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• W11702503 abstract "Encourage your best and brightest to stay happy and stay put. It is devastating for owners of small and midsize CPA firms, when, after investing time and money to train young staffers and groom them to become partners, employees leave for a job in industry or for a larger firm. Small CPA firms simply cannot afford to pay as much as Fortune 500 companies, consulting companies and large firms, and managers everywhere agree that it is difficult to find and keep talented young CPAs. To counter this, some CPA firms provide employee stock-ownership plans and generous benefits packages. But not all firms can afford such incentives. Partners at firms need to recognize that building loyalty is more than a matter of income--it takes sensitivity and creativity to retain Studies repeatedly have shown that employees are more likely to stay with a firm that challenges them, helps them to develop their potential and recognizes their needs outside the office. As a consultant to firms, I've seen many CPAs grapple with staff retention. By following the examples of firms that have successfully held on to their more talented staff, you too can keep your winners and prospective partners. PEER SOLUTIONS Jim Howard, managing partner of Smith and Howard, a firm of 41 professionals in Atlanta; Lou Grassi, managing partner of Grassi & Co., a 60-member firm in Valley Stream, New York; and Rita Keller, principal and firm administrator of Brady Ware & Schoenfeld, a 70-member firm in Dayton, Ohio, have faced the same problems retaining key staff members that the rest of the profession is experiencing. Grassi boasts of losing only 5 staff people out of 40 over the past five years in the most competitive staffing market in the country. three firms share basic staffing strategies in five areas that have brought them success: 1. Compensation. According to Jim Howard, the best way to find out how to compensate staff is to ask them what they want. In our I have staff write me a one-page letter annually, to describe the compensation plan that will motivate them to help the firm reach its goals, says Howard. When people create their own compensation program, they become self-motivated. Such goal-based compensation plans are tailored to the individual employee, and can include a bonus, extra vacation time or even gifts, such as a new PC. My experience shows me that people know what will motivate them and, more often than not, they come up with a fair salary, says Howard. Howard's firm decided to do away with the standard tax-season bonus based on hours of overtime and workload and divide the bonus pool according to effort and contributions to the firm based on the discretion of the partners. 2. Firm management. I've always thought it was good to ask staff how they thought the firm should be managed. Involving staff members in running the firm lets them influence the direction of their careers and the firm's path. Smith and Howard asked their nonpartners for help in running the firm. The partners implemented many of the staff's ideas, including various marketing and promotion ideas, higher-level technology training and a time-bank plan that awards them holidays. At Grassi & Co., everyone is involved in running the firm, says Lou Grassi. All staff are involved in managing critical areas, because all are involved in a committee, be it technical, process improvement or relationship enhancement. Every partner is a leading member of one committee, so each is setting the right example for staff. According to Rita Keller, the partners want their staff involved in firm and systems management. The goal--get the client to say Wow! She adds: Our staff is involved in recruiting as well because we believe some of our best recruiters for entry-level positions are young staff at college job fairs. They visit college campuses and sell the firm better than the partners because they relate better to younger people. …" @default.
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• W11702503 date "1999-09-01" @default.
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• W11702503 title "Stopping Brain Drain" @default.
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