2018-01-03 00:00:00 Firm Management English Get these valuable tips on specific steps you can take to reduce employee turnover in your Canadian accounting business. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2018/01/10111307/employee-leaves-accounting-business-final-time-increasing-turnover-rate.jpg Improve Employee Turnover Rates for Your Accounting Business

Improve Employee Turnover Rates for Your Accounting Business

3 min read

Keeping talented employees on board and avoiding high employee turnover rates helps keep your accounting business stable and well set for growth. Rather than just hoping to get and keep high-quality employees, take specific steps to make that goal a reality.

Keeping Good Employees Starts With Smart Hiring

You can’t just hire people randomly and expect that to magically create a solid, loyal team filled with top-notch talent. Employee retention rates are impacted by how good a job you do at selecting the right people to work for your business in the first place. Look beyond basic job qualifications when you’re interviewing people, and think about how well a job candidate is likely to fit in with your existing staff and clients, and the brand identity you want for your business. Hiring people who are a good fit for your company increases the likelihood they’ll stick around.

One thing you can usually do pretty easily is distinguish between candidates who are genuinely interested in specifically working for your firm from those who are just looking for a job and likely to leave as soon as someone else offers them more money.

When you’re interviewing for key staff positions, go ahead and share the fact you’re looking to build a team for the long term, a core group of key employees to help guide and grow your accounting business into something unique and special. Watch how an applicant reacts to that information, whether it makes his eyes light up with enthusiasm or gets a ho-hum response.

Purposely Nurture a Team Mentality

The best teams of employees feel they have a shared investment in the good fortune of the company where they work. Help create and encourage that kind of feeling by sharing your corporate vision of what your company stands for and is aiming to achieve and become, and by letting employees know you see them as a valuable piece of the puzzle for making that happen.

Support a shared vision atmosphere and team mentality by doing things such as inviting your employees to offer input into how to go about attaining company goals. And don’t overlook taking the time to personally tell them how important they are to the company’s overall success, and explain how their specific job duties are contributing to that success.

You can strengthen staff loyalty by talking with employees about how they can integrate achieving personal goals with helping attain company goals. For example, if an employee has a dream of traveling abroad, you might point out how helping the company reach a certain level of income can open the door for him to be part of a new overseas office.

Give Meaningful Employee Rewards

Instead of just handing out generic rewards for things like meeting individual work quotas, enhance the feeling of partnership in your company’s success by tying employee rewards to the achievement of company goals. Sure, you can reward an individual employee for landing a major client, but you can also hand out bonuses company-wide when your business attains a new record level of income or profitability.

Tailor employee rewards and incentives to individuals. Some employees may value perks such as paid time off, being able to telecommute, or tuition reimbursement to help them expand their job skills more than a salary raise or bonus. Find out what’s most important to your individual employees, and do your best to give them those things as thanks for their contributions to building your business.

Trade in the unnecessary expense of high employee turnover rates for a solid core of talent by consciously taking steps to create and maintain a team mentality in your accounting business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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