Underscored by the mainland's rapid economic growth and exacerbated by the shortage of skilled accountants, the recruitment and retention of high-calibre professionals has been a perennial nightmare for accounting firms over the years.
In 2005, BDO McCabe Lo's senior management decided to address these issues head on by launching a full review and overhaul of its human resources (HR) practices.
'Management recognised the need to revamp our existing HR policies, so we initiated a three-year project with the aim of lowering staff turnover and improving staff commitment and their sense of belonging,' said Cecilia Yam, the company's technical and training director.
BDO McCabe Lo, the first runner-up in the Medium Enterprise category, organises a mentoring system in which mentors help employees resolve professional and personal issues. It also enhanced internal communications with the launch of an intranet that distributed global, internal and technical news.
'The staff appreciate our open and harmonious working culture and the close working relationship with management,' Ms Yam said. She added that an increasing number of former employees had rejoined the firm in the past two years.
There was also an overhaul of the appraisal system. Employee performance is now analysed twice a year and following the conclusion of significant projects.
Its talent and development programmes were also redesigned. A key improvement was the incorporation of on-the-job consultancy, a concept aimed at enhancing the effectiveness of training.