We really hope that, as a hiring manager in practice, you have a few accountants in your team who are worth their weight in gold.
They probably have:
A great personality and get along with colleagues and clients alike.
A strong work ethic and the wherewithal to know the difference between working harder and working smarter.
Technical skill, an analytical eye and the ability to learn from their mistakes as they progress through their careers.
These guys are the absolute dream! And when you find them in your organisation, as a manager, you have two choices.
- Talent Retention – support them to achieve their career goals, get behind their learning, give them autonomy and show them a defined pathway of progression that can be theirs for the taking.
- Talent Hoarding -hunker down, keep them where they are, doing what they’re doing – why would you want to upskill them when they are doing such a good job in the role that they are in!
On a weekly basis at Public Practice Recruitment Ltd, we hear from disgruntled accountants who have either been held back in their development or who have achieved new qualifications during their current tenures, but have not seen a like-for-like rise in their seniority or rewards. These are the victims of talent hoarding and today we’re here to warn employers that there are quite literally scores of other firms ready and waiting to tempt these hidden diamonds away.
So, ever your trusted recruitment partner, we’re here to offer you three simple steps to analysing your workforce with a view to turning talent hoarding into retention of your greatest asset.
1. Audit your workforce
Take stock of the people in your organisation. Highlight all of those that you actively want to ensure are still part of your organisation in 2 years time. 5 years time. 10 years time! Who could be the future Directors and Partners.
When you’ve identified these people, take stock of their current situation. Is there a risk of stagnation in their learning and development? Are they being encouraged to learn new skills and are they being given the opportunity to take on more responsibility. Do they know that there is pathway of progression for them and are you adequately signposting them towards it?
And while you’re there, look at who has recently completed a qualification or are close to it. Have you reassessed their position in your organisation and their level of rewards? An ACCA/ACA qualified accountant is worth more than an ACCA/ACA studier. Have you recognised that critical difference or are your newly qualified staff sitting ducks perfectly poised to be poached by your competitors?
2. Workplace culture has never mattered more
Who doesn’t want to be happy in every aspect of their lives? And what’s more The World Economic Forum has published results of research in Oxford that showcased a 13% increase in productivity from happy workers. So you should want your staff to be happy too!
A workplace culture that allows space for happiness and wellbeing and showcases that they care deeply about their employees is one that will retain its workforce. No hoarding required.
And to achieve a great workplace culture a firm needs to have a clear set of values that their staff buy into, offer a set of rewards that are generous and reflective of the changing world we live in and focus less on micro management and box ticking and more on trust, flexibility and autonomy to get the job done.
3. Recognise potential
Finally we advise firms to get better at recognising internal and external potential and resourcing their firm for the clients they hope to serve rather than recruiting reactively in response to changes to demand.
In a recruitment market that is experiencing such a huge shortage of skilled candidates, it’s the firms who are committed to helping their staff to become the accountants that they know they will need in the future that are reaping the rewards. Look beyond a prescriptive job description and instead cast a wide net in a deeper pool and be open minded when it comes to your shortlist.
Your existing shining stars are more likely to stay with you if they know that you are nurturing the right people who can really add value to your teams.
It may sound counterintuitive that as a firm who makes our living by finding the best candidates and placing them with the most forward thinking firms, we’re committed to supporting our clients to retain the talent they’ve invested in. But we’re here for the long-term relationships and for us, trust is a critical part of the process of building brilliant recruitment partnerships.
So, with that in mind, don’t just reach out to us when you have a job to fill. If you need a fresh perspective, want some benchmarking advice on how your rewards and recognition offerings compare or just need a listening ear to help you work through your succession planning, we’re always here to help.
Email today us at info@publicpracticerecruitment.co.uk to book a confidential call with one of our team.
