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EMPLOYEE RETENTION IN ACCOUNTING retention effectively leads to increased performance,
productivity, employee morale and quality of work, plus a
FIRM
reduction in both turnover and employee-related problems.
Managing for employee Many employers have incorporated flexible hours and
retention in Accounting remotely work access to motivate employees stay at their job.
Practice could be There are mainly four factors that lead to employee’s
cumbersome. Some job satisfaction. Firstly, how they are compensated for their
employees join the firm for work plays and important factor for employee to stay
short experience so that with the firm for extended period. Secondly, employees
they can open their own consistently learning new things plays very important part
small firm and others switch to them staying with the firms. Not learning new things
employers by bargaining will makes their job profile very monotonous. Thirdly, each
for better perks. Employees employee wants to ensure that they receive respectful
leave organizations to treatment of all employees at all levels so that they feel that
go back to school, some they are valued. Fourthly, each employee wants to feel sense
follow a spouse who has of security and trust between them and the management.
been transferred to a different location, some retire, some They want to make sure their work is recognized and
get angry about a work-related or personal issue and quit management trust them with their expected output.
on impulse, few gets laid off by the organization itself. For One of the best ways to control turnover is
the most part, employees bounce from one company to by ensuring that the organization is competitive in terms of
another company due the lack of motivation, training, and rewards, developmental opportunities, and the quality of the
job flexibility. Incorporating a good employee retention work environment. Employers should be prepared to deal
program can play very crucial role in both attracting and with external offers for valued employees. In some case,
retaining key employees in accounting firm. It is more employees sometimes leave on impulse, without any plan to
efficient to retain a quality employee than to recruit and leave. For example, dealing with bad supervisor everyday
train new employees all the time. Constant new employees who undermines a true worth of an employee. Harassment,
can compromise quality for service and delivery. A critical bullying, or unfair and inconsistent treatment of supervisor
issue that firms face today is how to retain the employees lead employee to leave the firm on impulse. Sometimes
they want to keep. Employers that systematically manage a change of situation for example their spouse becomes
employee retention tend to have better and happy clients. pregnant, getting accepted into a degree program to

Unwanted turnover affects the performance and quality advance their career leads them to quit their job. However,
of accounting firm. However, not all turnover is harmful if their firm have family based planned leave like paternity
because replacement of bad employee might workout and maternity leave, degree sponsorship program in place
lot better form the overall health of the organization. then employee retention becomes more manageable.
Most clients in accounting firm want to stay with Constant recruitment, training and development, effective
same Accountants for endless years. The main reason is employee supervision and good compensation and
that clients give out most confidential financial data to their rewards in place makes employees less likely to quit the firm.
accountants that is perhaps not with anyone else. When
clients can same accountants work, they minimize their time By: Diwas Dhungel,
to explain their transaction and financial situation to better Senior Director, Perfect Tax & Finance
manage their tax liability. When Accountants switch, they end
of spending endless hours explaining the transaction and July 2022
company structure which many times lead to filing incorrect
tax returns. Although, it might not be possible to retain
employees forever despite client’s convenience, managing

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