There are many reasons why talented employees may leave their finance role. In some cases it may be external factors such as moving across the country, wanting to be closer to family or changing careers but most employees leave for internal reasons that can be influenced by the employer.
This post will outline the main reasons great employees leave organisations and how employers can put in measures to help retain these talented finance employees.
Reasons They Leave
- Relationship with Manager – It’s a bit of a cliché, but people leave managers, they don’t leave companies. If a great employee feels that their manager is not the right person to not only help them in their role, but also push them forwards in their career, they may want to move on. Managers who are hard to work with can reduce productivity and morale in their team.
- Unchallenged and Bored – Being challenged and having satisfaction at work is pivotal to retaining top employees. If a great employee is always working on the same reporting or projects for a long period of time, they may be on autopilot for their tenure at the company and find that they need to leave in order to become engaged with their work again.
- Relationship with Co-Workers/Overall Culture – Culture is massively important for employees. Some people may prefer the corporate culture with strict processes and values whereas others thrive in a more laid back culture, where they can help mould the culture and put their own stamp on how things work within the business. Getting on with your co-workers can also be a factor as to whether an employee is enjoying work, as it is the people within the company are just as important as company vision, values and culture.
- Opportunities to Use Skills and Learn New Skills – Talented employees often like to get involved in a multitude of projects to use and improve upon their skillset. Not allowing employees to grow in their role means they will feel restless and look for pastures new to further their career and gain more experience.
- Work Meaning Little for the Business – It is sometimes the case that employees, while talented, feel that their work means very little to the business as a whole. It is important that managers ensure that their employees feel valued and make it known that their work is making a real difference to the business.
- Autonomy – Micro-managing can be a massive deterrent for employees. Talented individuals like to feel that they have a certain level of autonomy and responsibility in their role. Therefore having a manager on top of them every day and running through their work with a fine tooth comb on a regular basis can be detrimental to a happy working environment. Obviously managers need to be aware of what is happening in their team, but this can be done without micro-managing.
- Recognition – Talented employees work hard and do a lot for the business. Not being recognised for that hard work and their contribution to the business can be soul destroying and make them believe the grass may be greener somewhere else.
- Salary – Last but not least, talented employees know their worth. If you are not paying them adequately for their contribution to the business, they will find a company that will.
Reasons To Stay – How To Retain Talented Employees
So we know why people leave, but what can employers do to help retain talented individuals?
Create a Great Culture – Creating a culture where employees are valued and involving them in defining the culture of the company can do wonders for retaining employees as they feel they are helping to mould their place of work. Setting goals for all employees and allowing ‘intrapreneurship’ means employees will just enjoy coming to work.
Make Goals and Objectives Clear – Setting goals and objectives on a yearly basis with all employees is a must. Not only does this mean that the responsibilities of the person’s role are clear, but they can see a clear plan of what they need to do to move forward in the company and improve upon their skillsets.
Be Open and Honest – Be honest with employees about their role and opportunity for promotion or professional development. The cloak and dagger mentality and office politics can really deter people when it comes to staying at a company. Be open with company communications and ensure employees are aware of the opportunities available to them in their roles.
Provide Opportunities for Growth and Learning – Providing training and opportunities to gain more experience and skills is a great way to ensure employees feel challenged and that they are growing in their role. Tie training with the goal setting and objectives and you have an employee who knows what they need to achieve, how they need to achieve it and what skills they need to improve on. For more on this subject read our blog – Training your own people: the impact on recruitment.
Recognise and Reward Great Work – This can be with grand ‘Employee of the Month’ gestures but can also be telling the employee they are doing a great job in their 1-2-1 meetings. When employees are not told they are doing a great job, they may feel undervalued and will look elsewhere.
If your company is experiencing a problem with employee retention, you need to take action quickly. Where possible speak to employees who have handed in their notice, or have already left, and ask them to be open about their reasons for going. This can highlight particular issues you may have within a department or general trends in the company overall.
Then put in place strategies for resolving any internal problems, and make sure you communicate these solutions with your team. Your remaining employees need to know that steps are in place to resolve any issues and give them good reasons to stay.
Finally, all companies can expect a level of employee turnover. To ensure you have a pipeline of top talent coming into your business, build relationships with specialist recruiters who understand your company and what type of people you need in the business. Please contact me if you would like to discuss any of this in more detail. Call 01252 718 777 or email info@project1-pmhbkw6eig.live-website.com