octobernovember2022 - 21

THE STAFFING & HR ADVISOR
Struggling to Recruit Top Talent?
Start Re-Recruiting!
PAUL McDONALD
Senior Executive Director
Robert Half
paul.mcdonald@cpapracticeadvisor.com
THE " GREAT RESIGNATION " has handed American employers an immense challenge. Many professionals
enjoyed increased flexibility and improved work-life balance during the acute phase of the COVID-19 pandemic,
and this led them to re-evaluate their jobs and careers. Not everyone liked what they found, and plenty began
looking for greener pastures. All told, some 47.8 million Americans had quit their jobs by the end of 2021.
Virtually every employment sector, including
finance and accounting, has been affected by the
" Great Resignation. " And virtually every manager
has been asking the same question: How can I keep
my best employees from leaving? The answer may
be as straightforward as re-recruiting.
WHAT IS RE-RECRUITING?
Put simply, re-recruiting is recruiting your
current employees all over again. It's about
reminding and showing them they are valued
and their contributions further your mission and
contribute to firm goals.
The major advantage to re-recruiting is that
you're also helping head off potential turnover.
When you view your best employees as top job
candidates, you keep them more satisfied, lessening
the likelihood that they'll burn out and leave.
STRATEGIES FOR RE-RECRUITING
It's important to note that there is no one-sizefits-all
approach to re-recruiting. To an extent,
offerings will need to be personalized to each
employee's unique needs and circumstances, so
listening is key. With this in mind, here are some
ways you can re-recruit your employees.
■ Improve Compensation
Salary and total compensation are key. Many
accounting professionals may be lured away
by better pay. In fact, there's a widening gap
between pay increases for taking new jobs and
those offered for staying in a role.
Inflation is also a driver of employee frustration.
In May, the U.S. annualized inflation rate was at 9.1%,
the highest it's been since 1981. Workers are feeling
this in rising costs for groceries, utilities and gas.
Standard raises are no longer enough and inflation
undercuts their value. Instead, use the rate of inflation
as a benchmark, and increase salaries 1-2%
above that.
Other ways to retain employees through compensation
include bonuses and improving pay equity.
Make sure salaries are commensurate with experience
across the board - men, women and employees
from traditionally underserved groups should be paid
on the same scale.
Above all, don't make your employees ask. If
they come to you for a pay increase, it's a clear indicator
they're already unhappy and may be looking
elsewhere. If budget is an issue, take some of your
recruiting dollars and use that to focus on retention.
After all, retaining a standout employee will be less
expensive than hiring and onboarding a new one.
■ Increase Flexibility
As a result of the pandemic, employees are no
longer asking for flexibility - they expect it. And
if you can't provide it, they'll look elsewhere.
Everyone wants a healthier work-life balance and
employees who can achieve one are happier, more
productive and more likely to stay.
The most obvious way to increase flexibility
is by offering some form of remote work. At the
height of the pandemic, almost every accounting
firm went remote in one way or another. Chances
are, your employees don't need to come into the
office every day to work effectively, which is why
hybrid schedules (some days in, some days out) can
be a win-win for firms and their workforces.
Consider making fully remote and hybrid work
a permanent fixture and allowing employees to do
their jobs wherever they are most comfortable and
productive. You can also let employees customize
their work hours by offering compressed workweeks.
All this makes it easier for workers to balance the
demands of their work and personal lives, leading to
less stress and more productivity and engagement.
You can also provide additional days off outside
of standard holidays. Some firms may do Summer
Fridays, or provide extra time away after tax season.
■ Evaluate your benefits
Making sure you offer competitive benefits is
another critical step in retaining talent, and
keeping your finger on the pulse of what your
employees want is especially important in your
re-recruiting discussions.
In the wake of the pandemic, more employers are
offering mental health benefits, such as employee
assistance programs (EAPs), which provide access
to counselors. However, don't make assumptions
about what your workforce wants or needs. If people
prefer employee discounts to mindfulness courses,
it's not wise management to tell them they're wrong.
Financial planning benefits are also rising in
popularity, as companies seek to help employees
achieve budgetary goals. These can include planning
sessions or even student loan assistance.
Childcare support is another in-demand benefit,
particularly during the summer months. Some companies
are partnering with services that connect
their employees with vetted childcare providers so,
if they get in a pinch, they have someone to watch
their children.
Explain during your employee discussions that
you're reworking your benefits package, including
evaluating your competition to make sure you fill
in any gaps.
■ Encourage Professional Development
If you want to keep your employees, it's important
that they can see a future at your firm, so
you need to focus on professional development.
When looking to fill an open position, consider
internal candidates first. Promoting from within
shows all your employees that growth is possible.
Mentoring programs are another effective way of
investing in your employees, and recognizing their
achievements - even if it's a simple " thank you "
- can go a long way in making them feel valued.
All the talk of the " Great Resignation " may leave
some CPA managers feeling like they're at the mercy
of market forces. But remember: quitting is rarely
an easy decision for professionals, regardless of how
talented they are. By re-recruiting them to your firm
and getting them excited about the next leg of their
career journey, you can make the decision to move
on even harder. ■
OCTOBER/NOVEMBER 2022 ■ www.CPAPracticeAdvisor.com
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