Accountants are an important cog in the world of business as they provide their clients with monthly financial reports, analysis of statements, and tax prep, among many other services. However, accounting firms have needs of their own to keep their business thriving that at times differ from other industries.  

A challenge facing many businesses including accounting firms currently is talent retention. The COVID-19 pandemic has resulted in many unprepared businesses falling off the grid with little chance of surviving post-pandemic due to financial hardship. Another issue plaguing companies is also the inability to retain talent. This has become a weak spot in many businesses, not just accounting firms, due to the reality which is after being quarantined at home, many employees have decided to choose new career paths, stay home with family, or go back to school to learn a new skill/industry. This had led to companies having to come up with new and innovative ways to attract and keep employees for the long term.

Accounting firm employees should feel valued, cared for, and respected – otherwise they will quickly jump ship to another firm. They should also be offered enticing benefits (here are some ideas from our past blog – https://kleinhrsolutions.com/what-benefits-do-employees-really-want-in-2021/). It’s not as easy to hire and retain talented employees as it has been in the past.

So, how can accounting firm employers attract new employees while keeping an eye on their to-do lists, job duties, and additional responsibilities while the business is operating in full swing, and when most are working way over the reasonable workday parameters to meet deadlines as it is? 

Hire an HR Consultant

Having a dedicated HR consultant on board would greatly reduce liabilities employers may overlook which could cost the company financial losses within the following categories:

– Staffing

– Training, development and coaching

– Compensation

– Safety

– Health and mental well being

– Employee relations and workplace issues

There are many internal processes that can be streamlined by a human resources expert to maximize your ability to limit liabilities and provide a base for determining the relative worth of each job.  A human resources professional that has experience in accounting firms, however, can create a customized plan within the parameters of what is needed in the industry. Being in the know of the ins and outs of accounting firms offers an advantage that a more generalized HR consultant may not be familiar with.

It is no secret that times are changing at every level of business, including within accounting firms. Change is constant and necessary to stay relevant, competitive, and for businesses to grow, especially during these times of uncertainty.

Key Takeaway: A happy and productive staff is a key ingredient in keeping an accounting firm successful. It is the balance of keeping employees happy that will in turn allow clients to be happy with the services they are receiving from their providers.

Need Human Resources support, have questions, or want to schedule a consultation for your accounting firm? Get in touch!

Contact Klein HR Solutions:

Call (305) 775-5640

E-mail: hello@kleinhrsolutions.com

References:

https://www.acecloudhosting.com/blog/challenges-accountants-cpas-face-and-solutions/amp/

https://www.yourarticlelibrary.com/retailing/hrm-functions-7-major-functions-of-hrm-with-diagram/48323

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