In recent months, increasing rates of demand over hiring senior executives highlights the critical urgency for business owners to intentionally step up their efforts to retain their top talent. With post-pandemic effects and a booming economy invoking innovative hiring model procedures, organizations are demonstrating that they will do almost anything to bring in new leadership talent. As this recruitment activity continues to rapidly outpace previous years, the notion that it will continue to grow-considering no other unpredicted events-indicates strong probability.
Acknowledging this behavior as a threat to your business, it’s crucial that business owners (such as yourself) strategically respond to these events with weighted methods intended to retain your top talent. With strong social media presence becoming standard in today’s working world, consider that a majority of your high level finance team regularly receives new offers of opportunity from other companies. While these offers eventually fade into white noise due to their high volume, one “bad day” for an individual can quickly encourage them to examine other opportunities.
Before you begin brainstorming all the ways you can create a “perfect” working environment for your high level talent, understand that is not what we are trying to advocate. Realistically, a perfect working environment doesn’t exist in any industry nor in any position. Instead of developing prevention methods to shield your team from challenging work, focus on emphasizing a strong working foundation and an inclusive culture.
Flexibility in Work Location
With the arrival of the Covid-19 pandemic unexpectedly shifting the working environment for a majority of finance employees, recent surveys reveal that they still prefer it. Addressing this near unanimous request, providing your finance team with ongoing flexibility in their working environments remains imperative to retention. If your company refuses or fails to enact a system responsive to employees’ new expectations, they may choose to leave for one that does. Where differences in job positions act as a variable to this rule, it remains solid in functions like finance and accounting.
Career Pathing
With the pandemic initially creating significant financial distress for many businesses, second and third level finance employees coped with the indefinite pause on their careers. As the world settles into a sense of calm and normalcy, refocusing on development serves as a retention tool in preparation that some of your top level team ultimately decides to pursue other opportunities. By accelerating succession management programs you are implementing a back up plan while propelling others to further reach their goals.
Anticipate a Deeper Impact
Recognizing the rampant state of today’s market, companies will likely reach into their second and third level talent to leverage their skillset in a future focused society. While this certainly presents heightened levels of risk, senior team members should act ahead and initiate executive conversation with professionals lower in the organization. By executing such conversations, you can implement familiarity while strengthening practicing skill sets.
Compensation
In lieu of recent events highlighting the competitive surge in compensation to initiate interest, companies may feel the need to immediately respond. With salary serving as a top incentive in individual career decisions, it’s imperative that companies evaluate and review their current compensation model to ensure it’s competitive in the market.
Diversity Focus
Without a doubt, the strong focus on increasing diversity in high level roles such as accounting and finance invokes feelings of gratification in the sense of favoring those who can successfully do the job-as opposed to those who meet a strict set of requirements. To succeed in this area, partner with your human resources team to create engaging job descriptions with a spirited tone to appeal to candidates and current employees.
Company Values
Brought on by the Covid-19 pandemic, a refresh of employee perspectives have pivoted away from working in a traditional job towards a national desire to work for companies with a mission they can support. By implementing quality employee value propositions aligning with what the company believes in, you can establish an invigorating culture of combined ambition.
Whether your business is on the hunt for top level talent or you are intent on protecting your existing team, latest changes to the working culture requires innovative perspectives in strategy methods. If you feel concerned about retaining your top talent, contact our business professionals here at MCDA CCG, INC. to assess your current situation and immediately provide solutions to put your business in a position of strength and appeal.
If, instead, your business is in need of hiring quality finance leaders, our unique design of approach in the recruitment process delivers impressive results.
Whichever your business needs, our wide array of in depth industry knowledge gives us the strength to effectively provide you the results you want. Contact us today!