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Survey: Promotions, salary increases are most popular retention tools

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Posted by AccountingWEB in Accounting & Auditing, Human Resources on 04/05/2010 - 15:47

More than three-fourths of executives (76 percent) are willing to sweeten the pot to avoid losing their best employees when economic conditions improve, according to the findings of a survey recently released by Accountemps.

Furthermore, half of chief financial officers interviewed said they plan to promote top performers once the economy recovers, and 48 percent plan to give raises.

The survey was developed by Accountemps, a Menlo Park, CA-based specialized staffing service for temporary accounting, finance, and bookkeeping professionals. It was conducted by an independent research firm and includes responses from more than 1,400 chief financial officers from a stratified random sample of U.S. companies with 20 or more employees.

Chief financial officers were asked, "Which of the following steps are you taking or do you plan to take to retain your employees as the economy improves?" Seventy-six percent chose at least one of the following steps. (The survey allowed for multiple responses.)

"Indispensable workers who helped businesses stay afloat during tough times will have new career options as conditions improve," said Max Messmer, chairman of Accountemps and author of Motivating Employees for Dummies. "Employers need to make retention of top performers a high priority or risk losing these key players and, possibly, their competitive advantage."

Now is the time to re-recruit your standout employees, according to Messmer. "Let your top performers know they have a clear career path within the organization and reevaluate compensation levels to make sure they're in line with what other firms in your industry are paying for similar positions."

About Accountemps:

Accountemps has more than 360 offices worldwide and offers online job search services at www.accountemps.com. Follow Accountemps for workplace news at twitter.com/accountemps.

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There are upsides and downsides to attending accounting conferences. One upside is the opportunity to immerse yourself in education and learn about the latest trends and tools that can help you in your profession. Another benefit is the chance to fulfil your requirement for annual CPE credits, and yet another is to interact with peers and find out how others in your profession do their jobs and relate to their clients. There are downsides as well.
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Gail Perry, CPA
Editor-in-Chief, AccountingWEB
editor@accountingweb.com


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