In addition, they’re looking to diversify their skill sets early on in their careers to gain the experience and professional development required to have the luxury of options down the line. Younger employees are comfortable with working for several or more employers in their lifetime to cultivate diverse and well-rounded skill sets, making themselves more attractive to different industries and organizations.
The five steps :
There are several ways firms can proactively combat the loss of top talent in public accounting and ensure that they reflect young professionals’ values; among them:
1. Employee wellness programs. Millennials are concerned with taking care of themselves mentally, emotionally and physically. Firms that offer employee wellness programs in the form of emergency daycare, gym memberships or counseling sessions not only reduce stress and increase productivity among staff, but also show they care.
2. Positive initiatives. Millennials are motivated by meaning, in both their daily tasks and in what their firm represents. Therefore, it’s important that firms partake in unique and positive initiatives that demonstrate social corporate responsibility and other programs that address the issues that Millennials are passionate about, such as advancing and retaining women in the profession.
3. Work/life balance. There is a constant shift in work flexibility among firms, and much of that has to do with Millennials’ preferences. Better parental leave, work-from-home policies, removing limitations on paid time-off and flexible working hours are important to Millennials. More and more firms are implementing a delicate balance that gives their staff this flexibility without leaving their clients by the wayside.
4. Professional development. How much a firm invests in its employees determines how much its employees will invest their work back into the firm. Therefore, offering professional development and training is crucial. As we know, Millennials are ambitious workers who want to climb the corporate ladder quickly and earlier on in their careers. Providing them with the ability to learn, improve, and home in on an area of expertise will be beneficial for both parties.
5. Brand ambassadors. No matter the size or resources, every firm can afford to show their staff appreciation by acknowledging their work and investing in them as an essential piece of the business. This way, when employees are being recruited by clients, they’ll continue to be brand ambassadors for their firm not simply because they worked there, but because they truly valued their experience and the firm’s mission and goals. Firms will continue to maintain or even grow their client base, and some of their top talent may even return to work for them with even more experience and the aptitude to make partner.
The key to understanding and improving retention in the profession is knowing where and how to invest in top talent to make public accounting more appealing. By offering stability, a clear growth trajectory, benefits, and development of unique skill sets, firms will not only increase employee retention, but see overall return on investment in the form of client retention and brand loyalty.
Read Article: http://www.accountingtoday.com/news/5-keys-to-better-retention