The Secret Recipe for Staff Retention

Money, satisfaction, and growth – Plus the secret ingredient.

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

I believe that CPA firms do best when they hire people out of school and train them. However, today we’re not going to talk about training or who to hire, but how to retain who you have.

MORE: I Am an Accountant Because of Clients like Stanley | Underpaying Others Hurts You, Too | My Top 10 Personal Game Changers | Yes, Christopher Columbus Had an Accountant | 10 Reasons for My Success | When the Kids Don’t Want to Take Over | Staff May Surprise You with Leadership
Exclusively for PRO Members. Log in here or upgrade to PRO today.

When I had my practice with Peter Weitsen and Frank Boutillette, before we merged with Withum, at some point each staff person’s first job was with us and we trained them our way. We had a substantial investment in them and losing anyone would cause great inconvenience and cost to us. We wanted to make sure we had the greatest chance of retaining them.

Posted on May 20, 2020

Edward Mendlowitz

About the Author

Buy now | Learn More

Edward Mendlowitz, CPA, ABV, PFS, is a partner at Withum, a forward-thinking, technology-driven advisory, and accounting firm. Ed has over 40 years of public accounting experience, is recognized as one of the Top 100 Most Influential People in Accounting by Accounting Today, and is the CPA Trendlines "Practice Doctor."

His latest handbook is 77 Ways to Wow! The Handbook for Small-Business Advisory Services.

Click here to send Ed your toughest questions and comments.

Ed Mendlowitz in the CPA Trendlines Store:

More by Ed Mendlowitz

He is a licensed certified public accountant in the states of New Jersey and New York and is accredited by the American Institute of Certified Public Accountants (AICPA) in business valuation (ABV), certified in financial forensics (CFF) and as a personal financial specialist (PFS). Ed is also admitted to practice before the United States Tax Court and has testified as an expert witness in federal and state court regarding business valuations, and twice at the House Ways and Means Committee on tax reform, fairness, and reduction. A graduate of City College of New York, Ed earned his bachelor of business administration degree.

He is a member of the AICPA, the New Jersey Society of Certified Public Accountants (NJSCPA) and the New York State Society of Certified Public Accountants (NYSSCPA). In addition, Ed was a founding partner of Mendlowitz Weitsen, LLP, CPAs, which merged with Withum in 2005. Currently, he serves on the NYSSCPA Estate Planning Committee and was chairman of the committee that planned the NYSSCPA’s 100th Anniversary. The author of 19 books, Ed has also written hundreds of articles for business and professional journals and newsletters.

He is the contributing editor to the Practitioners Publishing Company’s 706/709 Deskbook, and the AICPA’s Management of an Accounting Practice Handbook, Corporate Controller’s Handbook and Wiley’s Handbook on Budgeting and is on the editorial board of Bottom Line/Personal newsletter and the Journal of Accountancy Member Panel on Business Valuation. Appearing regularly on television news programs, Ed has also been quoted in numerous major newspapers and periodicals in the United States. He is the recipient of the Lawler Award for the best article published during 2001 in the Journal of Accountancy.

Ed is a frequent speaker to many professional and business groups, including the AICPA, NJSCPA, NYSSCPA, American Management Association, the National Committee for Monetary Reform, University of Medicine and Dentistry in N.J., and many more. For 11 years, he taught courses on financial analysis, corporate financial policy and theory, monetary and fiscal policy, and managerial accounting in the MBA program at Fairleigh Dickinson University.

Click here for more by Edward Mendlowitz

TO READ THE FULL ARTICLE

Continue reading your article with a CPA Trendlines Pro membership.