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employee career growth

Supporting Employee Career Growth

Supporting employee career growth in regards to skill advancement and career development benefits your business by boosting engagement. Additionally, skill advancement is linked to improved business performance and success. A survey of over 2000 professional of varied levels in over 20 industries revealed that 73% of participants assessed a need to improve their skills. Here is how you can be part of the solution:

Show Interest in Employee Career Aspirations

Take time to meet with each employee to inquire about their career plans. It is a chance to get to know each person better, including their hopes to upgrade skills and work experiences. This step lets staff know you are interested in their professional futures. It also helps in planning for collective and individualized job training or continuing education benefits.

Encourage Work/Life Balance

Learning about employee career aspirations can touch on life plans. Your employees have family, friends, recreational interests, and avocational pursuits. It’s not necessary to know the particulars, though it is important to reinforce the benefit of life/work balance. Show staff you care by offering:

  • Flextime
  • Remote workdays
  • Worksite wellness options

Take Advantage of Cross-Training Strategies

Today’s cross-training is sophisticated, offering various strategies for upskilling staff. Equally important are the outcomes of improved collaboration, retention, and job satisfaction. Finance employees appreciate being able to improve their tech-savvy, interpersonal attributes, and management expertise. Rotate employees to gain experience and create mentoring opportunities. This results in cross-learning as staff from different departments share knowledge distinct to their roles.

This part of your work smart plan leads to:

  • Greater work capacity during intense times of the year like tax season.
  • Heightened internal capacity and longevity planning, encouraging retention of those with business history and high-level expertise.
  • A nimble workforce capable of quickly responding to expansion or external pressures.
  • Improved collaboration across departments due to a mutual appreciation for each other’s roles.

Keep Information Coming

Routinely inform your team regarding company plans, emerging trends in your sector, and the role of macroeconomic shifts in the industry. Staff will appreciate the respect this shows for them. And that is one more way to support employees.

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pay parity

Addressing Pay Parity

Pay Parity is a common issue in this current low unemployment job market.  Often times, external asking salaries may be higher than a company’s current salary level. Consequently, to be competitive employers must offer higher salaries to attract new candidates.   The result, if an employee has been with a company for years, their pay may fall below the external market.

Typically, what co-workers make isn’t as secret as managers might hope it is and that means paying new hires more than current employees can create morale issues.   However, it is important to not over-correct with unnecessarily broad pay adjustments.

Addressing Pay Parity

Before taking measures to address pay parity, it’s important to determine whether a particular situation represents a broader issue or is an isolated incident. For instance, for new hires with a much-needed skillset, it may be appropriate to start them at a higher pay range.

Specific, short-term project requirements may also lead to pay parity. In that situation, a new employee may be coming on board to manage a project that will last for a limited time and then leave after the project is finished.

Isolated instances of pay parity may not warrant department-wide salary increases.  However, if a company is consistently paying new hires more than current employees, it’s time to evaluate:

  • Whether the company is using the right market data to determine pay levels.
  • Whether existing pay ranges are still appropriate given the current talent requirements.

Pay Parity Fixes

Raising pay through a series of small, more-frequent increases can keep compensation in sync with current market conditions.

Other steps to relieve pay compression include:

  • Offering hiring bonuses to new hires instead of raising the position’s base salary.
  • Awarding spot bonuses to reward contributions.
  • Providing more employer stock to reward long-term workers, such as restricted shares that vest over time.

If you’re looking to hire a finance professional, the DLC Group Salary Guide has the compensation trends that will keep you competitive. Salary ranges, insight into the latest perks, hiring trends, etc.…

 

employee retention tips

5 Employee Retention Tips

Today’s historically low unemployment in the finance and accounting sectors is creating employee attrition concerns for employers.  Employee retention is foremost in their minds, as it is difficult to find replacement staff in this type of economy.  Consequently, it’s imperative that employers manage their staff using methods that are geared towards employee satisfaction. The cost of hiring new employees can be colossal. In fact, according to Employee Benefit News, it can cost 33% of an employees’s annual salary to hire a replacement if that employee leaves. Of course, the employment retention rate varies by industry, but every business should be upgrading their employee retention strategy. If your company is finding this situation challenging, here are five employee retention tips.

Employee Retention Tips #1: It’s Time to Focus on Employee Retention

You know the best and brightest on your team. They perform well and encourage others. Focus on ways to assure your organization retains these talented people. Doing so includes a mix of perks, praise, and pay.

Employee Retention Tips #2: Pay Attention to Perks

More and more employees are seeking a variety of perks to compensate for their work and dedication. These include:

  • Work/life balance flexibility such as long summer weekends; a remote workday each week; or flex time for special events.
  • Supporting professional development, as people in finance know the value of ongoing learning. Reinforce this with work-site and online continuing education options compensated by the business.
  • Commitment to employee well-being as demonstrated through provision of comfortable social meeting spaces. Touches of greenery and walking paths create a pleasant work environment.

Employee Retention Tips #3: Communicate Your Enthusiasm

Your team feels uplifted when work goes well. Provide them with added assurances through praise, expressions of gratitude, levity, and outright enthusiastic smiling. Use concrete descriptions about the quality of team members’ work. This reinforces their performance as it deepens engagement. And, engagement equals retention.

Employee Retention Tips #4: Remuneration to Increase Employee Retention

Although it is true that pay-rate is not the only reason why employees stay on-board, it cannot be lightly dismissed. This is particularly true in this era with finance unemployment rates hovering around 2%. This is a good time to review compensation in-house rates. Compare these for your sector, business size, and within your region. Include a review of benefits too, to assure that yours are in line with, or outpacing, that of the competition.

Employee Retention Tips #5: Call on the Consultants

There are times throughout the year when financial cycles demand the need for added staff. That’s when you typically call on consultants. You can call on them again when you are in recruitment mode to find your next best employee.

For more employee retention tips that will have a great impact on your organization, check out: 5 Low Cost Ways to Keep Employee Retention High

 

 

 

 

 

professional development

Pros of Professional Development

With finance and accounting unemployment rates hovering around 2%, astute employers are expanding employee retention initiatives to remain competitive. Designing professional development plans that encourage job satisfaction are top of mind for many employers interested in upping their employee retention strategy.   Providing professional development training encourages employees to perform better and prepares them for greater responsibility.  Additionally, it can also help attract top job candidates.  Investing in your employees is beneficial to the entire company and can boost the bottom line.

Match Professional Development Options with Learner Interests

Provide a variety of educational and training options to match employee learning styles and interests. These include:

  • Extended professional development options, such as:
    • Finance and accounting certifications.
    • Accredited and continuing education courses.
    • Goal-specific in-house mentoring.
  • Sound-bite learning that can be readily integrated within a workday. These can be conducted independently or led by anyone wanting to advance their training abilities.
    • YouTube sessions.
    • Video and audio tutorials.
    • Short skills sessions to advance digital knowledge, soft skills, customer awareness, and others.
  • Invite employees who are enrolled in courses, conducting certification studies, or have attended a conference to:
    • Hold lunch and learn sessions with colleagues about lessons they are gaining.
    • Provide Q & A opportunities to share:
      • First hand insights about studying online.
      • Seeking certification.
      • Balancing learning with work and home life.

Consider Return on Investment Planning

As you plan on investing in employees, you want to assure that your organization gains as well. Consider options for protecting business interests while providing for professional development.

  • Establish a contractual agreement for tuition reimbursement. This may include:
    • Expected duration of continued employment following course completion.
    • Partial or full payback of tuition if employment ends.
  • Request employees engaging in professional development to mentor new staff or prepare internal social media posts about lessons learned.

Overview

When employees can perform their jobs more efficiently, they become more confident and motivated.  Confidence and motivation leads to greater employee retention.

 

Multi-generation

Leading a Multi-Generation Workplace

Chances are you are leading a finance and accounting workplace with three or four generations of employees. Multi-generation teams function best when managers know the traits of each generation and how to effectively support their mutual work.

Which Generation is Which?

Sources state different birth years for generations as listed here:

  • Gen Z, iGen, or Centennials: born 1996 to 1999
  • Gen Y or Millennials: born 1977 to 1995
  • Generation X: born 1965 to 1976
  • Baby Boomers: 1946-1964
  • Traditionalists: prior to 1945

Focus on the Benefits of Multi-Generation Workplaces

Multiple generations workplaces can present challenges as everyone learns how best to work together. Benefits of your diverse employee group include:

  • Its breadth and depth of talent;
  • Opportunities for sharing knowledge and skills;
  • The advantages presented for cross-training; and
  • That the age mix reflects your customer base.

Apply Information About Each Generation

Millennials are the largest group currently in the workforce, followed by the number of Gen Xers.

  • Boomers question authority and like personal communication.
  • Gen X focuses on tasks and work-life balance, communicates directly and by email or text, and prefers direct feedback.
  • Gen Y are eager multi-taskers who use texts and social media. They prefer a lot of prompt feedback.
  • Gen Z are self-reliant, relish freedom, are digital sophisticates, and prefer small amounts of immediate feedback.

Use Generational Information to Guide Employees

Although various generations can be skeptical about working together, they have strengths to share with each other. Guide your multi-generation employees by:

  • Mixing generations across teams, blending skills to strengthen each group.
  • Supporting cross-mentoring based on assets. Boomer and Gen X managers mentor about financial history, systems, and trends. Gens Y and Z mentor teams in social media uses and how to increase workplace digital performance.
  • Instituting meeting and training opportunities that represent all generations.
  • Creating an atmosphere of mutual respect.
    • Give credit when due.
    • Quell signs of distrust or defensiveness between generations.
    • Be flexible with supervisory approaches used to accommodate individual and generational preferences.
    • Avoid stereotypes by focusing on each person’s abilities, preferences, and commitment to the organization.

For more management tips, check out Leadership Styles that Energize and Inspire.