Due to the tremendous demand and the short supply of qualified tax professionals, the subject of retaining one's current tax staff is of high importance to the management within Corporations, Public Accounting and Law Firms.
To have a better understanding of what the key "employee" issues are within a tax department, we asked the Question "What can your employer do to retain you?"
Retention Survey
Survey Methodology:
To ensure a balanced response, we surveyed a porportionate number of tax professionals by Title, Specialty and Geography. We received 1103 responses and the results are listed below.
Summary of survey results:
Overall Breakdown
Actual # of responses for the first, second and third choices.
Percentage of respondents who chose each issue as their #1 choice.
Percentage of respondents who chose each issue in their top three choices.
# who chose as #1 choice
# who chose as #2 choice
# who chose as #3 choice
% who chose as #1 choice
% who chose in top 3 choices
1. More Money
356
217
151
32.3%
65.6%
2. Better Balance of Life
288
141
123
26.1%
50.0%
3. Better Career Advancement
120
121
132
10.9%
33.8%
4. Any or More Equity (Stock Options)
105
184
130
9.5%
38.0%
5. More Challenging or Exciting Work
73
94
97
6.6%
24.0%
6. Honest and Frequent Two-Way Communication
47
86
97
4.3%
20.9%
7. Authority is More in Line with Responsibility
32
64
64
2.9%
14.5%
8. Provide Mentor or Better Mentor
27
58
81
2.4%
15.0%
9. Better Benefits
26
100
166
2.4%
26.5%
Breakdown By Title
Percentage of respondents who chose each issue as their #1 choice.
Percentage of respondents who chose each issue in their top three choices.
% who chose as #1 choice
% who chose in top 3 choices
A
B
C
D
A
B
C
D
1. More Money
30.0
28.0
36.7
36.3
62.6
64.0
67.7
70.8
2. Better Balance of Life
18.9
30.5
27.5
28.0
45.8
42.5
52.4
44.0
3. Better Career Advancement
11.4
8.0
13.4
10.7
35.4
27.7
38.0
35.1
4. Any or More Equity (Stock Options)
13.1
10.2
4.5
11.3
44.8
37.2
29.1
43.5
5. More Challenging or Exciting Work
7.4
8.6
4.8
4.8
14.1
25.8
27.2
19.6
6. Honest and Frequent Two-Way Communication
7.4
3.7
3.8
.6
20.9
20.9
18.5
25.0
7. Authority is More in Line with Responsibility
5.4
3.1
10.0
1.8
19.5
15.4
9.9
13.0
8. Provide Mentor or Better Mentor
1.7
2.8
2.2
3.6
12.8
16.0
16.6
14.3
9. Better Benefits
2.7
2.8
2.2
1.2
25.6
28.6
28.1
20.8
A = Vice Presidents, Directors, Partners & General Tax Counsels
