Survey: Promotions, salary increases are most popular retention tools
by AccountingWEB on
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."
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.
You may like these other stories...
Individuals interested in reviewing the proposed 2015 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments....
Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
Read more articles by Sally Glick here.When blogging and sharing information with small- to midsize CPAs regarding how to best market your firm, one area that I want to be sure we never overlook is the importance of...
Upcoming CPE Webinars
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.