While attracting and retaining staff remains the biggest challenge they face, few CPA firms have formal, documented programs that would help them achieve this goal, according to a recent survey by the AICPA Private Companies Practice Section (PCPS).

The survey results appear in a new white paper published by PCPS, Best Practices in Recruiting and Retaining Talented Staff, which addresses the issue by including recommended guidance for specific aspects of recruiting and retention.

The survey, conducted among 500 CPA firms, asked firms whether they have put in place documented programs to address such issues as leadership development, generational differences and compensation alternatives for those not on the partner track. The survey also asked about business development programs for partners and managers and whether the firm had aligned its compensation policies with its strategic initiatives. Large majorities, ranging from 75 percent to 99 percent depending on the program, had not put such programs in place.

According to James Metzler, AICPA vice president – small firm interests, the white paper offers tips on how a recruitment or retention program can be adapted for a smaller practice or implemented in an informal manner. “Unfortunately, many firms believe that they lack the resources to implement a formal program. However, there are some basic principles that we feel can be effectively adapted by firms with fewer resources,” said Metzler.

The white paper urges smaller firms to use their size as an advantage. “Smaller practices are in an excellent position to offer a congenial atmosphere and a high level of personal attention to career issues,” Metzler said. “Staff accountants at smaller firms get a lot of exposure to clients and often have the option of flexible work hours. Small firms should use these factors as a selling point in attracting and retaining talented staff.”

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