Retaining Top Talent in the Finance Department

June 6, 2023 Sarah Dameron

business owner making sure he's retaining accounting talent

Retaining top talent in the accounting department infographic

Retain Top Talent in Finance With a Strong Company Culture

It’s well known that employee turnover can not only be costly but also lower the team’s morale. Keeping employees is often a matter of keeping them engaged and content in their work. In fact, a Glassdoor study showed that 56 percent of workers ranked a strong workplace culture as more important than salary. And with the world changing at a quicker pace than it ever has before it is crucial to learn about retaining talent in the finance department, so it’s high-time leaders build a culture that makes people want to stay.

Hire the Right People

Diversifying your team can boost productivity by 35 percent and companies with a diverse workforce and increased innovation generated 19 percent more revenue than companies with a lack of diversity (Source: McKinsey).

Create an Unforgettable Onboarding Experience

69 percent of employees are more likely to stay at the company for three years if they experience a good onboarding experience (Source: SHRM).

Emphasize Employee Recognition

Employees who believe they will be recognized are 2.7x more likely to be highly engaged (Source: Quantum Workplace).

Support Work-Life Balance - Retaining Talent in Your Finance Department

95 percent of HR leaders admit employee burnout is sabotaging workforce retention (Source: Forbes).

Invest in Continual Learning

55 percent of employees agree that career growth is more important than compensation (Source: Forbes).

Provide Meaningful Work

70 percent of employees say that their sense of purpose is defined by their work (Source: McKinsey).

Benefits of Promoting a Positive Company Culture to Retain Finance Talent

Make no mistake about it: company culture affects more than just your employees. A strong, well-balanced company culture can improve your business’s bottom line as well as increase employee retention. It’s far more than just a nice-to-have (more than just providing unlimited PTO and lunches on Fridays) – it’s vital to an organization’s growth and commitment to providing unparalleled services and products. A solid company culture provides:

  • Better decision-making

  • Positive brand reputation

  • Boosts employee retention

  • Attracts top talent

One of the key catalysts for high turnover is a toxic work culture fueled by disengaged employees, subpar talent, an overworked team and unappreciated workers. In fact, 47 percent of active job seekers cite company culture as their driving reason for looking for work. Ready to build a culture that will retain the best talent? Get in touch with our experts to explore how we can help you foster a positive company culture driven by the need to thrive during these uncertain times.

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