In the field of public practice it’s no secret that there’s a massive skills shortage when it comes to qualified accountants, particularly in the field of audit.
And just last week we wrote about how firms can thrive as employers despite the challenges that they face. But this week we wanted to raise the point that record pay increases will have to slow down eventually and in the interest of creating sustainable change, should hiring managers focus more on boosting workplace culture or on offering ever-increasing salaries?
Here’s some ideas on what matters more; culture or salary.
On the weighing scales of employee rewards, salary is the obvious benefit to start out with and there’s no denying that in 2022 it needs to pack a serious punch.
The cost of living crisis combined with the skills shortage we’re experiencing in our sector means that we’re having to have difficult conversations with our clients on a daily basis about the kinds of pay packages they need to be offering in order to attract the best talent out there.
But there’s more to it than just a number. And in this article we want to highlight our thinking that alongside a market-leading salary, the very best practices need to be building a strong set of values and a workplace culture that encourages staff not just to join, but critically… to stay.
So, as we approach the end of one calendar year and dive into a new one full of potential and possibility, here’s a little action plan that you can put in place to make sure that your employee offering consists of an outstanding workplace culture alongside a market-bearing salary.
1. Sit-rep
Make sure you have your finger on the pulse of how your current employees are feeling.
Do they understand your firm’s priorities?
Are your values clear for all to see and understand, do you need to go back one step and actually completely redesign them?
2. Reflect
Once you’ve taken the time to survey your workforce and actively listen to how they view their experience as an employee, reflect as a senior leadership team on how this compares to the culture you want to permeate throughout your firm. And one step on from that, how does it compare to the culture that will attract top talent to join you and existing talent to stay with you.
3. Re-design
Now that you can see where you are and you’ve sketched out where y0u want to be, what does your firm need to do to make that happen? Take the time to map an ideal employee journey from start date right through to exit and consider what support systems, personal development and expectations from both parties need to be in place to allow that ideal journey to happen.
4. Evaluate
Now you have taken the time to engage with the people at the very heart of your firm and to consider the optimal ways to attract and retain them, look at the gaps between where you find yourself now and where you want to be by the end of 2023. In line with identifying where work needs to be done, make sure you prioritise it accordingly. Do you need to focus first on finding the workforce as you’re so low on staff? If so start out by flooding the attraction, recruitment and onboarding process with culture reinforcement.
5. Keep listening.
This isn’t a task you can ever just complete and tick off your list. Finding the perfect balance of salary and culture benefits for your firm will be an ongoing battle. By continually keeping your finger on the pulse of how your workforce is feeling, staying abreast of changes in the recruitment market and the wider world and by working alongside an expert in the niche field of accountancy recruitment, you’ll ensure that you keep those scales of employee interest and loyalty stacked in your favour.
And on that last point, as always, we’re on standby to help. Our team of talented recruiters. resourcers and marketeers combined with a massive database of interested candidates all over the UK, means we’re perfectly placed to help.
