Accounting Appreciation Day is November 10, the tail end of a whirlwind year — one that has been filled with challenges of unprecedented scope and magnitude. With that in mind, I want to challenge my fellow accounting leaders to rise to the occasion, and I’ve broken down four easy-to-implement, budget-friendly suggestions to help you do so.
Share the Wealth
Money always acts as a powerful motivator (as perhaps accountants know best). So if your organization hasn’t been financially hamstrung by COVID-19 disruption, you should reward your team by sharing the wealth.
Of course, that doesn’t necessarily entail handing out lavish cash bonuses, mind you. Lower-cost alternatives like gift cards are just as appreciated. In fact, one survey even found that gift cards were the preferred form of reward for reaching milestones among employees. Think of it as a simple way to demonstrate that you value your team members — and it just might boost morale and increase productivity in your office, too.
Celebrate Loyalty
Frequent job-hopping is increasingly the norm today. Yet many accounting firms have proven resistant to this trend and achieved higher-than-average retention rates. According to one report, for example, more than a third of accountants have been with their firms for five to nine years — and one in five have worked for the same firm for 10 years or longer.
That’s remarkable loyalty in the face of a fickle labor market. So set aside time during Accounting Appreciation Day to honor and celebrate any tenure-related milestones. Encourage these more senior staff members to share anecdotes about overcoming challenges at work, what they’re most proud of or any other insights with your team. That can help set a positive example for everyone else.
Make It Personal
Meaningful on-the-job recognition doesn’t work unless it’s personal. So in advance of Accounting Appreciation Day, take a minute to find out how each one of your team members would like to receive recognition. You can ask them directly — or ask them indirectly through the grapevine.
Either way, this is an especially crucial consideration in the context of COVID-19, as some employees will likely be more eager to embark on outside-of-the-house activities than others.
Say “Thank You”
This hardly qualifies as something worthy of Accounting Appreciation Day, but it nevertheless bears mentioning. No need to go overboard with your gratitude, of course, but you also shouldn’t be stingy about saying “thank you” to team members for a job well done. Not doing so, on the other hand, is a sure way to create a toxic workplace culture, sap your team’s morale and lose valuable contributors.
Need a stronger incentive? You shouldn’t — not with Gallup polls showing employee engagement fluctuating between record highs and historic lows. Now is the time to express your sincere appreciation whenever employees surpass your expectations. Otherwise, you’re going to find yourself backfilling vacated roles.
How Will You Show Your Appreciation to Your Accounting Staff?
Showing your staff that you care sends a message to your team members that you respect their time, that their contributions matter and that you want to keep them around. And that doesn’t just make employees feel good, it’s good for your bottom line, as well. After all, there were more 2,000 job openings for accountants in September alone, so there’s no shortage of opportunities for skilled employees who wish to go elsewhere. Why let your most reliable team members walk out the door?
Using Accounting Appreciation Day to recognize your valuable employees should help you avoid that — and after reading this article, you should have some ideas about where to get started. This November, I think you’ll find, as I have, that a little recognition can go a very long way.
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Greg Dyer is President of Commercial Staffing, Randstad US. Greg leads Randstad’s inhouse services concept and enterprise strategic accounts team, where he is responsible for strategic commercial sales, client delivery and account management for many of Randstad’s largest clients. Greg oversees a team of strategic account directors and inhouse leaders and has a proven track record of establishing solid go-to-market strategies, setting and communicating vision and goals and delivering outstanding results. Under Greg’s leadership, Randstad has significantly improved strategic delivery and fulfillment in many client staffing programs.
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Tags: Accounting
