With a rebounding economy and shortage of finance talent, CFOs are doing everything possible to retain their most valued accounting and finance staff. When considering ways to keep your best people, compensation springs naturally to mind. But it's not the only thing that bolsters job satisfaction.
A recent report from Robert Half and the American Institute of CPAs (AICPA), The People Puzzle: Building and Retaining a Talented Accounting and Finance Team, outlines five factors beyond salary that can play a significant role in CPA job satisfaction. They include:
- A supportive manager
- Friendly coworkers
- Flexible hours
- Attractive benefits
- Challenging assignments
With these findings in mind, here are four tips for making sure your office is a place your accounting and finance staff enjoy working — so they don’t start looking elsewhere.
1. Promote an open-door policy
Foster a supportive leadership team by encouraging department managers to hold regular meetings with employees so they stay aware of problems that could be affecting job satisfaction. Then lead by example, and offer your management staff the same easy access to your office.
2. Re-evaluate your hiring criteria
Your hiring process should focus on more than applicants’ technical expertise. To make sure new employees mesh with your organizational culture, ask staff for input and invite them to meet with promising applicants. This doubles as another step to help avoid bad hires.
3. Provide perks
Additional perks can make a vast difference in job satisfaction. For instance, you could offer performance bonuses and profit sharing, or flextime and telecommuting options to improve work-life balance.
4. Challenge your employees
Make sure your key employees aren’t looking for more exciting positions because they can do their current jobs in their sleep. Offer them professional development opportunities such as mentorships, job shadowing and cross training, so they become more prominent players in the organization.
Retaining your star talent is crucial to the success of your organization. And a satisfied employee is an employee who’s less likely to start a job search. Stay a step ahead of the curve by offering your staff the environment, benefits and challenges they crave.