Finance News & Insights

No raises, no problem: 3 ways to keep valued staffers from walking out the door

Looking to keep your Finance staffers for the long haul? Find ways to make them want to come into the office each morning.

Even though unemployment numbers are high, long-term retention is still important for companies.

And, when it comes to retaining employees, engagement is crucial. In fact, according to a recent survey by Kelly Services, 51% of employees said they would accept a lower wage or diminished role if their work contributes to something “more important or meaningful.”

Here are three strategies to help your workers get what they want from their jobs:

  1. Give them more control. People enjoy work more when they feel valued and in command of their own destiny. This can be accomplished by allowing employees to weigh in on important decisions, giving them complete autonomy in certain areas or letting them take on more challenging assignments.
  2. Keep ’em in the loop. It’s important to give all of your staffers a big-picture view of what’s going on with the company. This includes providing timely info, explaining management’s decision-making, as well as documentation and other proof of the company’s success.
  3. Opportunity for upward growth. No one wants to believe they’ll be doing the same mundane tasks five, ten or even twenty years down the road. If your staffers don’t see any opportunities on the horizon, they’ll be updating their resumes before long. Education and training opportunities, career-path advancement, team participation and cross-training are all proven tactics to keep turnover low.
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  • Iam going through this at my job. I have been in the Finance dept. for 3 years. I have applied for positions, and can never get an honest answer about why I was not selected. Try to take classes for upward mobility, more excises. You cannot be out of the office the same time as your analyst who you cover when he/she is out of the office, but when it comes to applying for an analyst position, you don’t have enough Budget experience! How can this be? No problem with giving me additional duties and doing those that are of a higher grade then I am being paid. That’s no problem there. When it comes to evaluations, the first 2 were full successful. The next one is Excellent, and they give you the same eval that they give someone who just started in the dept less than 10 months. Where is the fairness in this, and especially when you were doing the job solo for almost two years prior???

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  • I think everyone expects some churn but some may be good. What companies need to focus on is retaining their talent even in a downard and then up turning market. I think ensuring they have a solid career plan in place, mentor’s that are meeting with them regularly, find ways to reward them which are non-monetary such as education and special projects, and provide them with regular feedback. Of course broad-based Executive comms on company direction and performance are critical. It’s when we switch off talent management at the same time we cut costs that we are in real danger – because a company is it’s people.

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