Savvy accounting recruiters know that successfully hiring new talent is only half the battle. The other half is retaining great workers who are already producing for the company. Employee retention is arguably more important than recruitment since the costs of onboarding new hires are significant.

In light of this reality, many accounting recruiters are seeking to boost workforce morale by providing promotion and employee development opportunities.

Here Are Five Practical Career-Growth Tools That Are Proven to Reduce Turnover:

Mentorship & Advancement Roadmaps 

Some managers meet with every new hire on day one in order to discuss individual career goals. Even if the company is focused on its own interests, the employee’s long-term career ambitions may overlap. There’s nothing wrong with a win-win!

Once each side understands the other’s priorities, they can collectively strategize and set milestones and goals. Some employers will go so far as to officially commit to promotion opportunities based on an employee’s fulfillment of set objectives.

Official Promotions 

The majority of accounting and finance employees view promotions and pay raises as the ultimate sign of appreciation. As the saying goes, “Put your money where your mouth is.” Fairly-administered promotions not only motivate the recipients but also send a positive signal out to the rest of the team.

With that said, it’s important to note that promotions must not be viewed as acts of favoritism or randomness. They only have a team morale-boosting effect if they are given consistently and objectively.

Honorary Leadership Positions 

Sometimes official promotions and pay raises simply aren’t realistic due to financial and labor limitations. This is especially prevalent among startup companies that operate on shoestring budgets. In these situations, leaders can show appreciation by creating honorary leadership roles.

Although an accounting employee typically prefers an official promotion and higher salary over an honorary leadership title, the latter still provides value and can boost morale. After all, it looks great on a résumé and provides status among other team members!

Educational Opportunities 

If prioritized, most large organizations have the resources to offer tuition reimbursement programs. Such perks may not be realistic for startups, but they do wonders for employee retention!

Managers should fight the fear that they’re simply investing in employees who will leave to work for another company. Although that’s always a possibility, these concerns are usually unfounded. Instead, most will use their newly-acquired skills to grow their careers from within!

Community & Business Recognition 

There are many worker-focused industry and community recognition opportunities that companies miss out on entirely. It’s really a shame since these awards are usually administered by third parties and require little investment from the actual employer.

They often come from industry magazines and trade organizations and focus on categories like leadership, female leadership, minority leadership, and outstanding achievements. Most employees feel very honored when their boss submits them for an award with far-reaching industry accolades and recognition.

In the end, accounting recruiters have a difficult job, especially in today’s hot job market. They must continue to hire great talent while working to retain the current workforce. Clear career-growth opportunities are a proven way to promote employee loyalty and boost overall morale!

If your company is in need of top-tier accountants, consult with the industry’s best accounting and finance recruiting agency today!

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If you are looking to hire and need help sourcing great candidates quickly, connect with Goodwin Recruiting.