Engaged and Retained: do you know where your best tax teammate is headed next?
Engaged and Retained. Two words that PGAA Tax does business by. We don't like contingent searches because they can be transactional, not relational. We want to build relationships with clients and candidates so that we are part of their career journey and staffing strategy. We, in general, don't like one-off placements because it doesn't build from any previous knowledge and doesn't lead to developing a high-powered team. Selfishly, it makes our jobs harder! And if we do place one person in your tax department, we will be keeping in touch, following their career, and deepening our insider knowledge of your tax team, how it functions, what it needs, and the workplace culture. These insights help us inform our candidate searches should we partner again in the future and make us place the right candidates for your team. And that is what it is all about! So that is our engagement strategy with our clients, and we want to help you engage and retain your best tax professionals.
⭐You should know where your best staff is headed (the answer is promoted INTERNALLY). If not, then you aren't following through on your retention strategies. Here's a brief checklist of retention strategies for you to use to reflect on how you are doing.
1. Create a positive work environment:
- Ergonomics and comfort: It seems minor, but providing comfortable workspaces with updated ergonomic furniture, adjustable lighting, and other creature comforts helps employees feel physically comfortable and reduce distractions. It shows you care.
- Supportive management: Managers who provide regular feedback, support, and coaching to employees can help them feel valued and motivated to do their best work. Make sure you show you value their innovative ideas, their unique strengths, and their potential in a new role down the road.
- A culture of inclusivity: Building a culture that values diversity and promotes inclusivity can help employees feel like they belong and are accepted in the workplace.
- Work-life balance: Offering flexible schedules or remote work options can help employees balance work and personal obligations and reduce stress.
For example, companies like Patagonia and Google are known for their comfortable workspaces, supportive management, and inclusive cultures.
2. Offer competitive compensation and benefits:
- Industry standards: Researching the salaries and benefits packages of similar companies in the same industry can help ensure that the organization is offering competitive compensation. A good time to audit your current compensation is when you are looking to hire someone new to make sure everyone is up to market rates.
- Incentives: Offering bonuses, profit-sharing, or other incentives can motivate employees to work harder and stay with the company long-term.
- Benefits packages: Offering above-and-beyond benefits such as Fridays off in the summer and extra time off helps attract and retain employees who value work-life balance. Often we don't revisit benefits packages, but as a hiring manager, it is good to revisit this and make sure your tax team's needs are met. If not, advocate for them.
3. Provide opportunities for growth and development:
- Training programs: Providing training programs to help employees develop new skills or advance their existing ones can help them feel valued and motivated to stay with the company.
- Mentorship: Pairing employees with mentors who can provide guidance and support can help them grow in their careers.
- Career advancement: Offering opportunities for promotion and career advancement can help employees feel like they are making progress in their careers.
For example, companies like IBM and GE offer extensive training programs and career advancement opportunities to help employees grow and develop.
4. Recognize and reward employee contributions:
- Bonuses and promotions: Offering bonuses and promotions to employees who exceed expectations or achieve specific goals can motivate them to work harder and stay with the company long-term.
- Public recognition: Acknowledging employees' hard work and contributions in front of their peers can help them feel valued and appreciated.
- Personal recognition: Offering personal praise and thanks to employees for their hard work and contributions can help build a positive work culture.
For example, companies like Zappos and Southwest Airlines offer bonuses, promotions, and public recognition to employees who go above and beyond in their roles.
5. Foster open communication and collaboration:
- Regular check-ins: Regular one-on-one meetings between managers and employees can help build trust and provide a forum for feedback and collaboration.
- Team-building activities: Organizing team-building activities such as company outings or volunteer events can help build a sense of community and promote collaboration.
- Open-door policy: Encouraging employees to share their opinions and ideas openly can help create a culture of inclusivity and collaboration.
For example, companies like Pixar and Slack foster open communication and collaboration through regular check-ins, team-building activities, and an open-door policy.
By implementing these strategies, you can create a workplace culture that values and supports your employees, motivating them to stay engaged and committed to the organization for the long term. In terms of tax departments, long tenures make a huge difference in tax projects and implementing best practices.