Staff Compensation and Retention

In order to remain independent as well as achieve long-term success, accounting firm partners must meet the challenges of the staffing crisis. Firms need to focus on succession planning and have adequate staff capacity to service clients and for growth. Firms may not be capable of achieving their short and long-term strategic goals and objectives if they fail to make the necessary changes within their organizations. It is essential to create the proper culture and environment to retain quality and talented staff.

How can firms retain the talent needed to support client services, continue to grow their revenue base, and have a viable succession plan? They must adopt a true staff-centric culture. Simply stated, a staff-centric culture is an array of interrelated, comprehensive, and customized policies, programs, attitudes, rewards, and behaviors. These essential elements create the best possible environment for firms to retain their most talented professionals.

This webinar is meant to be highly interactive and will focus on staff compensation and rewards in a retention strategy.

CPE: 2 credits

Discussion Topics

• How members can address the challenges related to increased compensation and rewards.
• Discussion about 2022 and 2023 staff compensation increases
• A review of compensation at all levels
• The types of bonus and rewards methods that member firms are using.
• Is a formal profit-sharing arrangement with staff on the horizon
• Discussion regarding passing on the increased labor costs by increasing client fees.
• Innovative ways members have rewarded staff as retention strategies.
• Open discussion