Retaining valuable staff members is becoming increasingly difficult in today's competitive environment. In addition to ideas about flexible work arrangements, compensation and benefits, consider these recommendations for retaining valuable employees:
Re-recruit top performers before they get a better offer.
Retaining valued staff means being proactive. Remind top
performers of their value to your firm and discuss opportunities with
them.
Implement a comprehensive mentoring program.
Mentoring may involve one-on-one relationships with
someone close in experience level to the employee or in a group
setting led by managers and partners whose compensation and
advancement is tied to their success in developing those they mentor.
Other examples include mentoring rings composed of two team leaders
and up to 12 high-potential individuals who meet confidentially once a
month. These groups are geared toward helping employees meet their
professional aspirations and enhance their positive attributes.
Offer better career visibility. Current and
prospective employees need a clear vision of their career potential.
According to the AICPA’s Private Companies Practice Section 2006
Top Talent Study , 80% of young professionals said growth
opportunities are the primary reasons they join a firm (see http://tinyurl.com/3an6tn for
more information). This may mean being creative about providing
opportunities for career advancement in firms where openings due to
attrition are not available.
Explore various work options for retirement-age employees.
Rethink policies on mandatory retirement. Develop new
work arrangements such as project-based roles, phased retirements or
cyclical work periods to retain the knowledge and expertise of staff
nearing retirement age.
Use explicit ranking systems tied to incentives.
An individualized approach to development enhances
career satisfaction of top performers and increases the likelihood
that they will stay with the firm. Transparent ranking systems
classify employees into quadrants based on performance and potential.
Development plans are tailored to those in each quadrant to help them
improve.
Consider changes in managerial style to accommodate younger
workers. The values and expectations of businesses
and managers may need to be altered to become more in tune with those
of newer members of the work force.
Emphasize cross-training and diverse experiences to build
skills and maintain employee interest.
Cross-training develops new skills and improves employee
motivation and job interest while creating a more versatile team.
Re-emphasize the CPA exam’s importance.
Committing to a career path in accounting includes
becoming a CPA. Employees who have their company’s support in
obtaining a CPA (in terms of reimbursement and providing time and
resources) are more likely to remain loyal to the firm.
Plan for succession and knowledge transfer.
Managing succession planning through the transfer of
knowledge from experienced employees to younger members of the work
force helps professionals see opportunities for advancement.
Broaden the concept of retention. Retention
today means expanding the definition of what a long-term
employer-employee relationship means. Workers may move in and out of
employment with a firm over the course of their career. The concept
means valued professionals can maintain a long-term relationship with
former employers.
Source: Charting the Future of the Accounting, Finance and Audit Professions, The Robert Half International Financial Leadership Council, www.financialleadershipcouncil.com.
