Posted by Rebekah McLain on Monday, August 10, 2015 - 06:00
July brought job gains to the financial sector, along with overall improvements in the nation’s hiring outlook. But the welcome news also brings unique challenges for managers and CFOs.
Increased hiring means your finance and accounting staff holds the cards. There’s more demand for top talent than there is supply. But that’s not the only problem. As your top people begin to realize how in demand they are, they may start showing signs that they're looking to leave — especially those interested in greater career development opportunities or higher salaries. To keep your star players from seeking greener pastures, it’s critical to optimize your employee retention efforts.
Here are four ways to provide incentives for skilled employees to stay with your company:
1. Benchmark salaries.
Employees and chief financial officers (CFOs) responding to Robert Half surveys said the No. 1 reason employees consider leaving their jobs is inadequate salaries and benefits. To make certain your compensation remains competitive, benchmark your employees’ salaries against the starting salaries in the Robert Half Salary Guide for Accounting and Finance. You can also use our salary calculator to find more detailed examples of the going rates in your area. And don’t forget about the quality of your benefits and perks — they can sometimes make the difference between an employee staying or moving on.
2. Offer career advancement.
The same survey noted the No. 2 reason employees consider leaving was because of limited advancement opportunities. You can help your team members achieve their career aspirations by providing professional development. Additionally, when a new role opens at your firm, look in-house for people who can be trained for the position. If employees know the company practices internal hiring when the right fit is there, they’ll have more incentive to stay.
3. Mind your millennials.
One factor that may affect employee retention is the influx of millennials into today’s offices. This generation is known for job-hopping, but with good reason — they want to obtain skills and experiences to increase their professional value. Keep your millennials onboard by assigning them to a wide range of projects and giving them cross-training and job-shadowing opportunities.
4. Check in with employees.
One means of improving employee retention is to make sure your staff members are satisfied with their careers. And the best way to gauge their career satisfaction is to ask. Have regular career path discussions with employees to talk about their goals and whether they’re satisfied with their salaries and current roles. Afterward, point them to the types of professional development they should invest in to achieve these goals, and ask what the organization could do to increase satisfaction levels.
While implementing these methods can certainly help boost employee retention rates, there’s one very simple tactic to bear in mind: employee recognition. A simple “thank you” that acknowledges how valuable employees are to your organization can go a long way toward inspiring loyalty. It can be a challenge to make sure your talented team members feel good about their jobs and stay with the company, but being proactive about retention is well worth the effort.
What means of employee retention have you found successful? Let us know in the comments.
Want More? Robert Half is committed to helping businesses address employee retention issues. Here's some step-by-step advice.