It’s no secret that the accounting profession is a highly competitive one. And in order to be successful, you need to have a talented and dedicated team working for you. Unfortunately, retaining staff members can be difficult, especially in today’s economy. So how can you keep your team together and motivated?
Try implementing a creative job incentive.
Incentives help ensure that your employees feel valued and inspired, which in turn increases their productivity levels, promotes retention, and gets team members excited about their work!
In my practice, we pay bonuses based on results. It’s an incentive for our employees to work together and achieve higher profits, which we then distribute among the teams accordingly- it’s all managed from the bottom up.
It helps shape their behavior and ensures that everyone works together as a team. If an employee doesn’t perform well, it affects their team; but if they do really well the whole team benefits.
This way, it addresses many things such as employees can earn more if they “increase the pie”. It’s managed from the bottom-up, meaning they can determine how much they can earn in bonuses.
We’ve seen that paying incentives based on results is a great way to ensure that our employees feel valued and inspired. This, in turn, increases their productivity levels, promotes retention, and gets team members excited about their work! What type of incentive program do you have in place at your practice? Do you think it could be improved?
P.S. Whenever you’re ready, here are 4 ways we can help you grow your Accounting practice:
1. Download a free copy of our book – The Accountants 20 Hour Workweek
In this free book, we highlight the No.1 strategy that’s had the biggest impact on building our own practice to run without the owners – Click here
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It’s our new free online community to share daily insights, tips and free tools to grow your practice — Click Here
3. Save $’000s in your practice every month with this new program
We’ve just released a new practice acceleration program which will help you save money and time every month whilst taking your practice to a new level of growth. See if you qualify – Click here
4. Build your firm to run without you
We have the step-by-step plan to grow a seven figure profit practice that can run without the owner. Would you like it? – Click here