Financial leaders nowadays face challenges in maintaining and expanding revenue streams while contending with a growing shortage of talent within the organisation.
The talent gap is indeed placing immense pressure on companies to find innovative ways to manage their financial functions efficiently.
In a report by non-profit research organisation APQC on the future of finance talent, they identified ways finance leaders can close the talent gap within the function.
The following are keys to address and combat the problem with talent retention within the finance function, according to APQC's survey and case study research.
1. Adopt an attitude of shared partnership between the finance and HR functions. This will include:
• A close working relationship
• Shared understanding
• Joint strategy and plans
• Clear roles and responsibilities for carrying out plans
• Frequent communication and information sharing
2. Implement future-focused approaches with an eye on:
• Targeted employer branding and relationships with potential future talent
• Broadening recruiting: who, where, and how
• Assessing of turnover risks and drivers
3. Develop strong employer/employee relationships understanding. This should be practiced while considering the following:
• It’s not always about hard dollars such as incentives and compensation
• Employees always want a chance to grow, individually and professionally
• What “growth” looks like for BOTH the employee and the organisation
4. Take time to measure the results of talent management efforts. This can be done through:
• Utilising metrics such as source of hire, time to fill, quality of hire, internal promotion rate, engagement rate, and turnover/retention
• Gathering details about what is driving the metrics up or down on your dashboard
