Retaining talent is one of the biggest talent management challenges for global accountancy firms. Historically, annual
turnover rates at these firms have been between 15 and 20 percent. In these global accountancy firms (e.g., Deloitte, Ernst & Young) a variety of factors contribute to high turnover rates among early-career employees, including long hours, pressure to study during off-hours in order to pass professional certification exams, and an ‘‘up or out’’ partnership model. Jim Wall, the managing director of human resources at Deloitte, estimated that every percentage-point drop in annual turnover rates equated to a savings of $400–$500 million for the firm (The Economist, 2007).
Retaining talent is one of the biggest talent management challenges for global accountancy firms. Historically, annualturnover rates at these firms have been between 15 and 20 percent. In these global accountancy firms (e.g., Deloitte, Ernst & Young) a variety of factors contribute to high turnover rates among early-career employees, including long hours, pressure to study during off-hours in order to pass professional certification exams, and an ‘‘up or out’’ partnership model. Jim Wall, the managing director of human resources at Deloitte, estimated that every percentage-point drop in annual turnover rates equated to a savings of $400–$500 million for the firm (The Economist, 2007).
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