Practice management: small accounting practices have advantage in staff retention

One of the latest Global Knowledge, Resources and News articles from the IFAC Gateway, talks about keeping the best talent in practices and what makes the accounting profession attractive for the new generations, the so-called Millenials.

The attributes of the millennial generation – sometimes known as Generation Y – identified by recruitment specialist are the following:

  • They look for more than just money and incentives; they are more focused on job satisfaction and how they contribute to the community, society and ethics;
  • They need a better work-life balance as well as broader roles across tax, audit and corporate finance compared to limiting themselves to one area of expertise;
  • Young employees want leaders that are honest, competent, inspiring and who have credibility;
  • They want to make an impact or work for a business that is making an impact;
  • They are generally very tech-oriented and their communication approaches are different (they prefer to communicate by email, or text rather than face-to-face).

Taking into consideration the above traits, according to this article it seems that it is easier for smaller accounting practices, compared to bigger firms, to tailor and personalise career development, work-life balance issues and other opportunities to their employees. They can attract and retain high-performing personnel by: offering more than the average salary package, by encouraging older, more experienced practitioners in the firm to share their experiences in an open and honest way, by providing clear opportunities for career advancement and professional development, by opening opportunities for feedback and reducing traditional fear factors.

You can discover more on this issue here.

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