Conversely, the evidence is clear that abrasive and abusive supervisors can be very costly because they drive out good employees. To be able to offer greater compensation, consider investments in technology and training to increase productivity and profitability, and consider offering more value-added services. Consider exiting existing lines of business that are not sufficiently profitable. If the supply and demand profile for accountants and accounting services continues, only the most economically efficient providers of accounting services will flourish. To breed loyalty, treat employees as part of your team.
Loyalty results from systematic coaching of subordinates.
Even among the most successful employees, a sink or swim environment breads disloyalty. Consider incentive-based compensation packages to attract and retain stars. Consider recruiting efforts for young professionals in states that are depressed economically. Pay a moving bonus. To recruit young employees, keep the salary component high.