In a competitive environment for talented accountants and financial professionals, your company’s retention rate plays a big role in its subsequent success. It’s a fact that becomes obvious when considering the costs of sourcing, interviewing, and onboarding qualified candidates. This doesn’t even take into account the loss in productivity whenever a top employee leaves for another opportunity.
With an eye towards retaining your best accounting talent, here are a few reasons employees might look elsewhere for work. Leverage these insights to keep your team in-house.
Your managerial group needs to project a positive manner at all times. Keeping the accounting team engaged and inspired is a must, especially during the stressful time of tax season. A proactive approach to open communication also helps raise employee morale and makes everyone feel their insights and ideas are welcome.
Additionally, management needs to show appreciation for its accountants. This includes offering generous bonuses on an annual basis, hosting company social activities afterhours and on the weekends, and publicly recognizing top performers for a job well done.
Failure to Provide a Proper Career Path
Career development is very important to any accounting or financial professional. In fact, the lack of a career path remains a leading reason employees leave to work with another organization. Ensure your company provides a significant training program and tuition reimbursement as a benefit to all your employees.
Require anyone who accepts tuition assistance to sign an agreement to stay aboard for a period of time. This provides an easy way to give your company’s retention rate an extra boost.
The Lack of a Positive Company Culture
Poor office culture is another major reason accountants look elsewhere for employment. Your company must take the right steps to foster a welcoming culture. We already talked about offering a career path and showing appreciation to your hardworking employees, which both contribute to the right kind of corporate culture.
At the same time, consider offering other perks, like flexible work schedules and the ability to telecommute, which are important benefits to most employees. Forging a positive office environment remains a great strategy for keeping morale at its highest, while giving your accounting team little reason to look anywhere else to grow their careers.
When you need additional insights on building – and keeping – a great accounting team at your business, speak with the experts at Venteon. As one of the top financial staffing agencies in the Midwest, we provide great candidates able to make the right difference for you. Schedule your free staffing consultation today.