Five tips to reduce employee turnover at your accounting firm

Five tips to reduce employee turnover

September 27, 2022 9:00 AM

Attracting and retaining employees is one of the biggest issues firms face in today's job market. Successful firms recognize the importance of retaining top performers and are constantly developing strategies to keep them.

Employee turnover is part of any business. One report suggests that a turnover rate of close to 19% can be expected in many industries. Low employee retention is both costly and detrimental to any sized firm. Retaining employees from the beginning helps reduce the hassle and wasted time training new staff.

Retaining employees can be as simple as making them feel valued and providing them with growth opportunities. High employee retention also helps boost morale, reduce costs, and maintain a good client experience.

Read on to learn tips to reduce employee turnover in your firm today.

Find the right talent

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Hiring the right person begins with ensuring that recruiting is looking for the right person from the start. It's essential to know the exact qualities you are looking for in your new team members and to relay those to recruiters before starting the hiring process.

Every company has a different hiring process. Are your interview questions thoughtful and selective? Behavioral interview questions can give you valuable insight into their personality and values. You'll find more success when you hire employees with the right skills and also align with your practice's cultural and behavioral beliefs.

Firms are more likely to hire correctly when peers in the same role have a part in the hiring process and decisions. Consider making specific roles remote to increase the pool of available candidates and boost the chances you find the ideal fit.

Focus on onboarding

Onboarding is often an employee's first glimpse into an organization's culture, and it's tough to recover from a bad experience. Employees with negative onboarding experiences are twice as likely to explore new opportunities early on.

Better, more specialized onboarding leads to faster time to productivity and acclimation. But even minor improvements can make a lasting impression. A good onboarding process doesn't put employees in a room for eight hours with an extensive training manual. It pairs new employees with mentors and checks in to see how things are going, providing support and resources along the way.

Encourage work-life harmony

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Leaders should stress that work-life harmony is a companywide priority. Without it, you and your staff are more likely to burn out or quit. Remote work and flexible scheduling are ways employers try to increase retention by facilitating a better balance between work and personal.

Employee perks such as unlimited maternity and paternity leave during the first year of a child's life or travel stipends may help your firm stand out. It's also important to respect your staff's time off — that means no contacting them while they are away from the office.

Recognize and reward employees

Your staff deserves recognition and appreciation. Make sure to congratulate them when they go above and beyond their normal duties.

Creating a positive work environment allows employees to thrive. Here, a manager's influence is enormous. Giving thanks and notes of gratitude for the work employees put in daily can go a long way toward improving employee retention.

Positive feedback from managers significantly increases workers' engagement levels. It's easy to understand why peer-to-peer recognition programs are so successful, especially when they utilize technology.

Encourage learning and development

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A workplace survey report found that 94% of surveyed employees responded that they would stay longer if a company invested in helping them learn.

Learning and development help improve employee morale and benefit the organization. Companies can establish explicit learning and development protocols and allow their employees to pursue areas that interest them. For example, offer a budget to attend an annual conference or class.

A practice with outstanding training integrates it into their team's "day job" and actively encourages participation. They also constantly try new ways to deliver it (smaller sessions, new media) and measure its effectiveness.

Don't overlook the value of training existing workers for entirely new roles. Create a clear link between upskilling and defined job roles within the firm and simplify the process for workers to find internal positions that might be a good fit for them.