As we are now living in a world that has been changed by the pandemic, your employee retention strategy must be better than ever.
A pre-pandemic Retention Report by the Work Institue (2019) found that “one in three workers would voluntarily leave their job by 2023”. And this has only increased due to significant shifts in the market due to Covid-19.
The effects of the pandemic are going to be felt in finance organisations for years to come, and so employee retention needs to be a key focus in order to ensure you are keeping your team engaged and satisfied in their roles.
Hiring for replacement team members is not something any finance organisation wants to be doing right now, and so an excellent employee retention strategy is essential.
The following 6 strategies will help.
1. Discover Who You’re Overlooking
To ensure you are providing excellent leadership for your entire team and making them feel valued, first, it is essential that you find out if you are overlooking anyone in your team.
Finance teams will naturally include individuals with all manner of skills, experience and personality types.
But in most finance teams, there will also be team members who shine brighter than others – extroverts tend to get noticed more than introverts, some team members are more likely to speak up if they have a problem whereas others will try to work through challenges on their own.
As a leader, it is essential that everyone is getting the right amount of support that they need and that you are not overlooking anyone.
Finance leaders will naturally look to middle managers and other higher-profile employees, but to be a great leader, you must ensure the highest level of employee retention – remember that each and every team member must feel valued and supported.
2. Create Unlimited Opportunities for Growth
According to a recent LinkedIn Workforce Learning Report, 93% of employees would stay longer with their employer if they invested more in developing their careers.
Many finance employers will get to the point where they have a great team in place and think that their job is ‘done’.
But continual training and development is a key part of every employee retention strategy, and we find that talented candidates who look for new finance roles often cite a desire to develop themselves and their career further as a reason for leaving.
No-one wants to be stuck in a role where they feel as though progression is an unlikely possibility.
So invest in robust training and development for your team – it can be anything from personal development training to allowing them time to learn new finance skills.
3. Demonstrate Excellent Values and Ethics
The most desirable finance employees are looking for employers with impressive values and ethics.
And this has been accelerated by the pandemic. We are all thinking much more about what is really important to us, and working for a company they believe in is high on every finance employee’s list of priorities.
finance employees are more empowered than ever, with social media and online review culture creating an environment where the need to be honest and transparent is more crucial than ever.
How active is your company at demonstrating your values and ethics? Do you champion diversity and inclusion? [link to diversity and inclusion blog] Are you financially transparent?
Fail to demonstrate excellent values, and you risk losing your employees to a more ethical company.
4. Give Employees a Purpose
It is not enough to give employees a fair remuneration package – employees are increasingly looking for a greater sense of purpose in their work.
The best way to find out if your employees feel a sense of meaning and purpose in their work is to talk to them.
Ask them what is important to them in their roles, and make any alterations you can to help them feel a greater sense of purpose. This could involve introducing tools to make their jobs easier, and thus, more valued, or working together to improve your products or services to give greater customer satisfaction.
And create a mission statement which helps employees to understand how their work positively impacts the world.
5. Enhance Your Employer Brand
Your employer brand is the thread that links employees to the organisation – all employees want to work for a company which they feel aligned to.
Look closely at what your competitors are doing – if you slip in terms of promoting and maintaining an excellent employer brand, this gives employees the opportunity to look elsewhere and to be tempted to leave to work for a brand with a better reputation and culture.
Your digital footprint is key in creating a strong employer brand which your employees will feel proud to be a part of.
Think about what you post and how often. Finance employees like to see that their employer is actively engaged in current finance topics, is invested in the wellbeing of the team and is a transparent and communicative employer.
Get your employees involved in team strengthening events, use your social media to champion your current employees – celebrate birthdays, life events and little wins within the organisation.
And finally, let’s look at how a great recruitment strategy is always essential when it comes to employee retention.
6. Get Your Recruitment Strategy Right
Employee retention all starts with your recruitment process.
When you start your finance employees off on the right foot with an excellent recruitment and onboarding process, this sets the tone for a mutually beneficial employer-employee relationship.
Studies reveal that the better the onboarding process, the lower the turnover.
A shocking 20% of employee turnover happens within the first 45 days, and this is mostly down to a poor onboarding process.
Onboarding is part of the recruitment process, and yet many finance employers believe that recruitment stops the moment the candidate accepts the job offer.
Invest in your recruitment and onboarding process, and you will start to see a higher rate of employee retention.
A certain amount of staff turnover is unavoidable.
But follow the steps in this guide to improve unnecessary employee turnover in your finance organisation.
It’s never easy to lose a great employee, but when you work with a specialist finance recruiter, they can help you create the right recruitment and onboarding process to ensure your retention rates remain high, increasing employee engagement and lowering your overall costs of recruitment.