Salary least important retention factor for employees
Accounting employees are least concerned about their salary when it comes to staff retention factors, emphasising the importance of accounting firms to implement a range of employee incentives, Hays recruitment says.
A Hays Staff Engagement Ideas for Action report found that the number one factor that keeps staff engaged was a feeling of being valued, followed by recognition of a job well done, while the least important factor was salary.
Hays senior regional director for accountancy and finance, Susan Drew, said that while skilled and experienced individuals are in high demand, candidates aren’t persuaded by only a salary offer, instead looking for more commercial/value-adding roles, career longevity, flexible hours and working from home options.
To retain staff members, Ms Drew said accounting firms should focus on other incentives such as upskilling and training staff, providing work-life balance, rewarding good work, and providing mentoring and coaching.
“Accounting professionals are looking to join firms that have a reputation for good career development and training. All staff need to receive upskilling and training at all stages of their career and as well as formal classroom-style training, it also includes on the job mentoring and coaching,” she said.
“Work-life balance is a high priority to many employees, with more people having commitments outside of work and wanting to make more time with their family.”
Ms Drew said if employees feel their “hard work goes unnoticed and doesn’t make a difference to the team/business”, they could be tempted to look for a new job.
“Firms should offer their staff, incentives and benefits or bonuses to show that they have appreciated their work and that they are a valued employee. In our ... report, we found that 62 per cent of employees said they would look for another job if their hard work was not recognised,” she said.
“Similarly to training, all staff need to be mentored and coached. Staff who feel that they’re given support from their manager feel comfortable around them and that their manger is truly dedicated to their career path which ... is very important to accounting staff.”