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EOC Strategy Team Sum-It of LTMI Ltd 148 St. George’s Terrace, Perth Western Australia, 6230.

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Presentation on theme: "EOC Strategy Team Sum-It of LTMI Ltd 148 St. George’s Terrace, Perth Western Australia, 6230."— Presentation transcript:

1 EOC Strategy Team Sum-It of LTMI Ltd 148 St. George’s Terrace, Perth Western Australia, 6230

2 Industry, Sector and Background Accounting and Financial Services Provider 20 Years of experience A ‘Big 5’ International Firm Amalgamation of 4 large Australian Firms Head office in Perth’s CBD Regional office in Bunbury servicing the South West areas of WA Team Sum-It

3 30 June 2007 Statistics 167 National and International offices Represented by 131 countries Employees Employee qualifications range:  Administration and reception  IT Specialists  Junior and Senior Accountants  CPA’s & CA’s  Auditors  Management Consultants  Taxation Consultants  Managers  Executives  Directors  CEO’s Team Sum-It

4 28 February 2010 Statistics Employees 14% Lower than that of 30 June % Due to directly recruiting of employees by competitors i.e. 645 employees Source: LTMI Ltd, 2010 Team Sum-It

5 Perth Head Office Statistics 30 June 2007: 750 employees 28 February 2010: 660 Employees Source: LTMI Ltd, 2010 Team Sum-It

6 A 4-Year Plan for Perth Team Sum-It

7 How is this achievable? First implementation at the Perth HQ in July 2010 First assessment in January 2011 Implemented nation wide Second assessment in June 2011 Implemented internationally Corrective control measures implemented Team Sum-It

8 Measuring Performance Bi-annual evaluations i.e. every 6 months Employees complete questionnaires Financial Statements prepared according to the:  Triple Bottom Line  Balanced Scorecard Team Sum-It

9 Informing our Employees Meetings Corporate events Team Sum-It Source: Google Images, 2010

10 What is an ‘Employer of Choice?’ Attract, retain and motivate staff (South Australia Biz, n.d.) Attract, optimize and hold exceptional talent and achieve its corporate objective A great place to work, employees dedicate themselves to the corporate success (Linnergy, 2004) Competitive edge (Linnergy, 2004)

11 INTERNAL EXTERNAL HELPFULHARMFUL Universal Ongoing demand of service Highly popular professional career choice with personal promotion and prospects for international travel Highly regulated Highly professional conducts Negative stereotypes of people within this industry Possibility of tax evasion, fraud and corruption within entities Room for expansion and international growth Opportunity for new prospective clients Huge demand = continual search for the best talent Great deal of competition Mining boom Politics Deregulation SWOT Analysis

12 EOC Vision “We’ve got what you want We’ve got what you need Do you have what it takes?” Source: Google Images, 2010 Team Sum-It

13 What attracts top GRADUATES? ‘Competition is tough for the top university students every year, and as the talent shortage continues to bite, companies need to take a smarter approach to attracting and retaining such graduates’ (O’Carroll, 2010, para 1). Team Sum-It GRADUATES

14 EOC Strategies Support and partner with various universities Provide opportunities for vocational work Undergraduate employment opportunities  RSM Bird Cameron, 2010 Attracting the top 5 % of graduates  McFadden, 2010 Competitive graduate employment packages  Bavendam Research, n.d. Team Sum-It GRADUATES Source: Google Images, 2010

15 EOC Strategies Support of postgraduate studies as CPA & CA  RSM Bird Cameron Rotating graduate positions  Capperella, 2010  Bavendam Research, n.d. Developing clientele  RSM Bird Cameron Implementing a mentor program  Keller, 2009 Encourage an inclusive environment Performance evaluations Team Sum-It GRADUATES Source: Google Images, 2010

16 Attracting SKILLED Employees Who are the “SKILLED” employees? Accreditations – CPA, CA designations Experience – industry-specific or software/technology knowledge Team Sum-It SKILLED Employees Source: Google Images, 2010

17 “If two candidates interviewing for an accounting/finance position had similar skills, which one of the following additional qualifications would you find most valuable?” (Half, 2007) Source: Robert Half survey of 270 CFOs Team Sum-It SKILLED Employees

18 EOC Strategies Work with a recruitment firm Offer sought-after benefits & incentives Emphasize opportunities for career growth Employee recognition program Emphasize on being a community-focus organisation SKILLED Employees Team Sum-It Source: Google Images, 2010

19 Why is retention important? Human resources are the most valuable asset Employees have choices Reduce costs RETAINING Employees Team Sum-It

20 Why people leave accounting firms? Boring and unchallenging work  (S. Krugman, 2000) Long hours & huge work load  (R.Keller, 2009) Team Sum-It RETAINING Employees Source: Google Images, 2010

21 Why people leave accounting firms? Uncaring and unsupportive environment  (Philips & Edwards, 2008, p37) Imbalance between work and life  (Philips & Edwards, 2008, p37) Team Sum-It RETAINING Employees

22 EOC Strategies Keep employees happy Recognition & reward program Flexibility A fair work/life balance Good managers in place Challenging workplace Team Sum-It RETAINING Employees Source: Google Images, 2010

23 Mentor Program Semi-retired professionals Wealth of knowledge Years of experience Relay on and impart the knowledge to our younger graduates and employees Team Sum-ItRETIRED Employees Source: Google Images, 2010

24 We want to attract and retain highly educates, skilled and qualified professionals that: “Know what they want Know what they need And have what it takes” Team Sum-It

25 LTMI Ltd: Team Sum-It


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