Low-cost/high-impact employee retention ideas for your Accounting team

Employee retention is a critical issue for many organisations. In an ever-active job market, finding the right person is just one piece of the puzzle; the other is retaining our star employees. Statistics based on a survey conducted by Gallup show that as of 2023, only 34% of employees are engaged in their work. It is becoming increasingly challenging to keep top talent, and the recruitment process can be time-consuming (but we are here to help guide you through).

Here are six engaging and effective employee retention ideas for improving employee satisfaction in 2024.

Quality one-on-one time and open communication

Spending quality one-on-one time builds stronger relationships and opens lines of communication. While you don’t need to have brunch with your employees every Sunday, occasionally grabbing a coffee and showing them they are valued team members can make a big difference. This personal approach helps managers understand their team’s needs, aspirations, and concerns, allowing for improvements in key business areas.

It is a small investment that can yield significant loyalty and commitment from your employees. Transparent communication during these sessions builds trust and loyalty. Keeping employees informed about company developments, goals, and changes encourages open dialogue and provides channels for employees to voice their opinions and concerns. When employees feel in the loop and that their input is valued, they are more likely to feel a sense of ownership and commitment to the organisation.

Recognition and appreciation

Maybe the most critical factor of employee retention is a positive workplace culture. Creating an environment where employees feel respected, supported, and motivated has a noticeably positive result on overall employee satisfaction. Encouraging open communication, collaboration, and inclusivity among employees fosters a sense of belonging and loyalty, reducing turnover.

Simple gestures like a thank you or public acknowledgement during a team meeting can go a long way. Implementing an employee recognition programme ensures that great work never goes unnoticed, keeping your team motivated and engaged. At Richard Lloyd, we have a monthly values award voted by the entire company to show appreciation for employees who might think their efforts are going unnoticed. 

Leverage team skills

Every team is comprised of individuals with unique skills and talents. Recognising and utilising these diverse skills can enhance productivity and job satisfaction. Assigning tasks that align with employees' strengths not only improves performance but also makes employees feel valued for their unique contributions, creating a more engaging work environment. Use your one-on-one time to discover these hidden talents and skills, and see if any of them can apply to their current role or if they would be interested in expanding their responsibilities. 

Succession planning and training

After interviewing tens of thousands of candidates collectively at Richard Lloyd, we have a pretty good sense of the reasons accounting professionals decide to look for new jobs. One of the key triggers is a lack of career development and opportunity. For the employee driven by progression and focused on promotional opportunities, not having these available can be demotivating. 

Succession planning is a way to future-proof your organization. By identifying and developing potential leaders within your team, you show employees that you are invested in their growth and career development. Providing clear career paths and opportunities for advancement motivates employees to stay longer, knowing they have a future with your company. Investing in professional development is a win-win. Providing training and development opportunities not only shows that the company values their growth but also increases and enhances their skills. This investment can yield stronger productivity via cross-trained duties employees and increased employee collaboration. Offer internal and external workshops, online courses, and development opportunities to get your employees to buy into their success.

Burnout prevention

Burnout can quickly lead to high turnover. It starts with one employee feeling burnt out and looking for a new opportunity, and then the rest of the team follows due to decreased morale. Keep an eye out for signs of stress, such as heightened emotions, strange working hours, or changes in habits and demeanour. Encouraging regular breaks to maintain a healthy work-life balance, allowing flexible working hours, and promoting a culture that prioritises well-being can make an enormous difference.

When employees feel their health and well-being are a priority, they are more likely to stay engaged and committed. Flexible working conditions, such as remote work options, allow employees to balance their work and personal lives more effectively. Alternatively, looking into activities or workshops such as stress reduction workshops or even a simple work outing can help prevent burnout. This investment not only leads to higher productivity but also fosters a cheerful outlook toward work, making employees less likely to seek opportunities elsewhere

First impressions

A great onboarding experience is a cornerstone of effective employee retention. When new hires feel welcomed, informed, and integrated into the company culture from day one, they are more likely to develop a strong sense of belonging and commitment to the organisation. A comprehensive onboarding program that includes clear communication of job expectations, introduction to team members, and training tailored to the employee's role can significantly reduce turnover.

According to the Society for Human Resource Management (SHRM), organisations with effective onboarding experiences can lock in 69% of employees for the next three years! By investing in a thoughtful and thorough onboarding process, companies can ensure that new employees feel valued and supported, laying the foundation for long-term loyalty and success within the organisation.

Summary

Ultimately, employee retention comes down to the environment and culture your employees are working in. Implementing these effective and low-cost ideas can lead to a more engaged and loyal workforce. Focusing on quality interactions with your employees, adequate recognition of achievements and skills, and creating a culture that prevents burnout can foster an environment where your employees feel valued and motivated to stay. Investing in these strategies not only reduces turnover rates but also enhances the overall productivity of the business and job satisfaction, contributing to the long-term success of your organisation. 

For more help with your accounting recruitment needs to to talk to us about the information in our article, call us on 0283245640 or contact us here and one of our recruitment experts will be happy to assist.