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Human resources retain talent
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Five tips to retain top talent

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17th Jan 2017
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It’s an unstable labour market out there, with demand for skilled accountants growing but supply remaining patchy at best. It’s no surprise, therefore, that retaining trusted employees remains a top priority for finance leaders.

Research from accountancy employment agency Robert Half revealed that 87% of finance leaders are concerned about losing their top performers, while at the same time 90% are challenged in finding skilled finance and accounting professionals.

With that in mind, AccountingWEB spoke to two accountancy recruitment experts to get their tips for managers to ensure top performers don’t seek out greener pastures.

Give them the why, not just the what

Simon Gray, chartered accountant, founder of coaching company Career Codex and AccountingWEB columnist believes employees want to see the bigger picture – they want to know not just what they do, but why they do it.

“Alignment towards the collective mission is a great way to keep your top talent, empowered, enthused and engaged”, said Gray. “Don’t assume they know what gets discussed in management meetings; communicate regularly and often.”

Phil Sheridan, senior managing director at Robert Half, agreed: “Being able to clearly articulate the role they play individually and how the accounting department contributes to the success of the business is a key component”, said Sheridan. “For many professionals today, particularly millennials, having a sense of purpose to their career can be very influential to their job satisfaction.”

Bend over backwards to be flexible

According to Phil Sheridan, flexible working options can help you retain valued employees who might otherwise be tempted to leave.

“The key is to tailor the alternative arrangement – whether telecommuting, flexi-time or compressed schedule – to the individual employee”, said Sheridan. “It’s also more likely to work if you hold employees accountable for integrating their flexible arrangements into the overall schedule of the company.”

Money matters

An obvious one, but salary is also closely linked to how valued and appreciated employees feel. Periodically review or benchmark salary and benefits against industry publications such as the Robert Half 2017 Salary Guide to ensure that you are offering competitive remuneration packages and are likely to be valued by today’s workers.

Invest in training

While salary and benefits play a key role in retaining employees, identifying opportunities for career growth and the ability to gain new skills follows closely behind.

Simon Gray told AccountingWEB that investing in training demonstrates an employer’s commitment to developing talent, and in return the people you want to retain are more likely to show commitment back to you by staying.

Identifying employees’ career goals and working together to create a career development will bring help to identify these areas for each employee.

“The irony is that sometimes organisations are reluctant to invest in training because of an inherent fear of people leaving”, said Gray. “The risk is not actually having your trained people leave; it’s not training them in the first place so that’s exactly what they do!”

Give people a career, not just a job

Although the future is uncertain, Simon Gray believes that giving your team an indication as to what the future looks like is a great way to keep them motivated, engaged and in your business.

“If you don’t communicate the future and that there are opportunities for progression, they might just have their head turned by your competitor”, said Gray.

 

Do you have any tips on how to keep your top performers happy? You can receive the latest news for accountants in industry by signing up for our business newswire. You can also read more related news, blogs and questions on our new finance director tag.

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By thegreatgrumbleduke
17th Jan 2017 19:08

"Alignment towards the collective mission"... oh Simon you card.

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