Updated: May 31
With employee retention being one of the top goals for accounting & finance
teams in 2023, its critical to understand key strategies to help your organization
maintain strong, productive teams. Additionally, as businesses continue to face competition from emerging technologies, they must ensure they can retain their best staff members. This blog post examines some top strategies for employee retention in 2023 and beyond.
Implement a flexible work policy
Accounting and finance roles often require the ability to multitask with a high degree of
accuracy; however, such roles also require a great deal of mental energy. A flexible work
policy can reduce stress, attract a more diverse talent pool, and boost creativity and
productivity. Allowing employees to tailor their hours toward their specific needs makes
maintaining a balance between their professional and personal lives more achievable.
Additionally, this policy allows employees the freedom and trust to design a schedule
that works best for them, which can lead to enhanced job satisfaction and motivation.
Ultimately, a practical, flexible work policy is a tangible sign of an employers' consideration
toward the success of their workforce.
Invest in employee training and development opportunities
Companies can foster team motivation and morale by investing in ongoing employee
training and development opportunities. These resources can be used to teach
employees new skills that may not have been learned during onboarding or general job
training. Also, it is an attractive benefit for job seekers looking for positions within
accounting and finance—equipping them with the necessary qualifications or
certifications that come with the extensive training you offer. Not only that, but it
furthermore demonstrates the commitment your business has to its employees'
professional development, which can aid in attracting potential candidates as well as
incentivizing current employees to stay with you. Even a little financial investment into
these tools will reduce turnover costs and provide long-term savings while setting your
company up for internal and external success.
Offer competitive salaries and benefits
One of the most effective ways to ensure employee retention in accounting and finance
roles is to offer competitive salaries and benefits that are on par with those offered by
other employers in the same industry. A competitive salary and benefits package helps
demonstrate to employees that they are valued, leading to improved employee
satisfaction, productivity, and, ultimately, a more robust bottom line for your
organization. Furthermore, it can help reduce costly recruiting expenses associated with high staff turnover rates. Finally, an attractive salary and benefits package can help
organizations set themselves apart from competitors in the job market, leading to
greater security for their staff and any prospective accounting or finance role
Promote a healthy work-life balance
Accounting and finance roles come with intense periods of work and dealing with a high
amount of stress. Employers must prioritize a healthy balance between their
employees' professional duties and personal lives. This could involve providing flexible
schedules, regular daily breaks for stress relief, or encouraging taking paid time off
when needed. It could also include clarifying expectations around workloads — ensuring
employees aren't overburdened with unreasonable demands — or providing advanced
training opportunities that promote self-development as part of an employee's job
description. Creating a supportive working environment and high-quality work-life
balance is key to motivating staff members and making them feel valued.
Implement employee recognition programs
Implementing an employee recognition program for your teams is vital in
increasing employee retention. Recognizing employees for their achievements and hard
work is a great way to motivate them, boost morale and encourage retention. In
addition, employee recognition programs help foster loyalty to the company, reinforce
desired behaviors and showcase the values of an organization. This is especially important for remote or hybrid positions.
Such programs recognize everything from a job well done to outstanding performance and can involve awards, acknowledgments, bonuses, or even small tokens such as gift cards or tickets. Moreover, implementing recognition programs helps create a more positive work
culture that both improves the motivation of existing employees and attracts new talent
to the workplace.
Maintain an open communication policy
Maintaining an open communication policy is critical to retaining employees in
accounting and finance roles. A key ingredient in any successful team is the ability of
members to work together and openly discuss ideas, plans, and problems. As such,
policies should be in place that allows for open dialogue between management and
employees. This includes establishing regular touch points wherein employees can
provide feedback on their roles, opportunities for growth, and issues they face, with the
expectation of swift resolution. An open line of communication also allows
organizations to better understand their employee's needs, helping them create a more
rewarding experience for their workforce. Ultimately, organizations can increase
employee retention and satisfaction by building solid relationships through sound
Employee retention is more critical than ever. By implementing some simple strategies,
you can create a workplace that employees will want to stay with for the long haul.
Flexible work policies, competitive salaries and benefits, opportunities for training and
development, and employee recognition programs are all great ways to keep your team
happy and engaged. And remember the importance of communication - maintaining an
open-door policy will help ensure that your employees feel comfortable coming to you
with any concerns or suggestions. So, what employee retention strategies do you plan
on implementing in your business?