Fresh Prince Accounting Firm

Introduction

The high employee turnover rate at Fresh Prince Accounting Firm is a concern that the management needs to address. It's worth noting that the employees left the organization for diverse reasons, although some reasons could have been avoided. The high turnover rate is a symptom of organizational problems that Fresh Prince management should address. As a human resource consultant, I will outline the issues experienced by the company that causes the vast turnover and offer suggestions on how the corporation could make improvements.

Issues Promoting the High Turnover Rate

First, the toxic culture propagated by the company management has promoted a high turnover rate. Over the past year, four employees lost their jobs when they announced that they were pregnant, while some were fired for being disabled. Fresh Prince Accounting Firms management promotes a toxic culture that doesn't fit its employees. Based on study reports, toxic culture has a way of driving away from the best talent, scaring the best talent, and sabotaging employee morale (Marc, 2021). When a corporation promotes toxic culture, there are high chances that they will experience low retention rates.

Poor work-life balance is a significant factor contributing to the high turnover rate at Fresh Prince Accounting Firm. Based on findings of the questionnaire administered to Fresh Prince Accounting Firm employees, 87% of them cited that they feared seeking leave to take care of their families or to nurse their illness since they feared losing their jobs. This highlights the poor work-life balance promoted by the corporation. Employees are also forced to work extra time and cover extra shifts for fear of losing their jobs. Failure of Fresh Prince Accounting Firms management to pay attention to its employees' needs has contributed to employee burnout and diminished personal life. This has contributed to the high turnover rate as some employees seek jobs that promote a healthier work-life balance.

Favoritism in the corporation also contributes to the high turnover rates. The corporation's HR report demonstrates that 91% of employees are white males and that employees speaking a different language, female employees, and those from other races other than the US felt misunderstood and unwelcomed. Fresh Prince Accounting Firms management has encouraged a favoritism culture by serving employees it favors. As such, employees are demoralized by unjust practices, contributing to the high reported turnover rates.

Lack of progression and growth opportunities also contributes to the high turnover rates Fresh Prince Accounting Firm reported. 68% of the firm's existing employees cited that they lacked the motivation to exceed expectations, promoting the high turnover rates at the firm. Growth and development opportunities are essential for retaining the best talent (Shukla & Sinha, 2013). The current employees consider that they are trapped since there is no room for progress. As such, most seek companies that offer them opportunities to increase their income and gain higher status.

Fresh Prince Accounting Firms' poor hiring process also contributes to the high turnover rate. Based on the corporation's study findings, 62% of its employees ceased working less than 6 months after employment, citing that they were poorly equipped for the positions awarded to them. The findings highlight a significant problem in the hiring process, and employees are forced to take lateral jobs at suitable firms.

Improvement Suggestions

Fresh Prince Accounting Firm should take several steps to reduce the high turnover rate. First, the firm should consider implementing employee satisfaction strategies and addressing its employees' news as McClelland's needs theory outlined. Employees' needs include; supporting their needs to succeed at work and achieve a higher status. Some employees desire power, which is demonstrated by their need to have authority over others and control others and their behavior towards their peers. Some employees prefer affiliation, and the management can support them by promoting interpersonal relationships and social interactions to retain employees. Studies highlight that adopting employee satisfaction strategies helps corporations optimize their resource utilization since they get optimal performance from their employees motivated to offer their best (Pietersen & Oni, 2014). Ensuring employee satisfaction would have a ripple effect on employee retention and promote the corporation's success.

To address the toxic culture that has engulfed the Fresh Prince Accounting Firm, the corporation should consider performing regular cultural audits. There are chances that the firm refuses to acknowledge or ignores signs of a toxic culture, and frequent audits could help address the matter (Martinelli, 2017).  Upon auditing, the firm can identify sources of a toxic culture and make improvements.

The corporation should consider compensating and rewarding its employees as a means to retain employees. It's worth noting that some employees seek recognition for their contribution, while others would want their input valued. As such, the management should make an effort to recognize employees' inputs and reward them. Such a move would discourage employees from seeking employment elsewhere.

The management should consider reviewing its hiring process and select a new human resource team to improve its recruitment. It's worth noting that a corporation's human resource department is critical in employee retention since they are tasked with recruiting employees, and they interact with them. The HR department is also charged with employee satisfaction, training, and motivation, and as such, their input translates to employee output and turnover rates (Martinelli, 2017). By recruiting an effective HR department with clear management strategies, Fresh Prince Accounting Firms management will promote better recruitment strategies, which would have a ripple effect on employee retention.

Fresh Prince Accounting Firm should consider motivating its employees as a means to improve retention. Motivation enhances employees' self-belief and self-worth, and this could reduce employee turnover rates at the firm. As such, the management should consider adopting an all-inclusive management strategy and delegating tasks to employees. By adopting all-inclusive management and decision-making strategy, some employees feel empowered and encouraged to exceed their expectations. Adopting an all-inclusive management strategy also enables the adequate flow of information between departments, promoting coordination and cooperation within the firm. The plan would also enhance the firm's information management system, and employees would be encouraged to work as a team towards achieving the firm's and personal goals.

The Accounting firm should consider improving its employee selection process. Time and effort are required for the firm to perfect its job recruitment process, although it would promote employee retention (Martinelli, 2017). The human resource department should clearly define roles when advertising jobs. Such a move would aid in finding qualified personnel. The HR department should also ensure that recruited employees fit in the corporation's culture by interviewing them to determine their values and behavior.

The firm should also consider introducing training and feedback programs as a means of promoting employee retention. Fresh Prince Accounting Firms management should consider incorporating global standards training programs, review programs, and feedback mechanisms where employees can raise their concerns. Such a move could aid in maximizing employees' potential and their performance (Marc, 2021). Above all, the training programs would enlighten employees on rules and procedures they are expected to comply with while working.

The corporation should promote a healthier work-life balance by prioritizing employees' needs to retain employees. Some of the employees fear losing their jobs if they seek time-outs, which makes them unhappy. The management should encourage its employees to take breaks and avoid overworking them. The company should also consider organizing social outings that would promote a positive attitude among employees.

Fresh Prince Accounting Firm management should consider investing in its employees as a means to retain them. The employees would want reassurance that they are valued team members. The administration should play an active role in ensuring its employee's professional development, a move that would demonstrate that the management is invested in its task force's success (Martinelli, 2017). Such a strategy would aid in increasing employees’ loyalty towards the firm. Above all, the move would improve the task force since the firm stands a better chance of attracting new talent.

Fresh Prince Accounting Firm should adopt a culture of accommodating diversity, and it should support it through affirmative action. The move would also aid in conflict resolution within the firm, and it would help improve the corporation's image as accommodating, compassionate and global (Martinelli, 2017). The human resource department should train its employees to value and respect diverse cultures and promote an open line of communication that would enhance coordination and cooperation.

The firm should adopt a flexible approach in managing its human resource, and in a way, promote equal opportunity, comfort, and harmony within the workplace if they are to retain employees. By encouraging equal opportunity, having all-inclusive management, and motivating employees, the administration will enhance productivity (Pietersen & Oni, 2014). The cost of failing to help employees understand the need to value and respect each other is enormous. As such, the management should train its employees to learn to communicate, coordinate and cooperate.

Fresh Prince Accounting Firm should show empathy towards its employees by accepting injured and pregnant employees. Such a move would aid in employee retention and would help build a positive brand image. The corporation's management should show emotional intelligence if the company is to improve employee retention (Shukla & Sinha, 2013). By being empathetic and showing emotional intelligence, the management would understand employees' perspectives and current situations (Marc, 2021). Such a move would aid in creating a rapport with employees from diverse cultures, pregnant women, and injured employees. It would also promote the concept of diversity within the corporation and, above all, encourage employee retention.

Conclusion

Generally, Fresh Price Accounting Inc is a market leader facing human resource hurdles that should be addressed. As demonstrated in the report, the management has experienced high employee turnover rates due to several reasons. Factors contributing to the high turnover rate include; Fresh Prince Accounting Firms management promotes a toxic culture that doesn't fit its employees, the poor work-life balance promoted by the corporation, encouraging a favoritism culture, lack of progression and growth opportunities, and a flawed hiring process. The high turnover rate is a symptom of organizational problems that Fresh Prince management should address. There are several improvement recommendations that the administration should consider adopting. Some of the recommendations include; performing regular cultural audits, compensating and rewarding employees, reviewing the hiring process, and improving the employee selection process. Other suggestions that the management should consider include; motivating employees, introducing training and feedback programs, adopting a culture of accommodating diversity, adopting a flexible approach in managing its human resource, and showing empathy towards employees by accepting injured and pregnant employees.

Fresh Prince Accounting Firm

1. Introduction
2. Issues Promoting The High Turnover Rate

1. Fresh Prince Accounting Firms management promotes a toxic culture that doesn't fit its employees
2. The poor work-life balance promoted by the corporation, encouraging a favouritism culture
3. Lack of progression and growth opportunities
4. Flawed hiring process.

3. Improvement Suggestions

1. Performing regular cultural audits
2. Compensating and rewarding employees
3. Reviewing the hiring process.
4. Improving the employee selection process.
5. Motivating employees
6. Introducing training and feedback programs
7. Adopting a culture of accommodating diversity
8. Adopting a flexible approach in managing its human resource and showing empathy towards employees by accepting injured and pregnant employees.

4. Conclusion