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March 2005
Staff Retention
Lessons
in staff retention that work.
All types of professional services firms are struggling to retain
staff. PR believes the following suggestions, offered by Greg
Churchman of Churchman Consulting Solutions (Fort Collins, Colo.;
www.churchconsol.com), at a recent workshop for design and
construction firms, are applicable to CPA firms:
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Begin
retention planning during hiring.
List the qualities of your best staff, and when you interview,
see if recruits share those traits. Churchman suggests asking
probing questions to identify a good fit with your firm’s
culture.
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Understand
why staff leave.
The top reasons at most firms: lack of recognition; feeling
isolated and in the dark; and feeling that leaders are
uninterested in what matters to them. Other reasons: unhappiness
in the job and no perceived prospects for growth.
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Know why
staff stay.
Churchman cited these reasons: Staff have plenty of positive
interaction with their manager, who expresses appreciation for
their work; they have exciting projects and work goals that
provide challenges; opportunities for development are available
and encouraged; and salaries and benefits are generous.
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Emphasize
communication.
An annual survey of your staff can reveal areas that could use
more communication. It’s important for partners to explain the
firm’s successes and mistakes on a regular basis, Churchman
noted. Also helpful: Quarterly meetings between managers
and staff to review well-defined goals help staff see a career
path and progress toward it.
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Prepare
staff for promotion.
Avoid the trap of moving staff to higher levels that include
supervisory responsibilities without sufficient training. Also
consider alternatives for the excellent technicians who have no
wish to manage others or pursue a partnership. Both formal and
informal training opportunities can help staff to hone their
desired skills.
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Train
existing managers and partners.
Owners may be excellent at their professional work but lack the
skills to manage and develop staff. Nonetheless, accountability
for staff development is a necessary part of the owner and
manager-level position now at professional services firms.
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Recognize
and reward achievements.
A checklist at the department- or position-level of duties and
goals can help track and assess staff members’ progress.
Frequent recognition and rewards—and not just at the annual
review—are important.
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Write up a
retention plan.
A well-defined plan can help you accomplish all of the above.
Richard Finnegan, chief client services officer at Talentkeepers,
recommends:
— Calculating the cost of turnover in your firm. That will help you
determine whether retention is a problem and if you need to take
action.
— Hold managers responsible for and train them in retention.
— Educate all firm members about the value of high retention, and
assign them specific roles and duties in the firm’s plan. This
should include peer coaching, since staff are often the first to
know about a peer’s discontent and plans to depart. Source:
PR staff |