PCPS White Paper on Recruiting and Retention

Source: The CPA Letter

The AICPA’s Private Companies Practice Section recently conducted a survey of 500 firms and produced a white paper entitled Best Practices in Recruiting and Retaining Talented Staff. The white paper gives many tips, among them a recommendation that small firms use their size to advantage.

The survey shows that:

• 93 percent of firms don’t have a leadership development program.
• 92 percent don’t address generational differences.
• 90 percent don’t have a partner-in-training program.
• 75 percent don’t have a written pay-for-performance program.

Tips on recruiting include:

• Volunteer to speak at universities on career choices or technical issues.
• Hire professors to develop CPE presentations.
• Consider internship programs
  • Interns are future staffers.
  • Interns can help during tax season.
  • Interns should be brought in during their junior year.
  • Interns can be used as on-campus representatives.
• Maintain a network of ex-staff members—invite them to CPE events, social events, etc.

Tips on retention include:

• Develop an orientation program
  • Have partners meet recruits.
  • Produce a manual including bios, benefits, policies, and examples of work papers.
  • Use mentors.
  • Explain your competitive edge.
     
• Career Development
  • Allow young staff leeway in making decisions.
  • Let young people showcase their skills by making presentations.
  • Create detailed job descriptions including expectations and how to advance.
  • Establish a documented compensation system.
     
• Nurture Future Partners
  • Establish clear guidelines on what skills will result in promotions to leadership positions.
  • Offer training in management, leadership, and sales.
  • Bring staff along on client meetings.