The most overlooked investment in accounting firms: People

BAM! An unexpected resignation has appeared on your desk.

How did this happen?

We’re all guilty of it. We get caught up in the day to day operations of our core business.  Doing what we have to do, we focus on the figures, meet our deadlines, take care of our clients, marketing, new business development and more.. The reality of losing a key staff member can throw your world and business into a spin. Not to mention the ripple effect that continues throughout the whole organisation.

It’s common for me to get a phone call from a partner asking if I have anyone available to start work immediately due to a sudden resignation.

While of course I respond to the call for assistance, I wonder if the resignation could have been avoided.

How to retain your most valuable asset

Many small-medium size firms don’t have an HR department. But this doesn’t mean HR should be overlooked.  Here’s how you can focus on important HR issues so you retain your most valued employees:

  1. Reduce employee turnover. This starts by hiring the right person in the first place. If you are having trouble, professional recruiters understand the technical aspects of the job, but also the culture of your firm.
  2. Review your mission statement.  DO you have one? If so, where is it? Framed and collecting dust as it hangs on the wall of the Directors office? Are your staff aware that it exists, and do they know what it means? It’s critical that you and your employees are all ‘on the same page.’
  3. Regular performance reviews. When you hire someone new, conduct regular performance reviews during their probation period. I recommend reviews every 30 days, during what is now normally a 6 month probation period.
  4. Show your employees that you care. Focus on creating a professional work environment rich with learning and growth. Focus on employee engagement: Make sure they understand the meaning of their job and how their behaviour and results have an impact on the business.
  5. Give employees a voice. Ask for employee feedback. Don’t wait until the horse has bolted and then ask for feedback in an exit interview. Send out a regular survey to all staff asking, amongst other things ‘Why are you still here’?

Your staff are the most vital asset to your business. Take the time to look after your investment.

If you need help retaining your current staff or finding new staff email Tamara to start a conversation.

Tamara Blythman is a Recruitment Consultant and founder of Pinstripe Recruitment

Written by Tamara Hatton-Ward

Having been in the recruitment industry for over 20 years, I have a wealth of experience to offer, and understand what it takes to run a successful recruitment campaign. Whether you're an employer looking for staff, or an employee searching for a new career opportunity, I respect the importance of your decision and will offer you a quality service to facilitate you making the right choice. Pinstripe Recruitment offers you an exciting alternative to the traditional ‘agency’ model. Connect with us here if you’d like a call back so we can discuss your recruitment needs.

Website: http://pinstriperecruitment.com.au

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