Posted by Josh Schusterman on Monday, July 13, 2015 - 06:45
Let’s be realistic. With the growth in job opportunities, your best finance and accounting employees are eventually going to figure out that they are at the top of their game in the hiring market.
During the summer months in particular, moves, vacations and performance reviews all give people time to pause and think about their careers. They may start to consider their options outside the company or receive offers and opportunities from your competitors, so it’s in your best interest to keep them happy and loyal.
You can make changes that range from some that are relatively high-cost but well worth it to others that require hardly any effort but still go a long way toward keeping your best workers happy. Before you start to see signs that your finance and accounting folks are looking to leave, consider these five ways to improve employee retention:
1. Give them a sense of ownership and autonomy
We’re not necessarily talking about owning company stock here, but rather a sense that helping the company thrive benefits them as much as it does you. You can achieve this by placing more responsibility (and therefore trust) in their hands when it comes to decision making. You can also give them a boost with leadership training and discussions about career ladders. Financial leaders surveyed for Robert Half's Benchmarking the Accounting & Finance Function report indicated that focusing on the importance of ongoing staff development in retaining top talent.
Get a copy of the report to learn how leaders are hiring, training and retaining talent to meet business challenges — and more.
2. Make work more convenient
Even to a dedicated employee, work can sometimes be viewed as an obstacle to other aspects of life. You can relieve this feeling by being flexible with work hours when things come up in your employee's personal life. Maybe the occasional telecommuting or remote workday could help. Find ways to show you respect work-life balance. Doing so can help you retain employees who are your shining stars.
3. Make it known how you feel through recognition
Thanking valuable employees can be a simple and effective way to keep them motivated. Top employees might start to feel taken for granted if they think they’re just being lumped in with everyone else. Why should they perform on a higher level if no one is going to notice? Make sure you regularly let them know you appreciate their efforts.
4. Be a part of their life and career ambitions
Sit down with your employees periodically to set goals for advancement in your firm. Offer professional development and training to help them reach these milestones. Consider offering tuition reimbursement or paying for continuing education, certification courses, professional memberships or conferences.
When you make efforts to retain employees who rank among your top talent, you're not just keeping your best and brightest around. Other employees may be motivated, too, by seeing success and hard work rewarded and, as a result, step up their own efforts. These employee retention techniques work on many levels and have the potential to create a positive snowball effect on the entire company.
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