The quality of staff can mean the difference between creating profits and suffering tremendous losses. It’s true for all companies.
But the thing is, regardless of how much effort you put into recruiting and training the best talent, they will eventually leave. The many reasons vary and your firm needs to be prepared. More importantly, you have to make sure that you have a strong enough employee retention strategy to give them compelling reasons to stay and not look for better opportunities elsewhere.
Here are some recommended strategies to retain employees:
How Strongly Do You Pull and Push?
People leave for a wide array of reasons. Identify reasons that push people away. Most of the time, aside from finding better opportunities, people leave because they no longer like something (or things). These things “push” employees away.
Make a list and then figure out how you can minimise, if not totally eliminate, these. At the same time, figure out which things “pull” them in and make them stay. A few examples would be perks and benefits, attractive pay, or, one of the most important factors to consider, trust.
Team members who feel valued and trusted are the ones that stay. Make sure that you create a culture where people feel appreciated.
Are You “Paying” Them Enough?
One of the first things people consider in a job is the salary package. But an attractive pay isn’t always the consideration for accepting (and staying with) a job. To retain the best people, firms need to find out other ways to “pay” their staff.
For many, perks like flexible working schedule, free coffee, travel opportunities, and professional growth can influence employees into staying.
Remember that “paying well” can also transcend to showing appreciation to your staff. Combine this with the right incentives and you’ll realise that keeping your employees should not be too complicated.
We ran a poll in a previous webinar, called Winning The Talent Game, where we discovered that majority of people look for benefits, perks and flexibility in a company while pay rise comes next. Other key takeaways from the webinar include:
- 90% of millennials would stay in a job for the next 10 years if they get annual raises, according to a study.
- Millennials value bosses who are not just about profit generation.
- Companies that offer developmental opportunities have more chances of retaining staff.
- When faced with two options, employees will choose the one that offers more perks and benefits.
- In general, firms that have an established set of incentive programs tend to attract and retain talents.
Are They Playing As Hard As They Work?
Make sure that your staff plays as hard as they work. Strive for work-life balance and make it a point to allow your staff to relax and recharge.
Plan play days for your team. This is beneficial for productivity because it gives employees a breather and allows them to step out of their daily routine. Take note that happy and satisfied employees will have no reason to leave.
It is inevitable that people leave firms for various reasons. There are various reasons as to why employees choose to leave a firm and it is vital for firms to identify these so they can devise effective ways to keep people.
The proper approach is to know your staff. Identify the things that they like doing. That way, you will have a good idea of the factors they consider worth staying for as well as the things that would make them want to leave.
Check for the following:
- Does your firm offer enough perks to motivate and encourage team members?
- Identify possible reasons why employees want to leave and address those promptly
- Make sure that team members are well compensated
- Offer incentives and other benefits
- Give team members time to relax and have fun
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If you are an accountant, bookkeeper or finance firm and looking to solve capacity restraints, call our offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.