Employee recognition isn’t just a trend that is going to fade out in a few months. It is a powerful business strategy that can transform your organization’s culture and performance. For SMB accounting firms, the impact of recognizing and appreciating your employees cannot be overemphasized. Talent retention and job satisfaction are key in the accounting world being a highly competitive industry. A strong and impactful employee recognition program can help foster loyalty, boost morale, and ultimately drive employee and company success. For smaller accounting firms, implementing a large complex recognition program might not be feasible but that doesn't mean you have to veto the entire idea of a recognition program. There are plenty of simple yet effective strategies that have a substantial impact on your employees.
The Why Behind Employee Recognition
Recognition doesn't just make your employees feel good and appreciated but it is a catalyst for a number of positive outcomes within your entire organization. A well-structured recognition program is a great way to increase employee engagement and employee retention. Engaged employees are more likely to be productive and stay with their firm and this is a great way to drive growth and innovation between teams. Employee turnover is something that companies are always looking to avoid and for SMB accounting firms it can be very costly. Employees who don’t feel as though they are recognized are twice as likely to quit and the cost of replacing them can be up to 150% of their annual salary. Recognizing your employees can be a significant factor in retaining your top personnel.
Simple Recognition Practices
- Offer Peer-to-Peer Recognition
Implementing a peer-to-peer recognition program creates a strong sense of community among your team members. Fellow employees are able to see the more day-to-day, detailed work you are doing and the time you are devoting to your clients. Allowing employees to recognize each other allows for more immediate recognition. This helps peers build stronger relationships that are motivating and uplifting in an industry that is often filled with high-stress situations.
- Birthday/Anniversary Celebrations
Birthdays and anniversaries are special days to your employees and even having the smallest recognition could brighten up their day. A simple shout-out throughout the company's communication platform is an easy way to acknowledge your employee and let them know that they are appreciated and valued on their special day. Anniversary recognition is a great opportunity to thank your employees for all of their hard work throughout their time at your company. You can offer them a lunch or other personalized rewards for these celebrations to show extra appreciation.
- Acknowledge Employee Achievements
If your employee has been working towards a new milestone, for example earning a new certification, managers or leadership should celebrate them properly. Recognizing your employees for reaching new achievements shows that their efforts are valued and aren’t going unnoticed by the firm. If a company builds a community where people feel appreciated and supported then it will improve communication, collaboration, and overall teamwork. By recognizing your team for reaching milestones you are also encouraging them to maintain or exceed performance standards. This sets clear expectations and benchmarks for success which will drive ongoing improvement and productivity
- Offer Professional Development Opportunities
Investing in your team’s growth and development is one of the best things your firm can do to set itself apart from your competitors. These development opportunities are a great way to increase employee satisfaction and loyalty. When employees feel that their firm is invested in their growth, they are more likely to stay with the company long-term. Your firm’s clients also expect their accounting firm to provide knowledgeable and skilled professionals who meet and exceed their needs. By offering these development opportunities SMB firms can ensure their employees have the expertise required to deliver high-quality services, leading to increased client satisfaction and retention.
Implementing a well-rounded employee recognition program is an investment in your most valuable asset- your employees. For SMB firms, competition is fierce and a recognition program can be a powerful differentiator. It’s not about being able to offer the most luxurious and expensive rewards; it’s about making your employees feel valued and appreciated all year long. Smaller firms have the ability to create an environment for employees to feel motivated and excited to be a part of the firm’s success.
