Retaining staff is the number one concern of accounting firms with 11 or more employees, according to a 2015 PCPS CPA Firm Top Issues survey. A recent article in the Journal of Accountancy discusses different initiatives firms, including Brown Smith Wallace, are employing in order to retain their most valuable asset: their people.
Brown Smith Wallace is proud of its retention rate of 92-93% in the tax and audit practices, which is impressively higher than the industry average (according to the article, in 2015, turnover rates reached 13.4% at firms with revenues of over $10 million). From a flexible work schedule and unlimited vacation time for managers and above, to the firm’s continuing education program Brown Smith Wallace University, the firm invests in several initiatives to develop its employees personally and professionally.
See the subhead Brown Smith Wallace: Investing in the whole employee in the linked Journal of Accountancy article, “Rethinking Retention,” to learn more about the culture of Brown Smith Wallace and how the firm invests in employees.