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04 March 2024

12 Key Strategies for Retaining Finance Personnel in the Evolving Landscape of 2024.

12 Key Strategies for Retaining Finance Personnel in the Evolving Landscape of 2024.
It’s fair to say that human resources, recruitment and personnel management have never seen a more drastic period of change than the last four years. With challenges such as COVID, ‘hybrid working’, the ‘return to the workplace’, the cost of living crisis and several changes in employment law, the competition to recruit and retain the right talent has never been sharper.

KPI’s Executive Director Lily James takes us through the key strategies businesses will need to employ to give them the best chance of keeping their employer brand top of mind for potential employees, applicants, and current staff.

1. The onboarding process, should be more than just an ‘induction’

The foundation of successful employee retention begins on the first day. Impress new hires by offering a welcoming package, efficient IT support, an introduction to the business and a clear vision of how the journey will continue. Initiatives like inviting them for lunch or coffee, prior to starting with the company or meeting the team provide a respite from information overload, can act as an icebreaker and can alleviate any concerns or anxieties.

2. Continuous learning

Promote a win-win situation by encouraging employees to enhance their skills and knowledge. Whether it's learning new software, staying updated on best practices or recapping on existing knowledge, investing in professional development benefits operational efficiency and service quality. Additionally, it communicates to employees that their career journey is valued. Adapt the ‘train and retain’ mentality.

3. Competitively structure your reward strategy

In response to talent shortages and attrition, maintaining a competitive market rate for salaries is crucial. This involves a combination of direct pay and benefits to prevent employees from exploring opportunities with competitors who may offer more lucrative packages. KYM (know your market) what do you do differently to your competitors? Celebrate your successes and individualities.

4. What is your purpose?

While salaries are a significant factor, a sense of purpose is increasingly important in job decisions. Demonstrating commitment to broader causes, such as sustainability and societal issues, is crucial for retaining employees who seek a deeper connection to their work.

5. Diversity, Equity, and Inclusion (DE&I)

Cultivating a sense of belonging is vital for retention, and DE&I initiatives should go beyond token gestures. Actively promoting a diverse and inclusive work environment, reviewing policies and processes. Celebrate your workforce, don’t forget, everyone in your business contributes to the success, from Apprentice to Director, we all play a part!

6. Empower employees

Maintain healthy employee relationships through two-way communication. Encourage employee networks, conduct engagement surveys, share personal stories, and involve employees in decision-making processes. Creating platforms for employees to be heard fosters a democratic culture where their experiences and perspectives are valued and can add value.

7. Embrace flexible work policies

Offering hybrid working options is valued by employees. Unless a role explicitly requires a fixed, site-based routine, providing flexibility can significantly impact engagement and work-life balance. If you have an on-site based role, make sure that you know that your employees are valued (every little helps).

8. Set clear boundaries and expectations

Clearly define responsibilities and expectations to avoid employee frustration and stress. A structured approach ensures everyone is aware of their role and work processes remain consistent.

9. Acknowledge and reward accomplishments

Employee recognition is key to retention. Celebrate individual and collective achievements through prizes, promotions, or public appreciation in team meetings to cultivate a sense of worth and progress.

10. Prioritise the office environment

Maintain a comfortable, clean, and efficient workspace, considering employees' well-being as a mandatory investment. Providing necessary amenities, such stocked supplies, they contribute to a safe and productive work environment.

11. Invest in technology

Address employee grievances related to outdated IT systems by investing in technology and accessible support services. Demonstrating commitment to technological advancements reduces workplace friction and signals readiness for the future of work.

12. Conduct thorough exit interviews

Gain valuable insights by conducting well-structured exit interviews with departing employees. Act on the feedback received to shape future retention strategies, ensuring unexpected turnover is minimized and the organisation continues to evolve positively.

For more finance news and advice like this, follow KPI Finance on LinkedIn and Facebook.

Need to recruit Finance Personnel? Call Gemma Whittaker on 01925 637 871 or email GemmaW@kpir.co.uk.