Small firms are facing very difficult staffing challenges. Smaller firms are losing current employees and finding it hard to compete with larger firm’s dollars. I offer a couple of ways to retain your current employees and possibly attract new ones.
Studies have shown that more and more workers are opting for flexibility over salary. This can be the option to work from home part time or work flexible hours. I know traditionally CPA firms have not always embraced these options, but it may be time to at least explore the possibility. Some CPA firms now work exclusively remote and tax returns can be completed at almost any time of day.
The second option can be unique perks. Small businesses can provide perks that can be more challenging for larger firms with a sizable existing workforce. Some perks we have seen are gym memberships, monthly restaurant gift cards, or even providing a company vehicle. Providing breakfast, coffee, snacks, or lunch can also be a great ancillary benefit.
Another option firms can use is offering flexible PTO or time off. More and more firms are using a more flexible work schedule. Allowing employees to run an errand, pickup their kids, or grab a mid afternoon workout is a great example of the flexible schedule employees are looking for. Some firms have also switched to an unlimited PTO model where employees don’t have a set number for PTO. This may seem scary for small firms fearing the worst, but studies have found employees take less PTO with this model over the traditional model.
The last method that can be used is to plan monthly or quarterly events to increase morale. Afternoon or early evening events for employees to engage with each other outside the office is great especially if any portion of your workforce is remote.
Small businesses have an advantage over larger firms to act quicker and implement new HR policies and procedures faster. If you are having issues hiring, implementing one of many or these strategies may help your firm be more successful.
