If you’re a hiring manager or a human resources executive, you’ve probably heard the statistics about the intangible value of employee tenure. Not only does tenure have a “significant positive and sometimes very sizable impact on financial performance and operational excellence” (Harvard Business Review), it can make it much easier to entice new employees to join your organization.
Tenure is Attractive to New Employees (and High Turnover is Not)
What do we mean by this? In a challenging hiring market, your organization needs to set itself apart in as many ways as possible. Certainly, competitive salaries, good benefits, and other perks are attractive to job candidates, but let’s face it: very few people want to join an organization that is known for high turnover. A company with a “revolving door,” so to speak, might be suffering from a number of problems:
- Employees might feel overworked and underappreciated.
- It might be difficult for employees to advance at the company and improve themselves as professionals for various reasons.
- Salaries might be lower than market, which can lead to decreased motivation and quality of work.
- The company culture might be one that does not promote great work-life balance or rewards less-than-optimal behavior.
What the Best Companies in Denver and Throughout the U.S. Do to Retain Great Talent
At TGRP Solutions, we often get asked by accounting and finance hiring managers how to attract the best talent. The truth is, attracting talent is directly linked to retaining talent. Here’s what we see in companies that are successful at both:
- They offer competitive salaries. This one is obvious, but it’s worth pointing out. It is a high priority for most people to be rewarded for their hard work, and in accounting and finance, compensation is the first point of discussion among most of our recruiting candidates. So, do your research. Learn about top wages in the accounting industry and in the Denver market. Our recruiting team is happy to share more about this. And keep in mind that it is always going to be much more expensive to hire and train a new employee than it will be to offer salaries that encourage employees to stay. Again, the actual and hidden costs of employee turnover are very real. It leads to lost productivity and more.
- Embrace new ways of working. By this, we mean work-from-home and flexible scheduling. In a post-pandemic world, many people have taken to working remotely and are hesitant to return to life before COVID with long commutes and hours at an office. If you’ve been slow to adopt this idea, it could be holding you back from hiring great talent and retaining the talent you do have. Modern technology has made it very possible for employees to be productive from home. Take a hard look at whether it is possible for your accounting and finance Employees to perform some of their jobs remotely. The majority of candidates we work with today do seem interested in flexibility.
- Appreciate your employees and reward their hard work. Companies that regularly recognize and thank their employees tend to keep those employees longer. And while combining that gratitude with financial rewards such as bonuses or paid time off is always going to be well received, there are many ways to show your employees that they are valued members of your team and your company.
- Invest in your company culture. Most accounting and finance professionals we talk to want to be a part of a great company culture. That means different things to different people, but the best companies in Denver that we’ve worked with are committed to transparency and quality communication with employees, which creates trust and employee buy-in. They have a clear vision and strive to fulfill it by embracing their core values. They recognize that their employees are people with lives and interests and try to support them. And of course, they take time to celebrate wins and have a little fun!
- Invest in your employees. Again, replacing employees is much more costly to you than retaining those you have. And one of the top reasons accounting and finance professionals reach out to TGRP Solutions to start a job search is a perceived lack of opportunity for growth. When thinking about your organization, are you providing opportunities for professional development, continuing education, leadership development and promotion?
If you are looking to hire talent for your open accounting and finance position, and you want advice about how to attract the best employees and keep them, call TGRP Solutions. Our recruiting team can give you advice based on years of recruiting accounting professionals for some of the best companies in Denver. Reach us today at 303.789.1500 or contact us now.