Finding the perfect people for your team is only the first step on any finance team’s journey. Once your recruitment specialists have helped you to locate the right candidates, you will also need to retain them for as long as possible.
As the job market grows more bullish for accounting professionals, hiring managers find themselves facing increased competition, making it harder to find and hold onto critical hires. Since the cost of turnover in a specialist market can be astronomical, it is essential for today’s employers to think about how they can engage their staff and reduce attrition.
The following tips can help.
Show Them a Future in Your Company
Financial stars are often forward-thinking and ambitious. These hires want to know that something is waiting for them in the future, whether it is more responsibility, a promotion, or the chance to work with a major client.
Engaging and retaining employees does not have to mean continually finding opportunities for new promotions. Instead, leaders need to work with their people to help them define and build a roadmap for success.
If managers can help employees to see where their future with a company is leading, those people are less likely to jump ship. Sit down during the onboarding process and discuss where your new team member sees themselves in the next 12 months, and 3 to 5 years and how you can help them get there.
Provide Plenty of Development Opportunities
Of course, development plans naturally go hand-in-hand with training and opportunities for growth.
Once you have determined what the long-term objectives of your team members are, it is up to you to create the environment where your finance team members are empowered to own their development, while supporting them with skill-building opportunities and workplace challenges that will help them realise their ambitions.
If staff members feel as though they have the right resources, knowledge, and support to perform in their current role and have a clear development path, then their satisfaction and engagement levels will increase.
Encourage Regular Breaks
While the fast-paced world of finance can be exciting, it is also overwhelming at times.
Employees need plenty of time to regroup and recuperate in the workplace. Short breaks give your team members a chance to refresh their thinking patterns and reduce their stress levels – particularly during challenging times like tax season. So, how do you encourage an atmosphere of self-care?
Wellbeing in the workplace often starts from the top down. If employees see their managers working through lunch, they will feel compelled to do the same thing. A company culture that shows staff that it’s okay to take a moment occasionally can cultivate better happiness and engagement.
Get Remuneration Right
The workforce is changing. Many financial hires – particularly those from the Millennial generation – now prize things like flexibility and work/life balance more than a high salary. However, that does not mean that a top performer will not be tempted to jump ship if they think that they can get a better compensation and benefits package elsewhere.
Periodically examining your compensation package to make sure it is competitive can be a great way to improve retention. Additionally, when recruiting new candidates, employers can work alongside their recruitment agencies to get an insight into which benefits are more likely to attract top-tier talent.
Show Appreciation
Sometimes, when it comes to increasing employee engagement and reducing attrition, recognition is even more important than compensation. Not recognizing or giving praise for your team members’ accomplishments is one of the most common mistakes to avoid in building a great team.
Financial hires want to know that they are appreciated for the work that they are doing. After all, these people can have a direct impact on a business’s bottom line, so it’s crucial to make them feel valued.
Managers who deliver praise and rewards in the form of group celebration lunches, or even the chance to leave work a little early one day, can earn respect and loyalty of their staff. If you are not sure how to motivate your team through rewards and recognition, you can always speak to your specialist recruitment consultant for advice or consider surveying your employees and asking them for insights into how they would like to get recognition.
Have an Up-to-Date Retention Strategy
Finally, instead of waiting for employees to leave before you begin to evaluate what’s going wrong, make sure that you are continually developing and improving your retention strategy with input from your hires.
Meeting with your team regularly to discuss what they like and dislike about working with your organisation can be a great way to address problems before they impact retention. At the same time, open communication between financial talent and their managers can help to foster stronger company culture and better loyalty through a shared sense of purpose.
There may not be a one-size-fits-all approach to retention, but the tips above should help you to find a solution that strengthens and satisfies your financial team.
How Kinetic Can Help
Kinetic specialise in sourcing professionals for leading organisations. If you need advice on how you can best implement these strategies and hire people who will help drive your business forward, contact us today.