Stratford Office: 203-386-8800 | Stamford Office: 203-325-3799

Retain Top Financial Employees

June 8th, 2018

Like anyone else on your team, financial and accounting employees are likely to respond to common sense retention efforts; to keep them, you’ll need to respect their skills, respect their time, and pay them competitively. Chances are, your management experience has already shown you the benefits of these basic positive approaches to staffing and employee development. But retention is like an onion, and peeling away each layer tends to reveal more layers underneath. Yes, you need to treat your employees well…but how? And yes, you need to pay them, but what about your budget? Here are a few secondary thoughts that can support your larger goals.

Compensation is more that just salary.

Financial and accounting pros already know this, and you should too. If you can’t afford to compete with similar firms in your area, try adjusting your compensation package to add more benefits and perks. Reexamine your health plan provider, offer flexible hours, provide tuition support for employees who want to further their educations, add an on-site childcare facility, add a cafeteria, compensate commuters, and do whatever it takes to make your meager or average salaries add up to more overall by the year’s end.

Culture goes a long, long way.

Changing your culture might not be as hard or cost as much as you think. But keep one thing in mind: studies show that even underpaid employees with difficult and dangerous jobs will go the extra mile (and stay the extra year) for a company that feels like family. A friendly, welcoming, respectful, flexible culture can mean the difference between keeping a talented hire for a decade and saying goodbye to them within six months. Smart, experienced financial pros won’t put up with a toxic culture, nor should they.

Prepare to counteroffer.

If you really like your employee and you often find yourself saying “I don’t know what we’d do without her”, get ready for the day she resigns. It can and will happen eventually, so prepare for the day by setting up a system of operations that doesn’t depend entirely on her unique contributions. And in the meantime, keep a rough counteroffer estimate on your back burner. The day she shares her plans to leave, swoop quickly into action.

Listen and respond.

When top financial employees need something, accommodate them. And keep in mind that top employees rarely “complain”. Instead, they hint, react, and suggest. Don’t wait for your employee to storm into your office and demand more flexible hours or a lighter workload—That won’t happen. Instead, he’ll accept assignments with slightly less enthusiasm (he might say “I’ll see what I can do” instead of “Sure thing, boss!”) Listen for the signs, and be proactive. If you think it’s time to offer support, start a conversation and ask.

For more on how to retain your most talented contributors, reach out to the team at Merritt.

Leave a Reply

© Year Merritt Staffing. Site Credits.