When you love something let it go. Yes, all very well and good in the world of romance. Just not for your trust accountant. That is why we dedicate this blog on keeping your trust accountant for good.
When you find a good trust accountant, you grab that baby, hold on tight and don’t let go! You see your trust accountant is the glue that holds the paper mâché together. They are the chocolate chip cookie that rounds out the perfect cup of tea. Get the picture?
Keeping good people is one of the biggest challenges in business. Finding them is the easy part in comparison. Once you find that perfect trust accountant that fits seamlessly into your business, you want to keep them happy to retain them as an employee as long as possible.
Trust accountants keep everything running smoothly in the background of your business. The sales and rentals business you make, all would not be possible without the efficient workings of your trust accountant.
So, what are the bug bears for trust accountants that may make them look elsewhere? We know a few, so we know what makes them happy and what makes them want to look for greener pastures. And the reality is, they are the common reasons all staff look to move on from an employer they are unhappy with. The good news? For good employers, it should be easy! Read on…
Top 5 Reasons Trust Accountants Quit Their Jobs
They are undervalued
No one likes to feel they are not valued in their work. It doesn’t take much time to give a pat on the back, good job Suzy or highlight the successes of their work. Unlike the sales reps, trust accountants are not out in the frontlines. They are the ones handling the machinery and supplies so the frontline doesn’t fall apart at the seams.
Lack of a well-deserved pay rise
Not being a commission-based role, trust accountants can often be easily overlooked for a pay rise. As the point above, because their role is not directly linked to income generated for the business, they may not shine as brightly as sales-based roles. Yet, their star shines the brightest as without them, no one would get paid at all!
Lack of training
Quite often, trust accountants are not properly qualified for their role by no fault of their own. They may be introduced to the role from another part of the agency, or just not have any direct trust accounting experience. Either way, trust accountants can benefit greatly from regular training sessions and professional development. This way, they can keep up with new legislative changes and the latest innovations within the industry. So look out for any conferences and info sessions that may be applicable.
Feeling left out
Yep, no one likes feeling like they are on the outer. Yet, it is a commonplace feeling amongst trust accountants within an agency. As their main role revolves around crunching numbers, they can often be left out of agency-wide, business development discussions. Yet, because their main role is on the accounting side, doesn’t mean they don’t have some amazing ideas up their sleeve. We are looking at you Erin Brockovich.
Lack of incentive
Sometimes we all need a little incentive to help propel us forward. ‘Eat your greens and you can have dessert’. ‘Finish this marathon and you can stop running’. From children, to marathon runners to trust accountants – we are all the same! That’s why KPIs are important. It is also important to see them not as an intangible goal – but ones that can be reached with hard work and dedication… and a little bit of guts.
So, pretty simple right? It’s not rocket science. Find good people and work hard to hold onto those good people and your business will thrive.
– Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 20 years industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.