Effective Onboarding Can Boost Retention

New employee smiling and placing a plant on his deskBONUS CHECKLIST: Onboarding from before arrival to month six.

By Jon Lokhorst

Mr. Joe Employee (not his real name, but a real story) showed up for his first day of work at ABC Company, somewhat nervous but excited to tackle the challenges of a new position. Although tired from moving halfway across the country the week before to work at this company, he was eager to get off to a good start.

MORE from Jon Lokhorst: Multiply Your Value with Strategic Thinking Skills
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Joe found it strange that the offices in his small department were dark and quiet that Monday morning. Thinking his anticipation had gotten him there a bit early, he found someone in a nearby department to ask the whereabouts of his new boss and teammates. A receptionist said she would make a phone call or two while Joe explored his new workspace.
READ MORE →

The Damocles Sword of Staff Retention

Sword hanging over businessman running with briefcaseDon’t wait for exit interviews; conduct retention interviews.

By Steven E. Sacks

There is an old adage: “You don’t know what you have until it’s gone.” This covers everything from people to technology and things in between.

MORE: How Enthusiastic Is Your Staff? | Negotiate For Success, Not a ‘Win’ | Does Busyness Really Mean Productivity? | So Much to Do and So Little Time: Achieving Success in the C-Suite
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Some people might make the argument they know or knew what they had, they just always thought they would have it – whatever “it” is.
READ MORE →

Managing Partners’ Favorite Staffing Strategies

Two coworkers playing ping pong in office as another looks on from deskWhat they do now and are considering for the future.

By Marc Rosenberg
On Staffing

I often poll a group of more than 100 managing partners across the country on various practice management issues.

MORE ON STAFFING: Don’t Underestimate Communication with Staff | 19 Questions for Your Next Hire | Staff Performance Feedback Done Right | 21 Staff Training Best Practices | Making Flex Time Work in the Real World | 10 Winning Traits of Accounting Firm Leaders | The Importance of Great Bosses | The 12 Reasons Your Staff Hates Your Firm | What Happened to the Relevancy of the CPA Profession?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Recently, I polled them on leading-edge staff practices.
READ MORE →

Why Firms Can’t Afford NOT to Develop Women Partners

Young smiling woman holding tablet in office8 best practices.

By Marc Rosenberg
On Staffing

Let’s open this discussion in very simple terms.

MORE ON STAFFING: Staff Performance Feedback Done Right | Why Staff Scheduling Should Be Centralized | Compensation: Money and Beyond | How to Make Mandatory Saturdays a Thing of the Past | What Staff Mentoring Is and Isn’t | Do Flexible Hours Help or Hurt Us? | 8 Keys to Keeping Staff Engaged | Staffing: What CPA Firms Are Learning the Hard Way
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The CPA profession suffers mightily from a shortage of labor. There are several reasons for this, in no particular order:
READ MORE →

Why Clients Really Stay

Young businesswoman smiling down at tablet in officeFocus on retention should turn into referrals.

By Rob Nixon

Most firms have a high retention rate per client. That means their clients stay clients of the firm for a long period of time. Somehow the accounting profession has got most of their clients bluffed that it is hard to change accountants. It’s actually not.

MORE ON STRATEGY: People Still Needed, But In Different Ways | Don’t Let Technology Make You Dumber | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting | The Profession Disrupted: Compliance Commoditized
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Partners will argue that clients remain with the firm because of the great relationship they have with their clients. I beg to differ. How can you have a great relationship with someone when you see them once or twice per year?
READ MORE →

The 12 Reasons Your Staff Hates Your Firm

BONUS WORKSHEET: Calculating the high cost of turnover.

By Marc Rosenberg
On Staffing

Let’s examine the state of CPA firm professional staff turnover.

Chart on staff retention
Staff Turnover Rates, Annualized, by Firm Size. Source: Rosenberg Map Survey at Store.CPATrendlines.com

MORE ON STAFFING: 8 Keys to Keeping Staff Engaged | How to Create a Talent Management Strategy | What Happened to the Relevancy of the CPA Profession? | Staffing: What CPA Firms Are Learning the Hard Way
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The high cost of turnover

Much has been written about the high cost of turnover. Almost all estimates range from 1 to 1.5 times an employee’s annual compensation.
READ MORE →

8 Keys to Keeping Staff Engaged

Talent management modelPlus 3 steps each on leveraging and retaining talent.

By Marc Rosenberg
On Staffing

We used to think the primary driver of staff productivity and retention was job satisfaction. But more important is employee engagement where staff think: “I get to go to work today,” instead of, “I have to go to work today.”

MORE ON STAFFING: How to Create a Talent Management Strategy | What Happened to the Relevancy of the CPA Profession? | Staffing: What CPA Firms Are Learning the Hard Way
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

While satisfaction is important, an engaged employee is more productive, produces higher-quality work and is less likely to leave your firm. Equally important, engaged staff create engaged clients. These clients spend more money with you by purchasing more services your firm has to offer.
READ MORE →

Staffing: What CPA Firms Are Learning the Hard Way

Marc Rosenberg, "When firms excel at making their firms great places to work where staff stay and thrive, client service always improves."4 reasons staff are the #1 key to firm success.

By Marc Rosenberg
On Staffing

The ancient Greek philosopher Heraclitus said:  “There is nothing permanent except change.”

MORE FROM THE AUTHOR: How to Identify Partner Potential in Staffers | 15 Ways to Develop Staff Into Partners | Staff Best Practices … for the Firm | Staff Likes and Dislikes about the Accounting Profession | Keys to Bringing in New Partners

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

People fly and drive cars instead of using horses and carts. Technology has replaced calculators, slide rules and how books are written. Food is purchased at grocery stores instead of grown on the farm.
READ MORE →

SURVEY RESULTS: Effective Stay Interviews for CPA Firms

Two businessmen talking over coffeeWant to boost retention? This is how.

How some firms are beating the staffing crisis:
Join the survey. Get the results.

By Kristen Rampe
Talent Retention & Development

In a survey we conducted of over 300 CPAs, over one-third of respondents indicated that healthy effective communication at their accounting firm only happened “sometimes” or “rarely or never.”

MORE FROM THE SURVEY: The 16 Biggest #FAILs in Delegation | Work-Life Balance: According to Whom? | NEW SURVEY RESULTS: Two Ways Your Strategic Plan Can Reduce Turnover
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

With many facets to overall communication between team members and from leadership to the organization, it’s hard to pick the next thing to try and improve the status of communication at your firm. One to try if you haven’t? The stay interview.
READ MORE →