Recent publicity over the shortage of accountants in the US has brought to light efforts that Canadian accounting firms can make to better retain their employees. Stay interviews have become a recommended option that has been highlighted by a recent publication in the Journal of Accountancy.
With accounting having been identified as one of the sectors facing labour shortages, even here in Canada, stay interviews are being adopted as a means of undertaking introspection as to why some public accounting firms are being faced with high employee turnover. Accounting technician or bookkeeper positions were ranked as the fifth highest in-demand opportunities by recruitment firm Randstad Canada.
Besides the retirement of baby boomers, the dwindling number of accountants has been partially attributed to some accounting professionals departing the sector to work in finance and technology, alongside the declining rate of students choosing to pursue accounting degrees and related training. This has resulted in increases in wages for existing professionals and more recruitment of temporary staff by firms.
While job interviews are standard when recruiting new employees, stay interviews are a less common occurrence. Also referred to as retention interviews, they are carried out on existing employees in an attempt to identify reasons employees may be quitting and help make the workplace more appealing.
Retaining employees is less expensive and disruptive to accounting firms than having to go through a recruitment process. According to Fiske & Company’s director of client services, Bonnie Ross, it is also challenging to find accountants that are a good fit for a firm. This concern makes retaining existing employees more crucial.
Ross states that the interviews are an opportunity to better understand where employees feel they stand in the company, what more they want to be done for them, and any problems they may be facing. She noted that more accountants were willing to work independently and forego the employee benefits, hence a need to find out what firms could do to make their workplaces more appealing and have the employees retain their jobs for longer.
Ross advises that when conducting stay interviews, they should be scheduled months away from annual performance reviews to avoid employees thinking it may affect these reviews. He also urged making employees feel free to voice their concerns, even if critical of the organisation. Whitman Transition Advisors LLC CEO and president, Phil Whitman, also recommends properly communicating to employees why the meetings are being held and ensuring that action is taken on the feedback.
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