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Retaining Your Finance Staff

Keeping good employees is smart business.

The good news is that according to a recent employment study of finance professionals, most - 53 percent - indicated they preferred to stay with their current employer.

Finance professionals possess marketable skills and have more opportunities to move than those in some other job categories. It is, therefore, no surprise that the top two factors for retention are pay linked to performance and opportunity for advancement.

While 53 percent would prefer to stay put, 41 percent said they believe they will need to switch companies in order to advance.

To avoid losing high performing and ambitious finance professionals (exactly the kind of employee you would want to retain) it is necessary for leaders to focus on three key actions:

Link pay to performance and make sure you are able to make clear and objective performance distinctions.

Communicate career paths and opportunities for growth in the current company.

Make sure you are able to coach employee’s effectively and support their professional development.

Other factors influencing retention include a convenient work location, good relationship with the supervisor, job security, limits on work-related stress, and trust and confidence in senior leadership. Some of these factors are in the control of leadership, while others are more difficult to impact. It is imperative that you create a work environment and clear career path in which your star employees can succeed. Be sure to govern the factors you can control.