A successful distaff strategy: a key factor for business success: attracting--and retaining--women professionals.

• Author: Vigilante, Barbara

For five consecutive years, 1998 to 2002, finding and retaining top quality staff was the most pressing obstacle for CPA firms, according to the annual Top 5 MAP Issues Poll. The key to overcoming this obstacle is to understand that the players are changing. Understanding this fact will also help CPA firms to address another pressing issue: succession planning.

In 1991, women became the majority of accounting graduates, and over the past decade, the trend has continued upward, reaching 58 percent. Advancing women in your firm is strictly business--good business--and its success depends on your taking a serious look at how your firm measures up.

The business case

To put it plainly, the ability to attract and retain women as an increasing percentage of a shrinking population of candidates will be a key factor for business success. Data show that firms, despite progress, have not been meeting this challenge.

In an increasingly competitive job market, the firms best able to retain and advance women will enjoy an advantage in containing costs, strengthening client relationships, and fostering a productive work environment. Consider the following factors:

* Reduced turnover costs. The cost to replace someone today is estimated to be roughly 150 percent of base salary. The costs include direct recruiting, training, reduced efficiency, opportunities lost, and potential client dissatisfaction.

* Client expectations. Women continue to move into senior positions in client organizations. Clients expect professional services firms to mirror this diversity.

* Changing economy and work force. Generations X and Y bring different career expectations and attitudes to the workplace and place greater emphasis on work/life concerns. Creating a better workplace for women creates a better workplace for all.

Ellen Feaver, shareholder at Anderson ZurMuehlen in Helena, Montana, cited examples of the above instances. "We found that we were hiring more and more women and that we had to accommodate their needs. For example, staff meetings no longer begin at 8 A.M.; we start them a little later to meet kids' school schedules. It is not frowned upon if people have to leave at 5 P. M. to get to daycare."

Feaver also noted, "It is important that women who are having children also have client responsibility. And we are finding that good clients who connect with our key female staff want to maintain those relationships."

Underlying causes

Research indicates that women have...