Build a better finance team using the one you already have.
Ongoing training and development are essential to maintaining an efficient, productive and forward-thinking finance team. Looking within for solutions to human capital needs and improving the capabilities of existing staff can lead to less expensive and more efficient problem solving, as well as better retention.
Jobs continue to require more sophisticated skills. The workforce is aging. And technology is always progressing. With all that in mind, companies need to dedicate even greater resources to job-specific training programs.
CFO magazine recently analyzed 100 companies known for their best practices in the finance workplace. These companies are working to change the job-hopping trend in finance and create an environment that rewards loyalty and improves retention. One way they are doing this is by shifting the finance and accounting roles from tactical to strategic, with experts taking on more senior-level roles within a company. The best workplaces, according to this study, have crucial “buy-in” from top management and offer a strong combination of:
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Elaborate training with special programs to help high-potential employees advance |
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Flexible hours, job-sharing and telecommuting |
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The latest technology |
Five keys to identifying high-potential employees:
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Train supervisors and managers to identify top talent within their departments. Supervisors should conduct individual development plans and have ongoing career discussions with their staff. |
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Hold managers and supervisors accountable for encouraging and supporting employee development efforts. |
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Conduct annual talent audits to track employees’ progress and career objectives. |
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Have a clear understanding of the skills your organization needs now as well as what you will need in the future to ensure staff are being trained to meet not only current skill requirements, but have the ability to learn new and emerging technologies and skills. |
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Once top talent has been identified, develop specific leadership programs and provide additional training opportunities for these individuals, such as inviting them to participate in special “stretch” projects that allow them to work with more senior-level staff on a specific mission for the organization. |
Maintain your competitive advantage by creating growth opportunities.
As the demand for skilled workers continues to exceed the supply, companies must build stellar training and development programs and create growth opportunities for their finance staff in order to meet business needs.
Elements of successful retention strategies:
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Education and training
Regulatory processes and financial software are constantly changing. The most effective way to ensure all employees are up to speed is by employing effective training and continuing education programs. This can take on many forms, from web-based courses managed by external vendors to establishing sessions facilitated by internal experts.
In addition to investing in your employees, your company needs to invest in its management as their skills can directly affect retention and the bottom line and ROI. People often leave their jobs because they dislike their manager or supervisor. Leadership training is an important factor in retention. |
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Professional certification
Accounting and finance professionals need to achieve certain milestones in their own careers to stay competitive and ensure continued career growth. Acquiring a CPA or Series 6, 7, 9, etc. designation is often essential for career advancement. Your company should not only acknowledge and reward these professional milestones when achieved, but provide opportunities for employees to undertake these endeavors through education and training policies, such as tuition reimbursement, tutorial sessions and paid time off for taking their tests.
Additionally, your company should consider allowing staff to take paid time off to attend CPE courses that allow them to keep their CPA license up to date, as well as paying for some of these courses or, at the very least, providing staff with information around where and when these courses are offered. |
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Career development
Provide career development plans and leadership/management tracks within your organization. Show employees that you are investing in their careers and encourage them to grow within the organization. Highlight and promote success. Employees will feel more invested in the company if they see their hard work is rewarded and recognized.
Provide your employees with mentors and other networking opportunities. Teaming newer employees with those close to retirement not only allows knowledge to be transferred, but it provides Baby Boomers an opportunity to transition to a more part-time consultant position while new employees can be transitioned to positions with more responsibilities. |
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Recruit diverse populations
According to a recent “Supply of Accounting Graduates” report from the American Institute of Certified Public Accountants (AICPA), 23 percent of U.S. accounting graduates are minorities, with Asians making up the largest portion of the minority population (10 percent), followed by Blacks (7 percent) and Hispanics (6 percent). Not only are Asians the largest, but they’re also the fastest growing portion of the accounting profession, nearly doubling in size from 2000 to 2005. Blacks, however, represent a shrinking portion of the accounting profession. According to the National Association of Black Accountants (NABA), Blacks currently only represent 3 percent of all U.S. CPAs. To combat this, NABA recently unveiled plans to showcase this issue at this year’s annual convention, and intends to set up a mentoring program, create a CPA learning track at their regional conferences, and commission a survey of Black CPAs to gauge their feelings towards the industry.
It is important to take note of these efforts, as minorities comprise nearly a quarter of the population of new professionals. Effectively recruiting these individuals and building an inclusive culture is becoming standard operating procedure and a key competitive advantage.
Further, the U.S. Census Bureau projects the U.S. Hispanic population to reach 102 million by 2050 and constitute 24 percent of the nation’s population. Latinos currently make up 13 percent of the U.S. labor force, but only around 6 percent of staff at U.S. accounting firms. Companies need to reward bilingual skills and reach out to the Hispanic workforce. Through education and training initiatives, scholarship programs, community outreach and involvement, and more, your organization can encourage Latinos to enter the accounting/finance profession and provide ample career advancement opportunities. |
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Supplemental benefits
Providing employees with extra benefits that address their individual work/life balance needs will also encourage them to remain with your organization. Offering programs like flextime, telecommuting options, sabbaticals, on-site daycare centers, and more will help your organization continue to meet the changing needs of your workforce and provide employees with the incentives they need to stay at your company. |
Companies that invest in their employees will have the competitive advantage.
Investing in long-term strategies that encourage employee development and retention should be a top priority for all organizations. The finance and accounting sectors will only continue to grow and competition for top talent will remain a challenge for employers. However, a commitment to establishing and growing policies and procedures that place employee development as a top priority will in turn lead to a more dedicated and satisfied workforce. When there is an equal balance of high employer and employee commitment, the perfect balance for success will be achieved.
For more information on how Ajilon Finance can help you attract and retain top accounting and finance professionals, please contact us today at 866.GO AJILON or visit ajilonfinance.com.
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