A major challenge all employers face is attracting talent and then keeping them.
What retention strategies will you utilize to keep your most talented tax professionals?

Your retention strategy has never been more important than it is now. You will want to focus on retaining your highly trained tax executives because they will become even more valuable as fewer people enter the tax profession. Due to the continued complexity of tax rules and regulations; Sarbanes-Oxley compliance; impressions left in the wake of the collapse of Arthur Anderson and the investigation of numerous U.S. multinational corporations, there are fewer people interested in entering or staying in the tax profession. An effective retention strategy and communication strategy will assist you in retaining your highly trained tax professionals. We would like to share with you strategies you can utilize in the retention of those you value in your organization.

1. You Have To Train To Retain!

Everyone wants to hire someone who can “hit the ground running!” The problem with hiring this type of employee is that there is very little room for challenge and growth, therefore placing this employee on a short retention expectancy. Training and retaining your tax professionals will provide you and your organization with a competitive edge. Investing in the training and career development of your people will help you build a sense of loyalty with your employees.

A sense of accomplishment and satisfaction is a key driver in employee retention. You will need to know what motivates your tax professionals. The way to accomplish this task is to merely ask them. By posing this question, you show you care about what is important to them! Many times this key driver may even outweigh salary. It’s important to understand that new opportunities for challenge and growth are essential in keeping employees interested in their positions. Every manager who is concerned with employee retention should ask themselves: What am I doing that is directly impacting the development of my best people? You must continually be aware of what you can do to develop employees, build teams and grow your business!

2.A Sense of Belonging!

Communicate your vision in a compelling way! Show everyone the importance of their role and their contribution to the organization. Create opportunities for people to connect with each other for support and this will improve communication throughout your organization. Treat your employees like you treat your most valuable relationships with respect. It is easy to ask your colleagues for their input and involve them in the decision making process. For example, you may want to consider asking your tax colleagues these types of questions; What do you like about working here? What would you like changed? The U.S. department of Labor estimates that 46% of people leave their jobs because they feel unappreciated and disconnected from their organization.

3.Mutual Loyalty!

Today’s employees want more information from management. The past several years have created multiple uncertainties. Employees are concerned about the wavering economy, downsizing and the faster pace of change in organizations and in the marketplace. What steps can you take to improve loyalty? It makes sense to recognize that loyalty from an employer will result in loyalty from the employee. In order to portray this to your top tax talent you need to show a genuine concern for that person’s growth and development. Encourage team projects and activities both within and outside the office. Take them out for lunch on their birthdays. Take the time to get to know your people and show a genuine interest in their lives. Ask for their opinions and input and above all remind them that they are important to the organization. This will go a long way in forming loyalty and retaining your best tax professionals. By continually building employee loyalty, organizations will see results in their bottom-line profitability.

4. Appropriate Compensation!

If a fair and competitive compensation is maintained, as Stephen Covey would say, you have a win-win situation. If those you value are being offered more compensation for the same responsibilities with another organization, you will need to do your homework. You will want to do your research and strive for what is fair and appropriate compensation for your tax team. Know what other organizations are willing to pay for their tax executives. The tax professionals you employ will be fully engaged only when they are compensated in line with what they understand to be equitable. When people feel they are being compensated fairly they will tailor their daily actions to effectively support the organizations key strategies and initiatives! Work at developing a compensation system that is fair, equitable and competitive in the market.

If you understand and utilize these retention strategies you will not only see the results in your organizations productivity, but you will also retain the most talented and motivated tax professionals in your organization!

Written by:
Kathleen Jennings, CEO kitty@etsearch.com