Employee retention is a major concern for many practices, but aside from offering competitive pay and benefits packages, how can you ensure your employees want to stick around? If you haven’t already, it’s time to start adopting flexible work policies at your tax practice. We’ve discussed flexibility as a great way to recruit and retain millennials, but a flexible workplace has benefits far beyond making your younger workers happy. That’s why financial services companies like Deloitte have turned to flexible work policies to combat problems like workplace burnout and high turnover. Let’s look at three ways your practice can benefit from flexible policies.
One of the primary fears employers often have about flexible work arrangements is that employees won’t work as hard if they aren’t being directly supervised. However, a recent Stanford study found that employees with flexible work policies actually worked harder. According to the report, employees with flexible work policies “answered more calls and worked more hours because they took shorter breaks and used less sick leave."
A recent Stanford study found that employees with flexible work policies actually worked harder than those in traditional offices.
Perhaps you’re worried about the business cost of adopting flexible work policies. But according to a report by Boston College, employers should be more worried about how much being inflexible will cost them. “We're accountants,” said a spokesperson for a large international firm that recently implemented flexible work policies; “we've thought all that through, and let me assure you, the cost of our flexibility practices is nothing compared to the cost of losing good people and hiring and training new ones.” Just how much does turnover cost tax practices? CPA Trendlines estimated the cost at $32,500 in 2010, and the costs have almost certainly risen since then.
CPA Trendlines estimated the cost of replacing an employee at $32,500 in 2010, and the costs have almost certainly risen since then.
Giving your employees more freedom to choose where and when they work requires more trust than traditional methods of management. However, when you invest trust in your employees, you can expect to see an increased sense of trust and commitment from the employees in return. According to Forbes, “Instead of working for you, they are working with you. This builds enormous buy-in and a better workplace culture.” If you’re looking to build a culture where your employees actively care about the success of your practice, show them that you actively care about them through flexible work policies.
Looking for more ways to actively build your company culture? Canopy’s CEO, Kurt Avarell has some thoughts on how to do just that. Read Why Creating a Positive Company Culture is Vital to the Success of your Tax Practice.