seven enticements to keep talent on board

 

time is a concern, and so is performance.

by 卡塔尔世界杯常规比赛时间 research

the pipeline of incoming accounting professionals isn’t exactly gushing these days. to the contrary, it has slowed to an inadequate dribble.

the scarcity of qualified professionals makes talent retention more important than ever. it’s far easier and less costly to keep current people on board than to attract and onboard new people.

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but what do they want? what keeps them happily at their current job?

well, for one thing, money.

but these days, that’s not enough.

wandering pros

accounting can be a tough job. the hours can be long. the skill set is large and always getting larger. the details can be onerous. it’s no wonder so many accountants are looking for another firm or even another profession.

so how do you keep pros from wandering?

a recent study from the pennsylvania institute of cpas surveyed 300 professionals who have recently left a firm or ditched the profession altogether. it asked them to complete this sentence:

“my desire to stay at my previous firm or the accounting field would have increased if …”

these so-called “career changers” were given a list of options. the top seven are a de facto list of benefits and policies that can improve retention rates.

 

seven retention enticements

higher salaries topped the list. no surprise there. despite the importance of accountancy and the scarcity of accountants, current salaries for accountants are lower than for most other professions that require similar levels of education.

so “higher salary” was mentioned by 39.7 percent of respondents.

but six other conditions were mentioned by over 30 percent. career changers might have reconsidered leaving if …

1. … there were higher salaries 39.7%
2. … there were more flexible work options around hours and location 35.6%
3. … entry- and mid-level employees were clearly more valued by senior management 33.5%
4. … leadership balanced workload among staff more evenly 32.1%
5. … there were better time off packages 31.9%
6. … there were better benefits offered (e.g., extended parental leave, sabbatical, increased pto) 30.4%
7. … there more more personalized support and focus on my professional development 30.1%

with roughly a third of all job-hoppers mentioning something other than salary, it’s clear that several factors drove them to pursue happiness somewhere else.

note that four of the seven had something to do with time. and three others related directly to a bona fide desire to improve performance.

it’s even possible that an aggregate of the lower six might to some extent outweigh the attractiveness of salary.

one thing’s for sure: there’s no silver bullet for retaining talent. it takes a bunch of silver bullets. and current employees can probably tell you what they are.

it’s worth the expense and effort. finding, hiring and onboarding a new employee can cost more than half of an annual salary. meanwhile, the empty desk is a burden on other employees and a drain on potential revenue.

the picpa study uses the term “whole person retention.” it’s a term that should find its way into every personnel policy.

posted on may 14, 2024