Employee turnover is costly. Every employer knows this is true, but few enjoy dealing with it. Turnover lowers morale and decreases productivity. The Society for Human Resource Management (SHRM) reports that the fiscal cost of replacing an employee is an average of one-half to three-quarters of their salary!

However, for today’s rising workforce, Millennials and Generation Z are quite different from Baby Boomers, who were traditionally loyal to one company for most of their careers. The concept of remaining with a single firm for decades is foreign to them.

This rising talent is far more concerned with company culture, career growth, and finding purpose in their work. And while compensation and bonus packages are not inconsequential, culture, development, and purpose are at the forefront.  

Keys to Talent Retention –

Offer Support –

Provide the tools, training, and technology your employees need to serve clients and perform their roles with excellence.

Invest in Continual Learning –

Opportunities for growth and development are essential for retention. Support in continued education and technical training, and cross-training are all valuable. However, don’t neglect to assist in personal growth areas from leadership and communication to work-life balance and how to maintain healthy lifestyles.

Communicate Often –

Keep a two-way communication channel open. Check-in with your team often. Ensure they have the information they need to fulfill their responsibilities. Listen to their concerns and input! Offer assistance as needed. Focus on creating a culture of communication built on trust.

Provide Value and Purpose –

Cast vision. Ensure your employees understand the bigger picture of company goals and purpose and their role. Involve staff in give-back programs. Let them know how what they are doing daily impacts and brings value to the company and the community.

Build Relationships –

Workplace friendships often help us get through the daily grind. Create and inspire an environment where team members enjoy being together. As a leader, it starts with you! Set the example and build genuine relationships with your accounting team.

Provide Flexibility –

Flexibility is vital. Everyone has a different style of working and learning. Enable your employees to do their best by providing the work environment that fits –from hybrid to remote – whenever doable and appropriate. If a position must be onsite, offer flexible hours.   

Committing to the above principle will create an environment that encourages retention –once you find the right talent. The Robert Joseph Group takes pride in attracting top-tier candidates. Professional expertise, integrity, and transparency are our guidelines. Contact us today and connect with the top-level accounting and finance talent you need.