How practical training programmes can help achieve 100% staff retention over one to three years.
HR Magazine sat down with two partners from RSM Nelson Wheeler (RSM) to get a glimpse into the company’s learning and development programmes and how they help retain staff in the accounting firm. RSM, one of Hong Kong’s leading accounting firms, employs around 300 staff and 25 partners. The company is part of the global RSM network—the sixth largest accounting firm in the world.
Family feel
Being part of the sixth biggest accounting firm in the world poses some interesting challenges to not only training and development, but also HR in general. While RSM Nelson Wheeler is a large company, there is a feeling that everyone is part of a large family. This feeling of family is very different from the ‘big four’, which tend to be viewed as rather corporate. When asked to comment on what elements set the company apart from others in terms of training and development, Chris Wong, Partner at RSM commented, “We create and foster a family and team spirit. This leads to staff who are willing and ready to share their experience.” He went on to highlight that there is a feeling of harmony and happiness, leading to a better work-life-balance than at the big four.
Staff development programmes
RSM recognises training and development as one of the most important tools for HR managers to use to ensure their employees stay with the company and are happy. Wong gave a brief overview, “We have staff development programmes, recruit from universities into our training programme, and ensure our staff is technologically equipped and develop abilities needed for their career.” Staff complete 30 to 40 hours a year of training and knowledge enhancement, which is above industry standard. Eugene Liu, Partner at RSM said, “We follow a top-down approach at the company. Staff are constantly encouraged to learn, in fact they learn every day, in every job they do.”
When asked what the company does to put itself ahead of its competitors in L&D, Wong highlighted the world-wide-training sessions done via webcam. Each session is run by either experts within the company or by experts brought in by the company. The sessions are done in real time, with the expert being in the UK or the US, and the participants being in Hong Kong. Each session is recorded podcast style, with participants being able to ask questions in real time. Wong highlighted, “This system is good in that it is interactive, and gets current accounting standards and other related information out to a wide audience.” Wong pointed out that each session is conducted in the office, done at the end of the day or after hours. The majority of training programmes being conducted from September to December.
Cadet programme
The company also conducts a cadet programme for university students, who work with the company full time for three months over the summer, in regular junior positions. This programme provides students close to graduating with accounting experience, and possibly a job after they graduate. Wong said, “Our conversion rate is about 50% of graduates come work for us after the programme. Of those that come, 100% stay at least two to three years. This is because we offer a good working environment that is family oriented with no politics.”
Mentor programme
When new staff join the company, they are assigned a mentor. Every staff member at managerial or higher level is a mentor to at least one staff member. This system serves to increase the family mentality and learning environment within the company.
The mentor can also help an employee increase their regional knowledge and experience, as RSM does work closely with its partner organisation, RSM China. Quite a few members of the company do go on audits to China.
With the mentor programme, Wong noted, “There is a ‘train the trainer programme’ for the senior positions of the company. The programme is normally done internally, and by invitation only. These two day sessions serve to improve the mentors’ abilities and gives them a way to share their knowledge with colleagues at the same level.”
China secondments
Wong advises companies based in Hong Kong, who have staff that are required to work in China, to take care with taxation issues. He points out, “Companies, and HR managers in particular, should be careful with the amount of time their employees spend in China, for tax purposes. If the employee spends more than 183 days a year in China, the Chinese government are entitled to tax them on what they earn there. So, it is best to keep very close track of hours spent in China, as well as keep up-to-date with the ever changing taxation rules of both Hong Kong and China. It would be wise for companies to hire tax experts to avoid any potential costly problems.”
HR finances
Wong also advised HR to look carefully at how the company deals with their financials. He said, “HR managers should ensure that internal financial control is in place, and their companies have risk management services, made up of staff from different positions including audit.” He went on to comment that by having proper risk management, HR can share with all employees the knowledge gained, and proper ways to manage both personal and corporate financial risk.
Paul Arkwright
Publisher
