Paying competitive salaries tops firms' retention issues
With low turnover rates and high average employee tenures, accounting firms are, by and large, more concerned about recruiting than retention, according to a new study -- though they do have concerns when it comes to keeping staff.
The research, part of the monthly Accountants Confidence Index study that Accounting Today conducts in partnership with ADP, asked 265 accountants from across the country about their issues and concerns regarding retention, and found that just over half (51 percent) find recruiting more difficult, and a third (31 percent) find them equally difficult. Less than a tenth (9 percent) reported that retention is more difficult.
Bearing that out was the fact that almost two-thirds of respondents (61 percent) reported average turnover rates below 5 percent, and a similar number (60 percent) said that their average employee tenure was five years or more.
Which isn't to say that they were entirely unconcerned about retention: Less than a tenth (9 percent) said that retention was easy, and they provided a long list of obstacles to keeping employees on board.