In a tight market for accounting and finance talent, you need to do everything you can to keep your current staff engaged. By doing so, you’ll boost retention rates, increase productivity, and encourage innovation.
However, achieving this goal can be an uphill battle. One survey showed that only a little more than third (36%) of all U.S. employees report being engaged at work. That means that in an average company, almost two-thirds of the workers have their minds elsewhere.
Meanwhile, encouraging a strong sense of involvement can have a massive influence on whether you can keep your employees over the long term. A separate study found that highly engaged employees were 87% more likely to stick with their current organization. That gives you an enormous head start on retention.
Here are six retention strategies to keep your accounting and finance employees engaged:
Start Early
To keep your accounting and finance talent over the long haul, you need a comprehensive approach. That means starting the process early. In fact, you should begin applying a retention strategy before your team members even become official employees.
Consider strategies like:
- Creating a strong connection during the recruitment stage: Strong communication and a good candidate experience will set the stage for a lasting bond.
- Implementing a comprehensive onboarding program: Make your new employees feel welcome and confident in their new roles.
- Developing a mentorship program: Connect incoming employees to their new coworkers.
- Encouraging teamwork: Build peer-to-peer ties, which will drive engagement and encourage an enduring connection between your staff members.
Create Incentives
Your team members will stick with you if they know they are working towards something. Set goals for your employees and reward them when they hit their targets. This will keep them moving forward within your organization. At the same time, it will nurture long-term trust.
As your employees build tenure with your company, consider incentives like:
- Bonuses
- Extra Vacation Days
- Additional 401(k) Matches
- Stock Options
Provide Frequent Feedback
Check in with your employees often. This includes constructive criticism to improve their performance. But don’t get shy with positive reinforcement as well.
This will provide the basis for an ongoing positive dialog. As a result, you’ll build long-standing trust.
Help Your Employees Grow Over Time
Ambitious employees want to push their careers forward. You should encourage this. By channeling this ambition, you foster high levels of engagement and keep your best talent over time.
Take a career-long approach to your accounting and finance employees. Don’t just think about how they perform in their current roles. Give them opportunities to stretch their skill and grow within your organization.
Nurture a Strong Culture
Your employees want to feel safe and respected at work. A welcoming environment will give them the confidence they need to stay in the fold over a long period of time.
You can develop this atmosphere by nurturing a strong culture. Encourage open communication with your employees and implement HR strategies that give them the support they need. This will lead to increased worker satisfaction and better retention rates.
Hire the Right Accounting and Finance Talent
Retention gets easier when you have the right workers. Matching the ideal professionals with your open accounting and finance positions simplifies the process of building long-term relationships. In addition, you’ll get a retention boost by finding perfect fits with your organization and culture.
Need Help Finding The Right Accounting and Finance Professionals?
Getting these steps right involves a premium recruiting process that can locate excellent talent every time. Elby Professional Recruitment can guide you in this endeavor. You’ll have the resources and connections you need to optimize your team-building efforts.
Contact Elby today to find the best accounting and finance talent for you.
