Retaining employees is vital to your company’s success. Keeping top talent results in a positive work environment, greater productivity, lower costs and other benefits.
Here are six reasons why employee retention is a hot topic in Canada’s accounting industry.
Reason #1: Enhance Recruitment
Retention enhances recruitment. Because your company fulfills the promises it makes during the hiring process, more candidates want to work for your organization. Since candidates have a clear idea of corporate culture, role expectations and advancement opportunities, more candidates want to join your company and stay for an extended time.
Reasons #2: Maintain Performance
Retention maintains employee performance. Rather than spending time recruiting and training new hires, your managers can focus on income-producing tasks. Also, when positions remain filled, projects get done and business goals are reached. In addition, employees continue learning new skills, sharing their talents and becoming even more valuable to your organization. Furthermore, your company keeps its momentum and continues building on its success.
Reason #3: Increase Morale
Retention increases morale. For example, when your employees remain engaged in their work, they create a positive environment. Also, your employees want to come to work each day and perform their best so they continue moving your company forward. In addition, when your employees feel camaraderie with their coworkers, they collaborate better to reach common goals.
Reason #4: Reduce Turnover
Retention results in reduced turnover. Because retention plans focus on the relationships between management and staff, employees at all levels feel like valued team members. Also, because your organization offers competitive pay and benefits, employee recognition, employee assistance programs and more to increase worker satisfaction, higher quality employees want to work for your company. In addition, because your HR professionals use feedback from exit interviews to improve employee relations, more workers want to get jobs with and remain part of your organization.
Reason #5: Lower Costs
Retention lowers operating costs. Because recruiting and training are expensive and take away time for revenue-generating tasks, both activities decrease your bottom line. Therefore, offering professional development and other incentives for employee retention keeps production moving and revenue coming in to increase your bottom line.
Reason #6: Remain Competitive
Retention helps your company remain competitive. Employees who leave take the skills, experience and ideas they cultivated and use them to benefit your competition. Therefore, retaining employees keeps their potential benefitting your organization and maintains an edge over the competition.
Contact Mercer Bradley
If you’re looking for a Vancouver, Edmonton or Winnipeg recruiting firm to help secure top accounting talent, contact Mercer Bradley!