You mean autonomy and high pay helps retain talent?

What did the recruiters tell us initially?  That people are the most important asset of this accounting firm and that work/life balance is a priority.  The reality is that we work extremely long hours for relatively low pay.  The same can be said for nearly all professional service firms.  At the same time, these firms complain that they have experienced high turnover levels over the last few years.  The solution?  Higher pay and more autonomy.  Duh!

Check out David Teece’s (a prof at UC Berkeley biz school) ideas on how to retain top talent and how one prof service firm implemented it and has had great success.

http://money.cnn.com/magazines/business2/business2_archive/2006/07/01/8380225/index.htm

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2 Responses to You mean autonomy and high pay helps retain talent?

  1. You’re right with your conclusion and I’m sure every accountant has worked very long hours for a medium salary. High turnover will definately be reduced by higher pay and greater autonomy!

  2. These are the two factors that will always help retain staff in every industry.

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