Survey on What Causes Turnover
Source: Accounting Office Management & Administration Report
From IOMA’s Guide to HR Benchmarks 2008.
Why people leave professional services firms—according to the IOMA survey:
|
54 percent 54 percent 33 percent 33 percent |
How firms can reduce turnover:
- Send notes to spouses to let them know how important their husbands/wives are to the firm.
- Breakfast, lunch, or dinner with employee—ask what is most important to them.
- Celebrate special events—end of tax season, landing big new clients.
- Create entertaining events during working hours—don’t do them when they detract from personal time.
- Get all partners to give praise for individual achievements.
- Create mementos for team members to commemorate significant accomplishments.
- Don’t always call people into your office. Visit them where they work.
(Editor’s note: Don’t just measure total turnover. Measure turnover of those people you did not want to lose. You don’t want to reward managers for retaining weak people in order to keep the turnover rate down.)
Complete results of the IOMA Recruitment, Turnover & Retention Survey 2007 are in the Guide to HR Benchmarks 2008, along with many other benchmarks and metrics related to HR, benefits, and compensation. For more information and to order, visit www.ioma.com/hr, or call 973-718-4700. Ask for product number 2790N. Cost: $459 plus shipping and handling.
For the complete article, click here.
From Accounting Office Management & Administration Report, June 2008, p. 1. For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $399. 212-244-0360, [email protected].
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