eoc strategy team sum-it of ltmi ltd 148 st. george’s terrace, perth western australia, 6230
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Industry, Sector and Background
Accounting and Financial Services Provider 20 Years of experience A ‘Big 5’ International Firm Amalgamation of 4 large Australian Firms Head office in Perth’s CBD Regional office in Bunbury servicing the South
West areas of WA
Team Sum-It
30 June 2007 Statistics 167 National and International offices Represented by 131 countries 153 000 Employees Employee qualifications range:
Administration and reception IT Specialists Junior and Senior Accountants CPA’s & CA’s Auditors Management Consultants Taxation Consultants Managers Executives Directors CEO’s
Team Sum-It
28 February 2010 Statistics 131 500 Employees 14% Lower than that of 30 June 2007 3% Due to directly recruiting of employees by competitors
i.e. 645 employees
Source: LTMI Ltd, 2010
Team Sum-It
Perth Head Office Statistics
30 June 2007: 750 employees 28 February 2010: 660 Employees
Source: LTMI Ltd, 2010
Team Sum-It
How is this achievable?
First implementation at the Perth HQ in July 2010 First assessment in January 2011 Implemented nation wide Second assessment in June 2011 Implemented internationally Corrective control measures implemented
Team Sum-It
Measuring Performance
Bi-annual evaluations i.e. every 6 months Employees complete questionnaires Financial Statements prepared according to
the:Triple Bottom LineBalanced Scorecard
Team Sum-It
Informing our Employees
Meetings E-mail Corporate events www.LTMI.com.au
Team Sum-It
Source: Google Images, 2010
What is an ‘Employer of Choice?’
Attract, retain and motivate staff (South Australia Biz, n.d.)
Attract, optimize and hold exceptional talent and achieve its corporate objective
A great place to work, employees dedicate themselves to the corporate success (Linnergy, 2004)
Competitive edge (Linnergy, 2004)
INTE
RNAL
EXTE
RNAL
HELPFUL HARMFUL
• Universal
• Ongoing demand of service
• Highly popular professional career choice with personal promotion and prospects for international travel
• Highly regulated
• Highly professional conducts
• Negative stereotypes of people within this industry
• Possibility of tax evasion, fraud and corruption within entities
• Room for expansion and international growth
• Opportunity for new prospective clients
• Huge demand = continual search for the best talent
• Great deal of competition
• Mining boom
• Politics
• Deregulation
SWOT Analysis
EOC Vision
“We’ve got what you wantWe’ve got what you need
Do you have what it takes?”
Source: Google Images, 2010
Team Sum-It
What attracts top GRADUATES?
‘Competition is tough for the top university
students every year, and as the talent shortage
continues to bite, companies need to take a
smarter approach to attracting and retaining such
graduates’ (O’Carroll, 2010, para 1).
Team Sum-It GRADUATES
EOC Strategies Support and partner with various universities Provide opportunities for vocational work Undergraduate employment opportunities
RSM Bird Cameron, 2010 Attracting the top 5 % of graduates
McFadden, 2010 Competitive graduate employment packages
Bavendam Research, n.d.
Team Sum-It GRADUATES
Source: Google Images, 2010
EOC Strategies Support of postgraduate studies as CPA & CA
RSM Bird Cameron Rotating graduate positions
Capperella, 2010 Bavendam Research, n.d.
Developing clientele RSM Bird Cameron
Implementing a mentor program Keller, 2009
Encourage an inclusive environment Performance evaluations
Team Sum-It GRADUATES
Source: Google Images, 2010
Attracting SKILLED Employees
Who are the “SKILLED” employees? Accreditations – CPA, CA designations Experience – industry-specific or software/technology
knowledge
Team Sum-It SKILLED Employees
Source: Google Images, 2010
“If two candidates interviewing for an accounting/finance position had similar skills, which one of the following additional qualifications would
you find most valuable?” (Half, 2007)
Industry-specific experience 55%
Software/technology knowledge 24%
Certification or advanced degree
13%
Multilingual skills 2%
Personality/people skills 2%
International experience 4%
Source: Robert Half survey of 270 CFOs
Team Sum-It SKILLED Employees
EOC Strategies
Work with a recruitment firm
Offer sought-after benefits
& incentives
Emphasize opportunities
forcareer growth
Employee recognition
program
Emphasize on beinga community-focus
organisation
SKILLED EmployeesTeam Sum-It
Source: Google Images, 2010
Why is retention important?
Human resources are the most valuable asset
Employees have choices
Reduce costs
RETAINING EmployeesTeam Sum-It
Why people leave accounting firms?
Boring and unchallenging work (S. Krugman, 2000)
Long hours & huge work load (R.Keller, 2009)
Team Sum-It RETAINING Employees
Source: Google Images, 2010
Why people leave accounting firms?
Uncaring and unsupportive environment (Philips & Edwards, 2008, p37)
Imbalance between work and life (Philips & Edwards, 2008, p37)
Team Sum-It RETAINING Employees
EOC Strategies
Keep employees happy Recognition & reward program Flexibility A fair work/life balance Good managers in place Challenging workplace
Team Sum-It RETAINING Employees
Source: Google Images, 2010
Mentor Program Semi-retired professionals Wealth of knowledge Years of experience Relay on and impart the knowledge
to our younger graduates and employees
Team Sum-It RETIRED Employees
Source: Google Images, 2010
We want to attract and retain highly educates, skilled and qualified professionals that:
“Know what they wantKnow what they need
And have what it takes”
Team Sum-It
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