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Latest News

News

Non-financial rewards can be a very effective way to boost employee loyalty while rewarding your top performers, says Teresa Campbell. Recruitment is almost always a costly business for employers. Hiring, training and developing new employees takes time and money. So, when you have invested in putting a team together, it makes sense to think about what you can do to boost employee loyalty long term so you don't have to repeat the process if your turnover become high. Many business owners worry that they cannot offer sufficiently attractive bonuses and pay rises to hold on to their best performers. It is true that in a competitive market there will always be opportunities for good people to move on. So, if money is the only motivator, the chances are you will lose your best people over time. However, non-financial rewards are increasingly important in today’s market. By taking the time to identify and implement appropriate reward structures, you can boost employee loyalty, saving your business time and money in the long run. Autonomy When your employees have autonomy in their roles and see that you recognise and value their contribution, this in itself boosts loyalty. If they have input into the direction their role heads and maps out how they want to get there, an employee can feel more invested and like their job has purpose. Offering volunteer opportunities also allows employees to give back to their local community, and gives them a feeling like they and their company contribute to the world beyond their sector and back to their community. Development It's important to offer development opportunities such as training, mentoring, and project work to employees who want to take advantage of them. Not only will your employees feel supported, but the productivity and knowledge of your workforce will grow. In the same vain, offering assistence with education or exam fees, or personal skills development can also incentivise staff to stay put. Flexibility Our lives are a bit hectic these days, so offering flexibility for employees to vary their start and finish times or to work from home if appropriate could be seen as a big benefit getting new, top performers in the door and encourage them to stay. Community building Aside from the in-office benefits, it's good to consider offering staff days out, such as family picnics and gatherings, support for sport activities like a rugby or football team and rewards for long service in the company. Company support Often times, there are fees employees pay out because of their employment that could cost less the company less than a significant bump in salary but still give back to employees, such as paying for professional subscriptions or membership fees, enrolling in tax saving schemes for annual or monthly bus/rail travel passes, partaking in cycle to work schemes, offering company vehicles, extra annual leave or medical check-ups in the office. Seek advice Before deciding to provide non-financial rewards, it is important to consider the potential tax impact. Failing to structure your rewards correctly could result in a tax liability for you or your employees. For some rewards, tax incentives may be available. Recruitment is key Hiring the right people at the outset will save you time and money in the long-term. Hire for the role, the team and the organisation. Think about your leadership style, bearing in mind that recognition of individual contributions is often the key to securing employee loyalty.  Finally, remember that your employees play a key role in helping your business develop and grow. When the time comes for you to exit, having a loyal team in place is often a key selling point. Teresa Campbell Staff Director of PKF-FPM Accountants Limited.

Jun 14, 2018
Leadership and Management

A young County Down Chartered Accountant has won the ‘Young Chartered Star’ 2018 competition and will represent the Irish Chartered Accountancy profession at the ‘One Young World’ conference in The Hague in the Netherlands later this year.  Chartered Accountants Ireland congratulates Michael Walls, who will represent the Institute at the prestigious international conference from 17 - 20 October 2018. Above: Michael Walls with Chartered Accountants Ireland President Feargal McCormack Michael, 34, from Hilltown, County Down, qualified as a Chartered Accountant in 2011. He trained with KPMG in Belfast and worked in industry for a number of years. His most recent role saw him become Finance Director with UrbanVolt. Michael has since stepped down from his full-time role at UrbanVolt to pursue his own business venture. To enter the competition, Michael wrote an article on his career and particularly impressed the judging panel with his activity as an advocate for the Chartered Accountancy qualification, and his honest portrayal of his path to qualification. The panel also noted his involvement with the Young Professionals Committee as Chair in 2014. Michael Walls said: “I am thrilled that the judges have chosen me as the Young Chartered Star 2018, given the high quality of entries from the other candidates. I’m looking forward to representing Chartered Accountants Ireland at the One Young World Summit this October at The Hague.  “As a proud Chartered Accountant, I am looking forward to meeting young leaders from around the world, and showing them that Irish Chartered Accountants are a very diverse group, intent on making a positive impact on the economy, the environment and people’s lives.” Chartered Accountants Ireland President Feargal McCormack commented: “It’s truly impressive to meet young members and students like Michael, with such inspiring and fascinating stories of how the Chartered Accountancy qualification has helped them to succeed.  While the judging panel were impressed by all the final applicants, Michael Walls stood out as an outstanding candidate for the Young Chartered Star accolade.  With future business leaders of the calibre of Michael, I believe that our profession can look to the future with optimism." Michael will join representatives from ICAEW (England & Wales), SAICA (South Africa) Chartered Accountants Australia and New Zealand and ISCA (Singapore) at the One Young World conference. Ends Reference:   Garry Webb, Communications Executive, garry.webb@charteredaccountants.ie; Phone 00 44 7841 152045 Notes to editors About Chartered Accountants Ireland: Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888.  The Institute, which is an all-island body, currently represents over 26,500 members around the world.  Chartered Accountants Ireland is a founding member of Chartered Accountants Worldwide, the global alliance of Chartered bodies representing 600,000 members and one million students and collectively promotes the Chartered Accountant designation. About Young Chartered Star: Chartered Accountants Ireland’s ‘Young Chartered Star’ (YCS) recognises exceptional achievement amongst its trainees and members aged 35 years or under. The award gives student and members the opportunity to share their experiences and ideas among the wider Chartered Accountants Ireland membership, with the successful candidate invited to attend the prestigious annual ‘One Young World’ summit. YCS is awarded to someone who will lead, motivate and inspire the next generation. Members and students under the age of 35 entered by writing an article on LinkedIn to detail their career path to date, the impact of the Chartered Accountancy qualification on their life, as well as their future ambitions and advice for anyone considering Chartered Accountancy as a career. About One Young World: One Young World is an international conference that brings together inspiring young people from 190+ countries that are committed to making a difference. The summit will take place in The Hague, the Netherlands on 17 - 20 October 2018. One Young World provides a platform for young leaders to speak alongside Presidents, Nobel Prize Winners, Global business leaders and other inspiring global leaders. Delegates are an international cohort, sharing their impactful work, personal experiences, views and opinions with around 1,300 Summit attendees and an audience watching around the world.

Jun 05, 2018

Practice Consulting has produced a suite of practical tools and guidance on GDPR for practices. These are for both ROI and NI and are free to our members. They include an eight step guide, outline template procedures and clauses for engagement letters. View the GDPR resources for practices

May 15, 2018