By Lauren Malensek
Demand for the next generation of finance professionals has skyrocketed, largely due to an increase in corporate governance regulations and the impending retirement of baby boomers. Within this high demand for quality professionals, there is a bigger question: how does a company keep the quality staff it has and avoid becoming another firm searching for top talent? In an era of high turnover and expensive employee training, keeping top-tier employees is just as important as recruiting new employees.
According to a recent study conducted by the Hackett Group, a global strategic advisory firm based in Atlanta, organizations that are successful in attracting and retaining top talent consciously create a culture of engagement. Research shows that engaged employees are more likely to stay with their employers and to contribute in ways that improve business performance. There are many ways to keep employees engaged. The following are some of the key areas where keeping employee interaction is vital.
Communicate frequently - Employee feedback is key to gauging how companies are helping their employees succeed. In turn, it allows employees to understand how their success contributes to the firm’s success. During feedback sessions, employees and leadership will recognize strengths and identify areas for improvement.
Have only the best managers of people - Provide employees with a mentor to help them develop their career. Employee growth is accelerated when on-the-job training is supplemented with informal coaching on the side by a trusted mentor. The idea is to enhance the relationships with your employees, which allows companies to be more proactive in identifying potential issues and resolving them. Employee retention will improve and customer service will be enhanced.
Fix problems immediately and follow up - Ensure that work is a transaction between employees and supervisors, one that requires supervisory hands-on strategies in place of less effective hierarchical tactics. By applying this technique, managers are consistently communicating with their employees and keeping themselves involved within the working environment of their staff. This means conflict can be resolved before it happens or immediately fixed afterwards. Consider instituting a hands-on management program that combines a highly engaged, developmental management style with the techniques, skills, best practices, and habits of other effective managers.
Give credit where credit is due - Acknowledge the strengths and successes of your employees. This will result in more engaged, productive, and passionate employees. Recognize and reward high performers within your organization for exceptional service, extraordinary contributions, or any "above and beyond" efforts that affect overall profitability or success. These recognitions and rewards can come in many different ways, including personalized gifts, bonuses, and additional paid time off.
Make career growth a priority - Employee training is a key engagement component. For companies to be successful, they must hire the right people and refine and develop their talents. This means providing a continuous learning environment where they can experience life-long learning and an environment where professional knowledge, skills, and abilities are continually updated and refreshed.
In addition to engagement strategies, don’t forget that the health, happiness, and well-being of your employees also need to be top priorities. Design your benefit plans to offer a variety of choices and flexibility to best meet your employees’ needs. Offer comprehensive benefit plans to include medical, dental, and vision plans; paid time off and holidays; and 401(k) with company match, profit sharing, and life and disability programs. In addition, an emphasis on work-life balance should be of high importance and may make the difference in whether an employee stays with your company or leaves for another.
While there is no one way to maintain topnotch staff at your organization, using a mentoring process and making your employees a top priority are sure ways to help you remain competitive.
Lauren Malensek is chief human resource officer for Clifton Gunderson. She can be reached at Lauren.Malensek@cliftoncpa.com.
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