Staff Retention – The Key to a Successful Retirement?
In accounting, like many other professional services, we make a living by bringing together two equally important intangible loyalties; those of clients and staff.
An academic might say that we facilitate the tailoring of a solution to a client’s specific needs utilising substantial training and experience and in the process commercialise knowledge assets and client relationships.
That’s a fancy way of saying staff are really important at a fundamental business level but their impact on the success of a firm in transition is also very significant. Their ongoing support of the firm offers clients continuity of service, which is a key factor in retaining them.
So what then are the key steps to staff retention in a transition?
Key Senior Staff are Special
It is a good idea to tell senior staff in person, and in advance, of a wider announcement. This reinforces their importance to the firm and their trust in you making sure their future is well looked after.
Communicate with Staff
It’s always best to give the team as much information as they need. Be sure to emphasise the benefits of the business combination. Endeavour to do this as quickly as possible to avoid the rumour mill, misunderstandings and the human inclination to assume the worst.
Address Keys Issues Quickly
It’s common that staff may hear the word merger and automatically begin to worry about the safety of their position and value to the business. Nip the worst case scenarios in the bud, announce no redundancies, no salary reductions, no demotions and the same or better benefits.
Give them Clarity
Remove a little more of the murkiness and explain to them upfront - What’s their role? Who do they report to? What will change? What are the benefits of the new environment?
Lastly, keep the lines of communication open. Give the team the opportunity to ask questions and consider what the combination will mean for them. Do this in a group or one-on-one setting as is dictated by the needs of the team. Having a confidential suggestions or questions box can also help some staff raise issues they may feel uncomfortable raising in person.
A buddy system is also an excellent way to ease the stress on the team.
CAAA NEXT>>>