High turnover can be costly and disruptive, so it’s essential to implement strategies that keep employees engaged and committed. Here are some effective ways to enhance employee retention in your practice, with examples from Thankyou Payroll.

1. Foster a Positive Work Environment

A positive work environment is foundational for employee satisfaction. Encourage open communication, recognise achievements, and promote a culture of respect and inclusivity. Create a workspace that is comfortable and conducive to productivity, with access to the necessary tools and technology.

At Thankyou Payroll, we create this environment with weekly all-team meetings, where we hear from all sections of the company, shout out our heroes of the week, and share any learnings. We also have monthly shared morning teas and always come together for cultural celebrations. Additionally, we seize random opportunities to make our team smile, like offering a free coffee voucher on ‘Random Act of Kindness’ Day.

2. Offer Competitive Compensation and Benefits

Competitive salaries and comprehensive benefits are critical to retaining employees. Regularly review and adjust compensation packages to ensure they are in line with industry standards. Benefits such as health insurance, retirement plans, and bonuses can also enhance job satisfaction and loyalty.

At Thankyou Payroll, we offer:

• 5 weeks of annual leave
• 20 days of hauora leave (sick leave and mental health leave)
• Birthday leave, so you don’t have to work on your birthday
• Comprehensive parental leave
• Southern Cross health insurance
• Free public transport to work
• 4% employer Kiwisaver contributions (with matching up to 6%)
• $400 wellbeing allowance annually
• Office located in the heart of Wellington, with flexible working options
• Interest-free loans for e-bike purchases

3. Provide Opportunities for Professional Development

Investing in your employees’ professional growth is a win-win. Offer training programs, workshops, and opportunities for further education. Encourage attendance at industry conferences and provide resources for earning certifications. This not only enhances their skills but also shows that you value their career development.

At Thankyou Payroll, we take an individual approach to professional development. Rather than annual performance reviews, we have monthly check-ins where we can create goals together and offer professional development to help achieve those goals.

4. Implement Work-Life Balance Initiatives

Work-life balance is increasingly important in today’s work environment. Flexible working hours, remote work options, and generous leave policies can help employees manage their personal and professional lives more effectively. Consider implementing wellness programs that address physical, mental, and emotional health.

We prioritise this at Thankyou Payroll. A team that has the space to create a healthy lifestyle and balance in their life is a team that is highly productive and fulfilled. We are flexible with working days, supporting employees who need to adjust their schedules for appointments or work remotely. We also offer a $400 annual wellness allowance to support employees in taking care of themselves.

5. Create Clear Career Paths 

Employees are more likely to stay with a company if they see a clear path for advancement. Develop and communicate career progression plans that outline potential growth opportunities within the organisation. Regular performance reviews and constructive feedback can help employees understand their strengths and areas for improvement.

At Thankyou Payroll, we utilise our monthly check-ins with employees to help them create a career pathway that promotes growth and development.

Wrapping up 

Retaining top talent in accounting and bookkeeping requires a multi-faceted approach.

By fostering a positive work environment, offering competitive compensation, providing professional development opportunities, and promoting work-life balance, you can create a workplace where employees feel valued and motivated to stay long-term.

Remember, a loyal and engaged team is not only more productive but also contributes to a thriving and successful practice.