Employee retention strategies in Maltese listed entities

Abstract

PURPOSE: The main aim of this study is to analyse the employee retention strategies applicable to accountants within Maltese Listed Entities. This study also assesses the level of job satisfaction of accountants and aims to establish a link between this level of satisfaction and the retention strategies implemented. The relevance of this study emerges from the existing local shortage of accounting professionals which renders employee retention all the more critical. DESIGN: A mixed-methods approach was adopted to achieve the objectives of this study. Fourteen semi-structured interviews were held with appropriate firm representatives in order to analyse the employee retention strategies in place. A job satisfaction questionnaire was then distributed to all accountants working within the same organisations to determine their level of job satisfaction. FINDINGS: The findings indicate that Maltese Listed Entities believe that their employees, including accountants, are crucial in the effective functioning of the organisation. Thereby, they invest significantly in their employee retention strategies. Almost all retention strategies discussed in the literature review for this study are present within the subject organisations, with feedback and person-organisation fit taking a more prominent role. However, share option and pension schemes are seldom used, while improvements can also be assumed in relation to reduced hours and remote working options. None of the interviewees have a policy regarding after-hours emails. Notwithstanding, accountants were found to be highly satisfied with all aspects of job satisfaction except for promotion opportunities. Frequent feedback and communication, especially among smaller organisations, were also found to contribute to higher levels of job satisfaction. CONCLUSIONS: This study concludes that the efforts put in by Maltese Listed Entities towards developing their employee retention strategies have overall translated in highly satisfied accountants. Nevertheless, there is always room for improvement especially in relation to reduced hours, remote working, after-hours emails and share option and pension schemes. VALUE: This study sheds light on the employee retention initiatives undertaken by local listed entities in relation to accountants and on the level of job satisfaction experienced by accounting professionals working in these entities. Despite the local shortage of accountants, overall, these entities do not encounter significant recruitment and retention difficulties. This study also recommends initiatives that help to improve retention through increasing satisfaction among accountants.