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Retaining the Firm's Most Talented Employees

Are you doing enough to hold onto top talent?

CFOs who delegate a lot of time and resources to recruiting top talent hate to see the investment wasted when employees leave their positions for other jobs. That is why many firms are trying to accommodate their best employees and provide incentives for staying  with their current employers. According to a CareerBuilder study, 70 percent of respondents said a higher salary is the best way to keep them around, but there are also other things CFOs can do to retain their team members at the company.

On-The-Jobs Perks Can Keep Employees Around
Different members of the workforce want certain incentives that can encourage them to stay at a particular company. The research revealed 51 percent of respondents said they would appreciate having a flexible schedule, 50 percent would enjoy increased employee recognition and 48 percent like when their bosses put their feedback into action at the workplace. CFOs have a wide range of practices they can use at the company to help retain their most skilled workers.

"Being compensated well will always be a top consideration, but we're seeing work-life balance, telecommuting options and learning opportunities outweigh other job factors when an employee decides whether to stay with an organization," said Rosemary Haefner, vice president of human resources at CareerBuilder.

What Else Can Keep Top Talent Around?
The CareerBuilder research showed just a few of the methods CFOs can enact to hold onto their top talent, but there are plenty of other incentives they can take advantage of for employee retention. Below is a list of more ways CFOs can hold onto the best members of their workforce:

  • Opportunities to grow: No employee wants to hold an entry level role for a long time, they want to be able to move up the ranks and settle into a position where they can develop for years to come. CFOs need to stress to their staff members that the business has several career advancement opportunities and if they stick around the company, they could grow their professional career.
  • A strong team: Top talent like being relied on for carrying out some of the more difficult tasks in the workplace, but they don't like having to carry the team. By hiring several skilled employees, all members of the team can trust each other to get the job done the right way.
  • Ability to influence future plans: CFOs must learn that employees like when the company cares about their opinions on the future of the company. If top talent are able to have an impact on the direction of the business, they are more likely to want to stay on board.
  • A stable workplace: When employees are evaluating the company, they want to see that it is set up to prosper for years to come. CFOs that want to retain their top talent to stay at the business should create a company that is ready to achieve sustainable success. The last thing employees want to see is a struggling team that is losing out to other firms.
  • Regular bonuses: Top talent who work hard in their roles want to feel appreciated when they help the firm reach certain milestones. By providing employees with additional compensation when it is deemed necessary, CFOs will see lower levels of staff dissatisfaction.