How to keep the smart people in public accounting

To: Partners at public firms, big and small
Re: Your staff retention issues

So, you’re wondering how you can keep the brightest accountants from jumping ship to industry. Well, the reason is quite simple and you are probably aware of it: the compensation is better in industry. There is however, another reason that came to light when I was chatting with a lawyer working for one of the largest law firms in the country was telling me how one of the real incentives at his firm is the clarity in terms of the partnership track. Instead of partners secretly plotting who will get made partner at accounting firms, his firm ensures the process is open and transparent.

The lesson? If accounting firms want to keep their top talent around, they should create a more formalized partnership track for those young, extremely ambitious and intelligent people they want to keep to service their clients once they are gone. This would be the perfect incentive for those who WANT to make partner and would make them more willing to give up higher pay elsewhere if they know they have a solid future at the firm.

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One Response to How to keep the smart people in public accounting

  1. Again you are completly correct in your conclusions. The young, ambitious and talent will respond well to clearly defined route to becoming a partner and will demonstrate a greater level of productivity as a result.

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