Top 10 Retention Strategies for Finance and Accounting Professionals in 2022
January 21, 2022 •ROARK
Today, we're in a unique time for employees and businesses. No, I'm not referring to COVID. I'm talking about the great resignation. And retaining employees is more important than ever. Let's talk about ten great retention strategies for accounting and finance professionals in 2022.
Why is retention so necessary in 2022?
The labor market is hot right now. When I say really hot, I mean on fire. Retaining professionals will be critical in 2022. And it's been challenging on employees at all levels. People are now reconsidering their lives, their entire lives, and the amount of time they spend at work, in the community, and how they interact.
Finance and accounting teams are typically near capacity. I've never seen an accounting team with a capacity of 80%. It's typically 90%, 95%, or 110%. It's imperative to put a plan in place to retain your teams. Today, we'll look at the top 10 retention strategies.
Align your team around your purpose and core values.
It all starts at the top, and culture begins there. It starts at the top with leadership. And your team must be aligned around your purpose and core values. I can't say enough good things about how that affects the company. Then you're going to attract the right people, and attracting the right people will also retain the right people and grow your business.
Identify your top performers.
Make sure you know who your top performers are and that you stay in touch with them and understand what they need, want, and desire. Just because they're doing well doesn't mean they'll continue to or that they are satisfied. However, good performers tend to shine in any scenario, but they're also the most highly sought after and maybe quick to depart.
Complete stay interviews.
So you want to get a pulse of your employee audience before they leave. And employee poll surveys or stay interviews are crucial in finding out where the organization's pulse is. As a result, you as management, leadership, or executive team may make the pivots and truly comprehend where your company's culture is heading. An ounce of prevention is worth a pound of cure.
Give your team autonomy.
So people today are looking to be professionals and exercise that great professionalism that inspired you to hire them. Make sure you allow them to operate independently and not micromanage workers, especially if they're high performers.
Listen to safety concerns.
It's critical. Pay attention to what employees have to say. It could be about safety or direction. As the CEO of my firm, I believe that the greatest ideas do not originate with me; they come from the incredible individuals we have in our company. Employees appreciate it when you listen to them, especially about a safety issue.
Don't be afraid to make changes when things aren't working.
Keep a close eye on the situation and make adjustments as necessary. Look, you've got to rethink what you're doing and what's going on if they aren't working out.
It's critical to stay on top of trends, be aware of them, and try to correct if you get off course.
Provide challenges people can get excited about.
To provide a source of motivation for most people, jobs need to offer them challenges that they get excited about on the whole. People want to go to work to do well and achieve. Yes, a few individuals out there may ruin it for everyone else, but make sure you're giving individuals the challenge they seek.
It will not only help them and their retention, but it will also make them happier. You may be surprised to learn how outstanding the individuals you didn't even know about were.
Encourage work-life balance.
Look, we can't be on all the time. If we're working just for the sake of it, what's the point? We don't live to work, so make sure you keep an eye on things—your staff will be more productive. Encourage work-life balance.
Monitor your team for burnout.
Make sure you're keeping an eye on the team for burnout. There's so much going on from a stress standpoint these days that it's easy for people to burn out, whether they're dealing with a problem at home or their job. Just make sure you stay in touch. Monitor your staff for burnout.
Make sure you are paying the market value in salaries.
Last but not least, make sure you're paying market rates for staff. We've got to keep up here. There's been a lot of inflation in the wage market lately. So you'll want to double-check that you're doing paying appropriately.
Embrace retention in 2022.
Retention is more important than ever for finance and accounting professionals in 2022. Following these top 10 retention strategies can keep your team happy and engaged while ensuring that your department runs like a well-oiled machine. If you're looking for help implementing any of these strategies, don't hesitate to reach out to us.
Our team of experts would be happy to assist you in creating a retention strategy that works for your unique team.