Improving Employee Retention: 6 Ways to Keep Your Staff Happy
The job market for skilled professionals continues to improve, with low unemployment rates and jobs added every month. But with the bullish outlook for accounting and finance professionals comes increased competition for hiring managers and an added emphasis on employee retention.
In the finance and accounting field, there's a particular demand for skilled talent, so when top performers leave, hiring managers can find themselves facing the tough task of recruiting replacements.
That’s why employee retention is more important than ever these days. Here are some tips to help you keep the talented members of your staff on board:
1. Make sure they have a defined career path
Your top employees are always looking to take the next step in their career. And these days, many companies are working to make sure they do: 63 percent of CFOs in a recent Accountemps survey said they’re promoting top employees to keep them from jumping ship. If you want to retain your best employees, you have to provide your employees a clear career path and communicate that path to them. Better yet, work with them to define their long-term objectives, and provide them with challenging assignments and skill-building opportunities that will help them reach their goals.
2. Offer competitive compensation
If your top performers think they can get a better salary somewhere else, they’ll probably start looking around for a new job. That’s why it’s a good idea to periodically evaluate your compensation package to ensure it’s in line with other firms in your industry and region. If at all possible, try to pay a little bit more than the average: In the previously mentioned Accountemps survey, 52 percent of CFOs said they are raising salaries to keep their best employees on board.
Find your best salary references with Robert Half's Salary Guide for Accounting & Finance, which provides salary data for more than 400 positions and an overview of the hiring environment.
3. Help them maintain work-life balance
In another Accountemps survey, workers were asked which perk they’d put at the top of their wish lists. The top two choices both pointed at a desire for better work-life balance: 35 percent said they’d like more time off, and 17 percent cited a desire for schedule flexibility. If you can, it’s a good idea to consider both perks, as both can improve employee retention. Vacations allow workers to relax and recharge, and they often return to the office with renewed enthusiasm for their jobs. And flexible hours can help workers better balance their jobs with their family, friends and other personal obligations, which can boost employee morale.
Read more | www.roberthalf.com
In the finance and accounting field, there's a particular demand for skilled talent, so when top performers leave, hiring managers can find themselves facing the tough task of recruiting replacements.
That’s why employee retention is more important than ever these days. Here are some tips to help you keep the talented members of your staff on board:
1. Make sure they have a defined career path
Your top employees are always looking to take the next step in their career. And these days, many companies are working to make sure they do: 63 percent of CFOs in a recent Accountemps survey said they’re promoting top employees to keep them from jumping ship. If you want to retain your best employees, you have to provide your employees a clear career path and communicate that path to them. Better yet, work with them to define their long-term objectives, and provide them with challenging assignments and skill-building opportunities that will help them reach their goals.
2. Offer competitive compensation
If your top performers think they can get a better salary somewhere else, they’ll probably start looking around for a new job. That’s why it’s a good idea to periodically evaluate your compensation package to ensure it’s in line with other firms in your industry and region. If at all possible, try to pay a little bit more than the average: In the previously mentioned Accountemps survey, 52 percent of CFOs said they are raising salaries to keep their best employees on board.
Find your best salary references with Robert Half's Salary Guide for Accounting & Finance, which provides salary data for more than 400 positions and an overview of the hiring environment.
3. Help them maintain work-life balance
In another Accountemps survey, workers were asked which perk they’d put at the top of their wish lists. The top two choices both pointed at a desire for better work-life balance: 35 percent said they’d like more time off, and 17 percent cited a desire for schedule flexibility. If you can, it’s a good idea to consider both perks, as both can improve employee retention. Vacations allow workers to relax and recharge, and they often return to the office with renewed enthusiasm for their jobs. And flexible hours can help workers better balance their jobs with their family, friends and other personal obligations, which can boost employee morale.
Read more | www.roberthalf.com