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Leadership

7 ways to reduce talent turnover Logo cgma

  Sarah Ovaska-Few and Sabine Vollmer |   Free |   AICPA and CIMA |   30 Mar 2017 |   CGMA Magazine

Happy employees are engaged, and engaged employees are better performers and less likely to switch jobs. This article offers suggestions to improve employee engagement.

Topics covered:
  • Management accounting: Leadership: Team building, Intermediate
  • Employee benefit plan auditing: Leadership: Team building, Intermediate
  • Governmental auditing: Leadership: Team building, Intermediate
  • Financial accounting & reporting: Leadership: Team building, Intermediate
  • Assurance: Leadership: Team building, Intermediate
  • Not-for-profit: Leadership: Team building, Intermediate
  • IT management & assurance: Leadership: Team building, Intermediate
  • Firm practice management: Leadership: Team building, Intermediate
  • Tax: Leadership: Team building, Intermediate
  • Forensic & valuation services: Leadership: Team building, Intermediate
  • Fair value measurement: Leadership: Team building, Intermediate
  • Personal financial planning: Leadership: Team building, Intermediate

2 Comments/Reflections

Hayley Powell

Hayley Powell Mar 2018

After a period of staff retention, the change in employment rate has now resulted in the company turnover increasing.  Although the company already does quite a few of the retension ideas, a birthdya reward would be a good idea and another HR opnion poll may be required.
Phillippa Willis

Phillippa Willis Feb 2018

Employees who are more engaged/satisfied in their work and with their companies are more productive and less likely to switch jobs. Employee engagement should be a top priority for firms and employee retention and succession planning need to be seriously considered when assessing a company's overall risk. Employees who feel that their opinions are taking into consideration and that they add value are more likely to be motivated to working towards the company's goals and objectives.  All employees should be treated as an integral part of the business and need to feel that there are opportunities for progression.  Employees need to understand clearly what is expected of them, they must be given all the necessary tools to do the job, be encouraged to develop skills, feel ownership because their opinion counts, have purpose and receive recognition.

Some of the suggested methods to reduce turnover of staff include:
1. Providing a clear vision of the company and make sure everyone understands the importance of their role and that there are clear an open communication channels.
2. Have clear career paths so employees know they can progress their levels of responsibility and salaries.
3. Provide perks such as flexible working hours, working from home.
4. Opportunities for staff feedback and pop-up committees.
5. Team building.
6. Understand individuals workloads, needs, interests and aspirations.