CPA Firm Cost of Turnover
Turnover is expensive. While some of it is welcome and essential to the optimal leveraged CPA firm model, when all-star staff and even solid mid-level players leave, it hurts.
To understand how costly turnover is at your firm, start with calculating the dollars involved. If you haven't done this yet, we have a worksheet that can identify the various costs. [Request worksheet]
Once you have an idea of the cost of turnover, and if the volume of turnover at your firm is worth reducing, here are some turnover-reduction ides to consider:
- Check that your baseline salary, benefits and perks are in line with your market and competitors.
- Engage staff in open conversations about what they value and how the firm is or isn't meeting those needs.
- Conduct stay interviews to obtain this information in a more structured 1:1 format. Bonus: you'll build deeper relationships with members of your team.
- Create a task force to address retention, include a diverse group of members from all levels, and give the task force a budget to use specifically on retention initiatives.
Contact us to explore ways to reduce the cost of turnover at your firm through improved communication and team dynamics by talking over your firm's specific situation.