Recruiting and Retention Strategies
The low-cost secret to keeping top talent revealed.
February 14, 2011
One question all employers have asked themselves is, “How do we keep top performers?” This is especially crucial right now, with the desire for good talent at an all-time high and fierce competition for that limited talent pool. Therefore, employers need to develop strategies for recruiting the right people — and retaining their current high performers.
When studying employers of choice, there are certain employment practices they have in common:
Six Professional Motivators
Essentially, each individual is motivated by the same six professional motivators; however, team members will rank them differently. To motivate your team members, find out how each of them ranks the six motivators and then develop individual, organizational and team programs based on the results.
The six professional motivators are:
Often, the least expensive, easiest programs are the most motivating and meaningful to employees. Have your supervisors personalize “thank you” notes as a way of showing appreciation and recognition for a job well done. Other appreciation and recognition tips include personalizing voicemails/messages from management team congratulating spouses/families; periodic day(s) off to recognize good performance; providing spot rewards (e.g., gift certificates for completion of large projects); and recognizing professional milestones by celebrating a promotion or years of service. Some CPA firms also choose to appreciate their employees by having birthday celebrations, sending wedding or baby gifts and get-well cards or flowers to sick employees.
CPA firms can also show employee appreciation by providing voluntary benefits. Such programs can be set up with a payroll deduction and usually no cost is incurred by the employer other than administering the program. Examples of such programs include:
Retention Through Compensation
It’s impossible to consider your organization’s retention strategies without also looking at your compensation package. Every compensation plan should be constructed to help the firm achieve its strategic goals and to attract, reward and retain the right people. If the plan does not accomplish these two objectives, it should be restructured. Keep in mind the following when implementing a pay-for-performance system that you:
This article has been excerpted from Employee Retention Guide (PDF).
Women’s Initiatives Executive Committee is committed to the attraction and retention of women into the CPA profession through the advancement and visibility of women leaders and the successful integration of personal and professional lives.