Reduce Staff Turnover Through Cutting-Edge Technology with Dominic Piscopo

Providing Salary Transparency to Practitioners

In this episode of the Accountant’s Flight Plan Podcast, Dominic Piscopo shares with Brannon about his startup–Big4Transparency. This service provides accounting firms with data around salary compensation, breaking up the data by sector, geography, and position seniority. It is easy to use and accessible for firm owners who value their employees and want to compensate them fairly. They offer a tiered price model based on firm size and additionally offer recruitment services. To learn more, you can visit their website here: https://www.big4transparency.com/

Avoiding Unnecessary Turnover

Dom stresses the importance of regular compensation assessment in order to maintain fair compensation for employees. Without consistent compensation evaluation, tenured employees can end up paying a loyalty tax–often falling behind the marketplace when a standard percentage raise is all they can expect. This incentivises employees to find new positions with better compensation and can lead to the risk of unnecessary turnover.

Fixing the “Image Problem” In Accounting

Additionally, Dom and Brannon discuss the image problem that the accounting industry faces. When students are given the impression that the only viable path into accounting is by joining a Big 4, it may deter future practitioners before they get started. Without knowing that there are alternatives to the Big 4 path, prospective practitioners might believe that there is no place for them within the industry. Conversely, celebrating the alternative opportunities within mid-sized and small-sized firms could bolster the industry. Emphasizing celebrating the wins and possibilities within the profession could strengthen it and help foster hope for the next generation of accountants.

Following Your Passions to Find Balance

Brannon and Dom discuss their shared experiences starting out their careers in Big 4 Firms. In Dom’s experience working for a Big 4 before striking out on his own, he highlights the value of following all your disparate passions. He shares how his side business as a bartender and DJ for weddings led to cross-pollination with his tax work. With prospective clients meeting him through his side jobs and discovering the possibility of utilizing his tax services. The opportunity to find new and exciting opportunities outside of the traditional mold is important to keeping balance, as well as feeding your work-life balance.

Dominic and Brannon close off by discussing some of his favorite book recommendations, including “The Power of Habit” and “American Kingpin: The Epic Hunt for the Criminal Mastermind Behind the Silk Road” before wrapping up.

Dom is the founder of Big 4 Transparency, the largest crowdsourced database of accounting salaries on the market with over 18,000 rows of cleaned, standardized data. Big 4 Transparency is where 250,000+ accounting professionals go for high-quality salary data. Dom created this based on his own experience as a CPA working in tax at Deloitte and his frustrations with how difficult it was to find proper salary data – he’s now built a business around it charging firms a subscription fee for access to in-depth analytics on this data set with quarterly updates, helping them set salaries without all the leg work of being involved in compensation surveys.

Connect with Dom:

LinkedIn: https://www.linkedin.com/in/dopiscopo/
Email: dom@big4transparency.com
Big4Transparency: https://www.big4transparency.com/

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