To achieve sustainable business growth, you need the right people with the right skills for the job; but the market is becoming increasingly competitive. Companies are increasingly turning to training and development to retain top talent.
What are the options?
There are a number of accredited employer schemes available to support your finance staff with ongoing professional development. Accreditation schemes can help boost your business reputation as a progressive and forward thinking organisation, it ensures competency throughout your workforce, and most importantly; will help attract and retain staff. Potential employees are on the look out for high quality programmes to support their careers. Some examples include:
· AAT's Accredited Employer scheme
· CIMA Training and Development accreditation scheme
· ACCA Approved Employer Programme
But how do you retain top talent once they qualify?
If you have a great finance team and you are eager to keep their skills within your organisation and out of the competition’s, you need to prioritise retention.
Here are a few options:
Study fee retention
Why lose your top talent once they qualify? Whilst it is important that an employer should offer opportunities for internal career development, it is becoming more common for employers to require employees to repay their costs of training or other professional fees that the employer has incurred on their behalf if they leave their employment.
If there is friction between an employee and their direct superior, there is little incentive for them to stick around. For that reason, an employer must pay close attention to management style and how well it serves the members of the team. Be open to listening, avoid micromanaging, never be hypocritical, and serve as a leader that people are eager to follow.
Recognise Success and Reward Achievement
All employees want to feel recognised and appreciated by their employers. This is particularly true for good Finance professionals who realise that they make an extra contribution to your company.
Regular feedback on performance, presented formally and informally remains a priority for
Finance professionals at all levels. Express how valuable they are and how grateful you are to have them on the team. Back that gratitude up by offering perks and bonuses for outstanding achievement.
Work Life Balance
Achieving a healthy work-life balance is essential to today’s employees. If your accountants feel like they are not maintaining a balanced workload, they will start looking for opportunities elsewhere. Unfortunately, it’s becoming a common practice for employees to work more than 55 hours per week. The simple solution is to offer more flexibility. Consider work-from-home opportunities, off-hour scheduling, and half days.
Provide a structured career path
Working with a company that seeks to promote from within and provides a structured
career path is also a significant retention factor.
Respect your employees
Employees are likely to feel more engaged if they and others within the organisation feel respected.
Keep up with the times
It is essential for companies to use technology that is as advanced as what accountants are using in their personal lives. Making it easier for employees to work remotely with integrated, collaborative cloud solutions is a real benefit. With smarter, more intuitive cloud-based systems for professional accounting, bookkeeping and payroll, employees can work more efficiently and collaboratively with their clients.