5 Staff Retention Tips for 2022

Finding and retaining staff members can pose a challenge for even the best accounting firms. Even prior to 2020s, worldwide pandemic, accounting firms were struggling to retain staff.

Long hours, stress, and burnout are huge contributors to this exodus, which isn’t only impacting the accounting professional, but white-collar employment across the board.

So, what can you do to improve staff retention at your firm? While none of the suggestions can guarantee that your staff won’t leave, they can perhaps reduce the number of those looking for brighter pastures elsewhere.

Maintain flexibility

If working at home during the pandemic has taught companies anything, it’s that staff typically embrace a more flexible work environment. With multiple tools available that can adequately track productivity no matter what location your employees are working from, offering a better balance for the work day is sure to be greeted enthusiastically by employees. Flexibility options can vary from firm to firm and can range from a more balanced home/office routine to allowing more personal time for employees to run errands, take care of pesky issues, or have some downtime to simply recharge. Requiring your employees to be in the office eight hours a day every week may lead them to look for more accommodating firms.

Offer more than just a job

Experienced accountants and CPAs spent a lot of time and money to earn their credentials. Make sure that you treat them as more than just an employee. Encourage your employees to further their careers, and aid in their advancement by picking up the tab for professional development classes. Encouraging growth and advancement from your employees can go a long way towards making them feel valued, while also alerting them that there is room for advancement right where they are.

Admit that burnout exists – then work to counteract it

Long hours, weekend work, and repetitive tasks can all lead to burnout, a very real condition, particularly in accounting firms that do the majority of their work in the first four months of the year. Only by admitting that burnout is a very real condition can you work to counteract it. While it may be difficult to offer a lot of perks during tax season, offering some once the rush is over can be rewarding.

Another way to counteract burnout is to proactively work year-round to avoid those 80-hour weeks the first four months of the year. Consider spreading the work throughout the year when possible. Another way to reduce burnout is to use more advanced technology to eliminate repetitious tasks. And if totally swamped, consider adding temporary staff or outsourcing work if the work load is too high to manage inhouse.

Make use of the latest technology

Technology can’t solve all of your problems, but it can certainly make them more manageable. Using technology such as artificial intelligence allows support staff and senior associates to concentrate on more important things. If your firm is still using manual systems, consider upgrading to a more sustainable system that works for you.

Accept that turnover is a fact of life

No matter how carefully you screen potential employees or how many interviews you may conduct, there’ll be times when employees will leave. Keep in mind that turnover is not always a bad thing. A personality mismatch or an employee not pulling their weight can bring down the moral of the entire firm, creating even more problems. Helping an employee reach his or her goals is an admirable task, but sometimes it’s best that they leave, whether voluntarily or by mutual agreement. And while turnover can be costly, the alternative may cost you even more long term.