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Practice Management Tips

Your Employee Turnover Rate Says More Than You Think

By January 18, 2020 February 4th, 2020 No Comments
Sterling Practice Management CPA Accounting Firm Employees

CPA Firm Consultants often run into clients with high employee turnover. High employee turnover usually means you are not hiring the right people. Improving turnover rates means hiring wisely, so you have employees who you can trust to get the job done right. Inefficient hiring practices can create more work for those in manager positions, including work that distracts from larger-scale priorities.

High Employee Turnover Plagued CPA Firm

CPA Firm Robert Hall & Associates had a growth rate of less than five percent, which was not ideal according to CEO Stephen Hall. Stephen points out that knowing how to provide useful accounting principles for clients does not make you a management expert. “Ten years ago, the business was running us, instead of us running the business. Our office was chaotic; tax season meant putting in 100 hour weeks and at one point we had 100% staff turnover” says Stephen. “I continually had to step in and take over the work our employees were doing so the clients could get their work done on time. The few weeks I did manage to take off during the off-season weren’t really a vacation; I would still have to keep in continuous contact with the office to make sure things stayed under control during my absence.”

Changes Made to Personnel Hiring and Organization Structure

For that reason, his firm chose Sterling’s personnel and management technology to restructure their organization style. Now, their growth rate has more than doubled with zero employee turnover in the last year. Coincidence? We think not.

Sterling Practice Management believes that growth begins within. Hiring the right people is the first step towards a better overall organization. Steven cites the hiring and training strategies he learned as primary reasons for his firm’s increased growth rates. When you have the right people on the job with the right skillset at their disposal, it opens up possibilities for your company. Steven found that hiring the right staff freed up his time for other work and personal priorities.

Employee Motivation: An Important Element

Sterling also promotes using motivational technology that places value on an employee’s performance rather than their tenure. Performance-based bonuses serve to reinforce strong work ethics and positive employee atmospheres. Reward your employees for doing something the right way.

Do you know your employee turnover rate? Find out what you can do to hire efficiently and keep employees for the long-term. We’ll get you started with our Free Online Practice Analysis.