There’s a consensus among employers: talent is hard to find. And that’s a battle that can bring down the most established of companies.
Our suggestion? Alter your approach to meet the demands of the skilled professionals you’re looking to court. Century Group’s 2019 Salary Guide for Financial Professions found three trends that ranked highest among job seekers when considering a new position — factors employers must capitalize on to edge out competing offers. And most importantly, attract and retain talent in 2019’s tight labor market.
1. PRESENT ROLE AS AN OPPORTUNITY FOR PROFESSIONAL GROWTH.
Upskilling and training employees is a resourceful option for employers who need to fill open positions. But it’s also an aspect of the modern workplace that professionals crave. According to Globoforce, 21% of professionals left their jobs because of a lack of career development opportunities — the leading reason for employee turnover in 2018.
Candidates are seeking more than a paycheck, gravitating toward roles that provide growth potential, mentorship and personal gratification. Creating a robust training program that expands and reinforces on concepts learned in new employee orientation is a successful tactic to both attract and retain talent. While some companies turn to outside experts to invest in their employees, such as encouraging them to attend relevant conferences or inviting speakers to engage with their team at the office. Employers should also map out clearly defined career paths as an added incentive for new hires.
2. OFFER COMPETITIVE SALARIES, BENEFITS AND PERKS.
Here’s the thing: candidates know their skills are in demand. Offering below market compensation and inadequate benefits just won’t cut it. In fact, innovative perks like flexible work schedules and paid meals are more aligned with what today’s employees want. Not sure how your company stacks up? Our 2019 Salary Guide features accurate salary ranges for 41 finance and accounting positions. Make sure you’re not losing strong candidates due to sub-par wages in your region.
3. SHOWCASE A STRONG COMPANY CULTURE.
In a traditional work environment, you spend most of your waking hours at your job. Why wouldn’t a strong company culture be a priority for candidates with options? This can encompass a few aspects of a business, including its mission, values and how its team members interact and support one another.
Think Google. Even if you’ve never stepped foot on its campus, Google’s reputation for curating a successful culture permeates the company’s entire operation. From free meals and onsite physicians to its creative office settings and mentor-like managers, these elements promote a positive environment for employees to thrive. Not all businesses can adopt measures at this scale, sure. But by creating a space that promotes open communication and focuses on the employee’s well-being is at the core of any strong company culture.
Want more insight into how to attract and retain top talent? Browse our blog for tips, trends and news impacting the finance and accounting community.