Issue link: https://viewer.e-digitaledition.com/i/133443
You're thinking: In these tough economic times "hope" is not a strategy. We're thinking: Partnering with a sharp financial team is. their professional purposes contribute to the success of the practice. Providing role clarity and concise deadlines coupled with the time and resources to make the agreed-upon deadlines empowers employees to succeed and facilitates an understanding of how their individual contributions affect the group. + An open-door policy allows you to keep an ear to the ground, solicit frank and honest feedback, and demonstrate that you care about the happiness and success of your team and your practice. + Recognition of staff accomplishments and contributions is one of the most powerful retention strategies. Whether through monetary incentives or verbal or written acknowledgements, a heartfelt "thanks" is immeasurable in promoting loyalty and commitment. The same goes for regular and thorough job performance feedback. Employees want to know how they are doing and what they can do to improve. + Your best employees will challenge you with their desire to grow in knowledge, skill and experience. Leverage your homegrown talent when you can; invest in career development for the future; and prepare your employees with high potential for leadership roles. + L ead a nd suppor t you r tea m. Communicate openly; create organizational clarity; keep your word; 210.384.8000 | www.ssacpa.com honor your employees' time; encourage and act on suggestions; and accept disappointments. Employee retention does matter. Failing to retain a key employee is costly; by some estimates, the expenses of an employee loss can be as high as 1.5 times the staff member's annual salary. It can also be quite disruptive to the overall health of your practice — consider the lost knowledge, insecure coworkers, costly candidate search, and lost training and development investments caused by the exit of a hardworking employee. By giving strong thought to your culture and your retention strategies, your practice will thrive. For help developing an employeeretention strategy that fits your practice, call Brigitta Glick, SPHR, President of Provenir, at (210) 479-3444, or visit www.provenirUSA.com. I MDNEWS.COM I MD NEWS San Antonio | 13