Employee turnover can have significant knock-on effects, including the associated costs of hiring and training replacements, as well as decreased morale and productivity, especially if multiple team members leave at once. Retaining top talent has always been a challenge, but in the current competitive, candidate-driven tax market, it has become even more crucial. The ability to keep key performers has moved up the agenda, and companies must find ways to mitigate turnover.
Here are our top six tips for tax professionals to improve employee retention:
- Flexible working arrangements are critical to employee satisfaction and retention. Remote work with flexible hours became the norm during the pandemic, and most employees don’t want to return to pre-pandemic working conditions. Providing flexibility over hours improves employee satisfaction and increases an employer’s attractiveness to top talent.
- Clear career opportunities and development are essential to retaining top talent. Mentoring programs and training demonstrate an employer’s commitment to its employees and improve employee satisfaction.
- Companies must walk the talk when it comes to company culture. Authenticity is essential to candidates, particularly Gen Z candidates. Shared values and ethics are vital to employee retention.
- Technology plays a critical role in employee satisfaction. Providing optimal technology enables teams to produce their best work and goes a long way towards employee satisfaction and retention.
- Diversity and inclusion are essential to retaining employees. Token diversity can be addressed with quotas and requirements, but inclusion cannot be faked. Employees need to feel that their voice is heard and that they can bring their true selves to work.
- Communication is critical to employee engagement and overall team morale. Recognition, even in the form of verbal positive feedback, can boost employee engagement and retention.
In conclusion, these six tips can not only reduce turnover but also make employees feel happy and valued. Satisfied staff often become a company’s talent ambassadors and help attract the next wave of talent to an organisation. Of course it’s not always possible to retain Tax Talent, so it’s prudent to ensure you have succession plans in place.