How to Retain your Best Accountants

The cost to a firm of losing professional accountants can be up to twice their annual salary.

As business sentiment enjoys a nine year high  and employment levels continue to rise, we  note firms are increasingly citing the scarcity  of good financial talent as a growing threat.

Confidence in the wider Irish economy  continues to grow and demand for high calibre  finance professionals is rising in line with this.

With a vast array of salary survey’s being  produced by various parties, many in conflict  with each other, it is often hard to get a true  and accurate read on market forces for  professionals.

“Understanding why employees leave and why they stay is fundamental to the development of an effective retention plan.”

We know salaries are rising, but  while compensation remains an important  criteria for financial professionals from NQ to  CFO, it is too often the only consideration  when planning to how to retain talent.

As the  recruiting salary of a candidate is often on par  or ahead of an incumbent, along with the  considerable on-boarding costs of a new start,  it makes sense to focus on the other aspects  to your employment value proposition to help  retain your financial talent.

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The Cost of Leaving

Understanding why employees leave and why  they stay is of course fundamental to the  development of an effective retention plan.  Commentators argue, that as these factors are  often less tangible, less attention is paid to  them by some leaders in Finance roles.

However, several studies have put the overall  cost to a business at up to twice the annual  salary for highly educated executive roles  when all expenses; recruiting, up-skilling, lost  productivity, cultural impact, loss of  organisation memory and knock on impact to  other leadership roles are fully calculated.

HRM’s guides to retaining key employees,  identifies the key factors for professionals in  nine disciplines that most influence their  decision to join and then to perform and stay  with an organisation.

In this essential guide we  report on the retention factors rated by 2,031  qualified accountants in Ireland, from NQ to  CFO career levels, highlighting the elements  that will keep them at your organisation.

The cost to a firm of  losing a professional  employee can be up  to twice their annual  salary.

Factors Influencing Retention

The guide  answers some key questions concerning how to retain your accountants:

  1. What matters most to you in career development measures?
  2. What organisation cultural features most impact on your decision to stay with an employer?
  3. What aspects to your role do you regard as key retention factors?
  4. With the quality of an organisation’s leaders being a key factor in retention for accountants, describe your manager.

Download our  full Accountancy guide document here.