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9 Ways Toronto Companies Can Retain Their CPAs
Part of running a successful business includes training and retaining highly productive Chartered Professional Accountant (CPAs). Satisfied employees are given enough incentive to maximize their productivity and remain with the company longer, reducing your costs of hiring and training new workers. Offering a competitive salary along with schedule flexibility, premium benefits, and work recognition are four ways you can retain your top CPAs.
Competitive Salary
CPA salaries are best seen as an appreciating asset. Investing in employees through a competitive salary encourages top work performance. Co-workers feel the company is taking care of them and tend to be more loyal and work as a cohesive team. Staff members who love what they do acquire new skills, knowledge, and experience and become more valuable over time. They stay at their jobs longer, saving the company training costs and maintaining a knowledgeable and efficient workplace. Turnover is low, employee morale is high, and your company is seen as a desirable place to work when you offer CPAs a competitive salary.
Schedule Flexibility
Flexible work schedules are very attractive to CPAs. Allowing staff to work from their desired location in their preferred time frame increases morale, company commitment, and responsiveness to clients’ needs. Utilizing audio and video conferencing, instant messaging, and Internet encourages colleagues to collaborate and enhances a sense of community. Workers then feel more empowered and motivated, so the workplace becomes more efficient and productive. Customer service and loyalty increase, along with staff retention and company attractiveness. Money is saved by not having to provide office space for each employee. Absenteeism, tardiness, and turnover are lessened by giving CPAs more schedule flexibility.
Premium Benefits
Premium benefits provide CPAs a sense of security and promote work engagement. Retirement packages, especially with company matches, and stock options for workers who stay a set number of years are beneficial as well. Bonuses, raises and promotions make staff feel appreciated and drive employees to work harder. Providing premium benefits improves work habits, retains CPAs longer, and gives you a better return on your investments.
Recognition of Work
Like all employees, CPAs need to feel appreciated and valued. Recognizing good work through personal, written, electronic or public praise improves employee satisfaction, productivity, pride in work, and company loyalty. Because relationships between co-workers are improved, colleagues work harder to contribute and share in team achievements. Recognition of your CPAs work costs little … and pays off immensely.
Further recognition strategies:
STAY INTERVIEWS - Perhaps the best way to retain current employees
How to Become an Employer of Choice: Strategies for a More Engaged Workforce
SHOW THANKS
Thanking your accounting staff throughout each work day is one key to employee happiness and productivity. Making workers feel valued reminds them they are vital to your company’s overall success and encourages them to work at peak levels daily. Use the following five tips for showing gratitude and appreciation to your accounting staff.
Cash Bonus/Salary Increase
A cash bonus or salary increase is always appreciated for an employee’s hard work. Accounting workers who routinely take on additional tasks, exceed project expectations, and acquire new skills enjoy earning additional compensation. Increased income encourages staff to grow professionally, which increases their motivation for outstanding performance. Cash bonuses or salary increases show hard work literally pays off.
Verbal Praise
Verbal praise for specific actions is highly meaningful for staff members. Thanking workers for handling tasks that fall outside their job descriptions, showcasing employees’ accomplishments, or giving team members credit for proposing innovative ideas to help the company grow encourage strong and trusting relationships among staff members. As a result, team members’ motivation, productivity, and company morale increase. Verbal praise instills pride and encourages employees to work even harder than before.
Thank-You Card
A hand-written thank-you card mailed to a worker’s home or waiting on their desk is a small act that proves highly significant. Staff members feel more confident when receiving written recognition for performing tasks, which in turn increases productivity. Thank-you cards raise employee morale tremendously.
Food
Employees always enjoy free lunch. Whether providing a buffet during lunch breaks, a sit-down meal at an employee recognition dinner, or simply stocking the staff kitchen with favorite snacks or beverages, workers will appreciate the visible recognition of their loyalty. Providing complimentary food is a great way to show your staff gratitude.
Casual Friday
Casual Friday is a no-cost, high-impact way to show employee appreciation. Allowing staff members to work in office-appropriate casual wear provides a more relaxed environment. Corporate culture is enhanced and workers feel more valued with Casual Friday.
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