Currently with fewer candidates, eliminating employee turnover is vital to maintain a successful CPA firm.
It is no surprise our accounting industry is facing a staffing problem. With increased demand for accounting services and a shrinking supply of accounting professionals due the Great Resignation and a decline in candidates interested in the profession, employee retention is critical.
Change is on the horizon!
A major issue CPA firms face (especially smaller firms) is employee turnover. This is detrimental and costly, as oftentimes, employers have invested months training their employees. Eliminating employee turnover is vital to maintain a successful CPA firm.
I’ve reflected upon what has worked in my 25+ years of experience and discussed this topic in a previous podcast with Bruce Daisley. Through those discussions, we’ve identified many of the keys and secrets to strengthening employee retention.
Keys to Boosting Employee Retention
To eliminate employee turnover, firms must create a culture where employees love coming to work. When I started my firm over 25 years ago, I set out to accomplish two goals, one being to create a CPA firm where entrepreneurs could receive the best tax advice and the second being a place where people love to come to work. Work culture plays a massive part in reducing employee turnover.
As CPAs, we enjoy looking at numbers. If you’re noticing your firm’s employee turnover rate increasing, then it is time to reevaluate and reflect upon your workplace culture as this is the first step in fixing turnover. Oftentimes, reevaluating and reflecting upon one’s workplace culture is the first step in fixing the problem.
From my experience, when employees are happy and engaged, they generate positive energy, which in turn, helps motivate themselves and everyone around them. People have an internal desire to succeed and thrive off their personal success. Employees want something more from their job. They want to make a contribution. They recognize that work affords us an opportunity to make a difference. I’ve learned that fostering an environment that allows people to have a mission to go after and take ownership is vitally important for creating an atmosphere where people are enthusiastic and enjoy going to work.
What is Good Communication?
Through my own reflections and discussion with Bruce, one secret to fostering a better work culture is good communication. Good communication is integral as it allows people to be comfortable opening up and voicing their opinions. Employees need to be able to feel they can be honest, speak freely, and express their concerns without fear of retribution. To achieve this, the firm’s managers and directors need to be open, candid, and willing to engage in dialogue. In addition, no one should be micromanaging employees as scrutinizing every action leads to feelings of insecurity and inability to succeed. This breakdown in communication and fear of being reprimanded will cause professionals to become unhappy and apathetic towards their work and seek a new environment.
In my companies, we have a “code of honor” where everyone owns their mistakes and accepts responsibility. We have a rule in our network to only share experiences and to never give advice. Many times, giving advice can be interpreted as telling someone what to do, which many people are resistant to hearing. However, sharing an experience with them allows them to relate, empowering people to be accountable and take ownership as they develop their own ideas off of your experience. Once workers are motivated and in control of their own work and decision making, they own their job, which promotes a responsible energy and culture.
Here’s the bottom line, creating a workplace culture where everyone enjoys going to work requires you to “Change Your Facts”!
Try This
Share your organizations values. Empower your employees (don’t micromanage them). Promote good communication. Create your code of honor.
If you would like to Build a better practice, please visit: recruiting.wealthability.com