What makes a great accounting firm? Wide-ranging service offerings? Finance and accounting services continuity? A reliable corporate structure? While there are a lot of factors that separate good firms from great ones, finance and accounting professionals will always play indispensable roles in building the best accounting firms in the world.
This is the main reason why accounting firms and sourcing companies are always fighting tooth and nail to get the best accountants in the market. With the cut-throat competition for talents, we want you to have all the help you can get. Here are some tips in getting the best finance and accounting professionals to work for your firm.
1. Build a great company culture
Believe it or not, company culture goes beyond creating good mission-vision statements, formulating attractive core values, and putting out beers and pizzas during Fridays. Company culture is about developing a healthy workspace wherein employees feel welcome, secure in their jobs, and nurtured to be better at what they do. This involves programs wherein they can learn more about the different areas of their profession, and incentive programs to feel that they are appreciated and valued for their work.Unfortunately, most managers think that company culture rarely contributes in an employee's’ decision to leave. As Richard Pearson discuss in his article, 89% of managers think that employees leave for higher compensation, while 80-90% of employees actually leave for reasons other than money. Giving due attention to your company culture will give you an edge in attracting desirable talents.
2. Define the Employee Value PropositionEmployee Value Proposition (EVP) highlights the advantage of your organization as employers over your competitors. A good EVP also provides employees an idea of the goals of the company for the next few years, and how each of them can contribute in achieving organizational success. This fulfills your employees’ need for self-actualization and helps them see their individual value in the organization.
3. Provide them with Growth Opportunities
Providing rich growth opportunities for career advancement and development works especially well with Gen Y or millennial accountants. Retaining and managing millennials can be difficult.These young accountants are looking for mentors who can guide them in advancing their professions to greater heights.
Giving them challenging tasks from time to time, and keeping them engaged in the accounts that they handle are some sure way to help them grow. Aside from which, training them in the use of the latest accounting tools and software is also advantageous to both their career development, and the accounting and financial services that you offer.
Attracting and retaining good talents should always be continuous and multidimensional. Accounting firm owners and partners should keep in mind that each professional has different needs and demand different opportunities from their employers. The key is to address the general demands of the accountants in today’s market through your organizational initiatives, and reach out to each talent or employee to gain an in-depth understanding of how you can attract the best accountants in the business, and retain them in the long run!
Prepare for the future demands of finance and accounting professionals! Learn how Richard Susskind and Daniel Susskind described the “Future of the Professions” through our book summary. Download your own copy by clicking the button below.