Holding onto the most critical members of your organizational team, especially talented accountants, can be very difficult to do in today’s competitive market. Seems like the wolves are always knocking at your doors trying to steal them. Why is your company losing talented accountants in 2014? We have some scenarios as to why this is happening to your company and what you can do to fix the problem in this post.
The Corporate Culture
Some companies believe that hiring policies are not strict enough, which is why they may be losing accountants. But, it might actually be the corporate culture that is killing an accounting division. If accountants are leaving your company after employment of just one year, you need to take a long, hard look at the culture in the office.
How does corporate culture affect retention rates? Accountants, along with other employees, will not stick around if a company’s culture is not positive. No one wants to work at a company with a negative culture because it ruins their day and even makes them resent coming to work each day.
How can you spot issues with the corporate culture? A part of the company culture is the management team in each division. Many employees leave to work elsewhere not because they hate their job, but because they are leaving a manager behind. You should also take a look at how managers are viewed by their team members and how they interact with their employees. Managers who do not communicate well, provide advancement opportunities, or don’t show appreciation will have a large turnover ratio in their department.
A company that performs a reorganization often, once every six months or so, will find it difficult to hold onto talented accountants in 2014. Accountants want to work in a stable environment where they know their co-workers and superiors. When reorganizations occur, employees get laid off. This creates an environment of stress and uncertainty. This can lead talented accountants to seek work elsewhere so they prevent being laid off before it can happen.
Competition in a Negative Manner
Competition in a company is very healthy, to an extent. Competition should never be negative. This type of competition can kill the culture at your company and even cause employees to leave for greener pastures. When companies pit divisions against divisions and departments against departments, it turns out to be a very negative environment. Employees will not feel encouraged to stay with your company if you pit them against each other.
Scheduling is Too Tight
Many young accountants like to have flexible scheduling and other benefits. Working in 2014 means that companies need to be flexible with their employees. Do not expect them to work 60 hours per week, weekends, and take very little vacation days. Maybe you could offer them shorter Fridays, longer vacations, and even the option to work from home every so often.
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