Analysis of Employee Retention by SupremeLord

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									Lawta & CO. LLP


   An Analysis of
 Employee Retention
Lawta & CO. LLP

   Presented by:

   Mandip Atwal
Lawta & CO. LLP



 L & C must show
employees why “they
      count!”
      An Analysis of Employee Retention




    Importance of employee retention:

   excellent training
   high morale
   good rapport
An Analysis of Employee Retention


         MY ROLE
       Staff Accountant




   Audit & Assurance Services
   Personal/Corporate Taxation
An Analysis of Employee Retention



 STAKEHOLDERS
   firm image
   new employees
   existing employees
   managers
   partners
   clients
      An Analysis of Employee Retention


         PROBLEM DEFINITION

H & C is deficient in retaining their staff :

 lack in training, low morale, poor rapport
 at co-op and permanent staff levels
 hinders goal of retaining clients as well
    An Analysis of Employee Retention

    Inability to Retain Staff…

     LACK IN TRAINING:
   compressed sessions
   learning levels ignored
   not enough resources
An Analysis of Employee Retention


  LACK IN TRAINING:

 Affect on stakeholders:
       Stress, uneasiness, frustration

    Wasted time          Unhappy clients

     Re-training using firm/personal time

         Bombardment with questions
    An Analysis of Employee Retention

    Inability to Retain Staff…

LOW MORALE:
 need more than money
 current awards ineffective

 sarcastic remarks
An Analysis of Employee Retention


         LOW MORALE:

 Affect on stakeholders:
           Unappreciated

 Bored                      Discouraged




            insignificant
    An Analysis of Employee Retention

    Inability to Retain Staff…

POOR RAPPORT:
 employees excluded/not part of the team
 offended staff

 burning bridges
An Analysis of Employee Retention


     POOR RAPPORT:

 Affect on stakeholders:
             Neglected



Forgotten                     Alone




              Displaced
    An Analysis of Employee Retention


  The “Training Re-vamp” Alternative

Problem: Lack in training leading to turnover.

Solution: “Training Manual/FAQ Guide &
Extending training session to 1-2 weeks
          An Analysis of Employee Retention

            The Training Re-vamp
                   BENEFITS:
 familiar learning tool
 written by former students

 easier for self-study

 relaxed learning environment

 individual attention/hands-on incorporation
     An Analysis of Employee Retention

        The Training Re-vamp

              BENEFITS:

      $ 14,400 (re-training on the job)
                      +
$ 6,000(recruitment) = $ 20,400 in savings!
        An Analysis of Employee Retention

           The Training Re-vamp
                COSTS:
The hours spent training and learning versus working
                    on client files.
               $ 5,400 for one week
                           +
     Collection, Organization, Printing $ 850

               TOTAL = $ 6,250
   An Analysis of Employee Retention


The “Training Re-vamp” Alternative

 COST/BENEFIT SUMMARY

    Cost: $ 6,250

    Benefit: $ 20,400
       An Analysis of Employee Retention

    The “Morale Booster” Alternative

Problem: Low morale leading to turnover.
Solution: “New ideas to boost morale” :

 quarterly awards/employee of the month
 raffles, wall of fame, appreciation cakes
 crown or special trophy passed on each month
        An Analysis of Employee Retention

          The “Morale Booster”
                  BENEFITS:
   increases productivity
   decreases turnover
   happy, motivated staff
   positive firm image
   top 100 employer


     SAVING $ 6,000 in recruitment costs!
          An Analysis of Employee Retention

            The “Morale Booster”
                      COSTS:
 $180 (12months x $15 cakes)
 $50    (custom trophy)
 $150 (ink cartridges for computer)
 $20    (random prize)
 $0     (prizes donated by partners)
 $1,200 (3 $100 quarterly cash prizes for special
categories).
                 TOTAL : $ 1600
   An Analysis of Employee Retention


The “Morale Booster” Alternative

COST/BENEFIT SUMMARY
   Cost: $ 1,600

  Benefit: $ 6,000
       An Analysis of Employee Retention

    The “Building Rapport” Alternative

Problem: Poor rapport leading to turnover.
Solution: “Build Good Rapport” :

 include employees on study leave/leave of
absence in firm events
 hold an “alumni” event for former/retired
colleagues
      An Analysis of Employee Retention

        The “Rapport Builder”
                  BENEFITS:

 staying connected
 firm image

 no second thoughts

 employee/client referrals

 revenue generation
An Analysis of Employee Retention

 The “Rapport Builder”
         BENEFITS:
 $ 17,500 (revenue generation)
                +
   $ 6,000 (recruitment costs)
                =
    $23,500 in savings!
          An Analysis of Employee Retention

            The “Rapport Builder”
                        COSTS:
            Event                Range       Avg. Cost

i.e. pub night, golf, buffet…     $1,000      $5,500
                                to $10,000
alumni cocktail party             $5,000     $10,000
                                to $15,000
inclusion of extra employees       $100        $300
                                  to $500
An Analysis of Employee Retention

  The “Rapport Builder”
           COSTS:

   An average total cost of….

    5,500 + 300 +10,000
             =
          $ 15,800
   An Analysis of Employee Retention


The “Rapport Builder” Alternative
     COST/BENEFIT SUMMARY
           Cost: $15,800

          Benefit: $ 23,500
        An Analysis of Employee Retention

           Recommendations:
Type:             Cost:              Benefit:

Training        $ 6,250                $ 14,400
Morale:          $1,600                $ 6,000
Rapport:         $15,800              $ 17,500
Total:          $ 23,650              $37,900

Thus in combining all the alternatives benefits
outweigh costs by $14,250
An Analysis of Employee Retention

       Recommendation
A combination of ALL the alternatives :

   training extension/ better resources

   low cost reward ideas

   more employees invited for inexpensive events
In combining the alternatives
        presented…


H & C can show employees
     why “they count!”

								
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