees, letting them prioritise and choose how they want to work. It also made them more aware of their health, development, and well-being. As a consequence, more and more employees are now rejecting the hustle culture to have a healthy work-life balance.

Additionally, poor management, lack of development opportunities, and stagnant pay contribute to the growing discontent among employees, especially younger millennials and GenZ.

QUIET QUITTING AND THE TAX SEASON

It is no secret that the Self Assessment season is an extremely busy time for accountants. Come January, accountants experience a solid surge in their stress levels as the pressure of managing last-minute work and filing returns before the deadline mounts. These levels are particularly high for accountancy practices that do not opt for Self Assessment tax return outsourcing online.

As the pressure to work extra hours and pull all-nighters rises in January, accountants are more likely to become quiet quitters during this period. Small accountancy practices are particularly at risk as they have limited opportunities for employee growth in addition to a higher workload and the hustle culture.

What does this mean for your practice? Should you be worried? With the deadline fast approaching, we say yes!

Although quiet quitting has been around forever, the growing conversations around it have made employees more aware of the concept. Plus, if you have younger accountants – millennials and GenZ – in your practice, you may be at an increased risk of housing quiet quitters, which can massively affect your firm’s productivity during the tax season and cost you your success and reputation.

So, what should you do? Let’s explore a few ways you can prevent employees from turning into quiet quitters in the middle of the tax season.

TIPS TO RETAIN EMPLOYEES AMID QUIET QUITTING

The UK accounting industry is already battling a severe talent crunch. On the one hand, small and medium-sized practices are losing skilled accountants to the Great Resignation, while on the other, quiet quitting is making firms hollow from within, affecting their productivity.

In this situation, the only way accountancy practice owners can retain their staff is by keeping them motivated using the following techniques.

Empathise with them

The Self Assessment tax return season can leave your team as overwhelmed as you are. This is a time when your staff needs a friend, not a boss. Empathise with your staff and try to understand and resolve their issues. Check on them regularly and pay attention to their physical and mental health.

Although you may have limited bandwidth during the tax season, give your staff some time off every once in a while. Put their comfort and convenience first and make them feel valued. Employees who feel valued at their workplace are more likely to put in extra effort and go above and beyond to achieve goals.

Provide development opportunities

Per the aforementioned YouGov survey, young millennials and GenZ between 18 to 29 years are most likely to become quiet quitters. In fact, as many as 67% of the workers in this age group said that “employees should only do the work they are paid for – no more, no less”.

For this reason, it is vital to understand this age group’s thought process and requirements. The younger generations are keener about career progression and seek numerous development opportunities. Therefore, to retain this staff, accountancy practices must provide ample upskilling and career development opportunities during and after the Self Assessment season.

Reward them

Another effective way to boost employees’ morale is by rewarding them. It may be for their dedicated efforts during the tax season, for dealing with a difficult client, or for something as simple as helping a co-worker in need. The idea is to celebrate every win that helps your firm grow in any way.

Make it a point to reward your employees from time to time, especially during and post the Self Assessment season. This motivates them to perform better and achieve greater heights, thus reducing the risk of quiet quitting.

HAVING TROUBLE MANAGING STAFF? TIME TO OUTSOURCE!

The quiet quitting trend has already taken off and there’s only so much that practice owners can do. Moreover, the Great Resignation is not over yet, which means there’s always a possibility of your employees switching to a competitor firm.

If you are having trouble retaining your staff or experiencing a capacity and productivity crunch during the busy season, outsourcing is a viable solution. With time running out, partnering with a dependable UK Self Assessment tax return outsourcing firm can help increase your turnaround time and efficiency so that you do not miss out on any opportunities.

Outsourcing opens a vast pool of highly trained and experienced tax experts for accountancy practices to choose from. These professionals are well-versed in UK tax laws and skilled in the latest software. Outsourcing helps build capacity within your firm, freeing up your in-house staff to upskill, explore new growth opportunities for your firm, and strengthen relationships with clients.

Dedicated Tax Return Outsourcing With Fin-eX Outsourcing

Fin-ex Outsourcing is a leading accounting outsourcing firm in the UK, providing dedicated personal tax outsourcing services to accounting firms. In the 14+ years of operating in the industry, we have helped several clients cut operational costs, boost profits, and achieve TAXellence with us.

We have a dedicated team of highly capable tax experts who understand your requirements and work as an extension of your team. Coupled with unbeaten expertise, we deliver the promise of a record turnaround time, all-round support, and the highest data security standards.

To outsource your tax returns to us, book a free consultation with one of our outsourcing experts today. Alternatively, you can also reach out to us at +44 208 144 8995 or askus@finexcoutsourcing.com.