10 Aug Top Five Factors to Retain Game Changing Talent
As the market and business improves, and with a record number of unfilled job openings, employers are not only competing to hire game changing talent, but they are also fighting to retain those they have.
Now is the time to focus your energies on keeping your top talent by understanding what motivates them and ensuring they are happy and sufficiently challenged in their respective roles.
By considering the factors below you counteract the risk of losing your talent and instead promote longevity and satisfaction for your team.
1. The Basics – Compensation and Benefits
It is important, no matter what people may otherwise say. Ensure that your compensation package is competitive, not only for those you’re looking to hire but for those who have been loyal to you for years. Look at incentives that align with individual or company wide goals. Review your benefits program – obtain employee feedback. Adding benefits doesn’t have to be costly either since there are many employee-paid benefits that would be positively received.
As many organizations prioritize productivity over traditional offices and hours, flexibility is becoming standard for more roles and expected by employees. As how we work evolves (whether remote, in person, or some hybrid), make sure your company keeps up.
3. Cultivate strong and unique relationships with each team member
Fostering an open, honest, and respectful relationship with everyone on your team is critical to motivating them to stay with the company. Equally important for new or potential hires, no one employee is the same, and in turn, no one thing will motivate every single employee to perform.
4. Openly communicate your organizational mission and team aspirations
To improve your employee retention rate and excite new or potential hires, you must ensure that you thoroughly communicate and commit to the company’s mission and direction. Regularly discuss how they contribute to the bigger picture and how their specific roles and accomplishments help the organization execute its mission.
5. Seek out employee feedback and measure team morale frequently
Specific and frequent “check-ins” are a must. Make time for them at the end of regular 1-on-1 meetings or small team gatherings. You may also consider employee pulse surveys. Whatever the method, ask for and be open to constant feedback. Where possible you will also want to act on that feedback.
Here’s a bonus factor!!
Hire the right people!
If you compromise too much on hiring in a rush to fill open position, you may compound your problems with poor work, lower morale, and inevitably higher turnover later. To retain top talent, you need to first attract and hire top talent. This is where you will benefit from working with The CFO Suite. We work with you to define what success looks like for your business and turn that into a compelling story to attract game-changing talent. We create a consistent measurement / evaluation framework for assessing candidates and aligning your stakeholders. THIS is the kind of support and guidance you need to identify and land game changers.
At The CFO Suite, we find Accounting & Finance Game Changers.
The CFO Suite is your trusted resource for interim, project and direct-hire game changers that maximize the capabilities and capacity of your accounting and finance department through challenges and change.