The Minnesota finance and accounting industry is experiencing a period of change that presents some distinct challenges for employers. With the looming retirement of the baby boomer generation, organizations are facing a job seeker’s market and are battling it out for top talent. But hiring top talent isn’t the only thing they have to be concerned with. Just as crucial is retaining the top talent already working in your organization.
Retaining top accounting and finance professionals is all about engaging and motivating your employees, while making them feel valued in the organization. More than 40% of employers and CFO’s surveyed said that their biggest staffing concerns in 2015 involve retaining their valuable employees and staff.
Now that the economy is beginning to bounce back in some areas, more individuals are seeking opportunities at new companies. In fact, half of all employees are planning to move jobs within the next year, most between the ages of 18 and 29, which makes it even more urgent and important for employers to take steps towards retaining their best financial employees.
Develop an Employment Brand
One of the best ways to engage and retain your current top performing talent is to develop a cohesive employment brand that reflects your organization’s vision. Studies show that engaged employees have a 51% lower turnover rate and 18% higher productivity levels (iCIMS).
Invest some time and energy into fostering a great company culture. Your employees will be happier, stick around longer, and likely even boost their productivity.
Know Your Employees
Are the majority of your employees Baby Boomers or Millennials? Knowing what motivates your employees (benefits, pay, nature of their work, etc.) is integral to keeping them engaged and retaining top talent.
A recent survey by Hays found a discrepancy between the benefits employees consider important and the actual employment benefits their employers offer (i.e. 45% of employers offer life insurance; however, only 4% of employees consider it important). In order to attract and retain top talent, organizations must structure benefits in such a way that employees get what they really need, rather than what the organization believes they want.
In the emerging economy, top financial professionals look for employers who understand their needs and works to fulfill them to the best of their ability. You’ll be able to attract and retain new Millennial talent if you address their benefit expectations and simply listen to their needs.
To learn more about the current accounting and finance market, top finance and accounting positions, industry salary ranges, and more, download Versique’s 2015 Finance Salary Guide. If you’re ready to start your search for new talent, contact our Finance & Accounting Recruiting team to help grow your financial team.