In the current hiring environment, there’s risk that your star employees could be wooed away by other firms seeking skilled talent for their finance and accounting teams — and willing to compete fiercely for these in-demand professionals.
Also, your top performers might just decide to quit their jobs and explore their options in a robust hiring market with low employment. In fact, more than half of hiring managers (51%) surveyed for Robert Half’s latest Salary Guide said quits at their company have increased, and 78% said they’re concerned even more employees will leave.
With the costs, time and difficulty involved in replacing skilled talent, would you stop your start employees from walking out the door if you could? Of course! These five straightforward strategies can help increase your chances of retaining star employees for your finance and accounting teams:
1. Re-recruit your best workers
Talk with your employees one-to-one about what might enhance their job satisfaction, and remind them of your company’s unique benefits. Emphasize what your firm has to offer, whether it’s a great corporate culture, solid financial standing or strong industry reputation.
Try to have these discussions on a regular basis, including with your remote team members. Also, be prepared to listen to your workers’ needs and concerns and to act swiftly on any requests that you consider reasonable.
Learn about six benefits and six perks that today’s employees want most.
2. Provide opportunities for career advancement
Structure positions so star employees can grow their careers without leaving your firm. Offer promotions to workers who have demonstrated they can succeed at the next level.
Step up your succession planning efforts as a way to help valued staff members better visualize their future at your firm. Other opportunities, like job rotation, can also give workers the chance to earn skills and experience that can help them reach the next rung of their career ladder.
3. Help employees understand how their work makes an impact
Many employees opt to leave their jobs because they don’t believe their contributions make a difference in their organization. So, make the point to help your staff understand how their efforts impact the company’s bottom line. Also, be quick to offer praise and thank employees for their hard work.
Get four tips for prioritizing employee recognition all year long.