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employee exit interview

Employee Exit Interview Tips

The real reason for an employee’s resignation is not always apparent. The typical professional niceties are often noted in the letter of resignation, rather than the actual issue causing them to leave.  That is unfortunate as it is the easiest way to learn why your finance employees are moving on.   To correct this issue consider creating an employee exit interview strategy.  An effective employee exit interview strategy can reduce future turnover by learning what is causing your employees to resign.

Some frequently used reasons given for resigning during exit interviews are:

  • Feeling unappreciated.
  • Negative experiences with management.
  • Personality conflicts.
  • Lack of growth opportunity.
  • Insufficient Salary.

Those are very fixable issues that employer should be informed about.  Hence the importance of putting together an exit interview strategy.  Below are helpful steps to consider when creating your plan:

Who Conducts the Employee Exit Interview

Although the exit interview is often conducted by the human resources department, other options are available. Perhaps a manager a couple of steps removed from the departing employee, or an external consultant, to gather objective information.

Create a Comfortable Opening

The opening dialogue between the resigning employee and the exit interviewer should be cordial and friendly. Focusing on the employee’s contributions during their term with the business creates a positive opening. Doing so leads to questions about goals and next career steps. The interviewer may learn that:

  • The person is leaving to work for a company with excellent advancement opportunities.
  • The culture and values of the new workplace promote a desirable work/life balance.

Learn About the Employee’s Experience with Your Organization

Astute inquiry about an employee’s time with your business can lead to insights about:

  • The aspects of the staff person’s work that offered the greatest meaning.
  • Challenges, including scheduling, relationships, and opportunities for advancement.
  • Aspects related to salary and benefits, learning opportunities, and workload.
  • Responses to the above points often lead to a discussion about supervisory and leadership support. Keep this as positive as possible by requesting suggestions for improvement.

Investigate Potential Concerns

Issues may be readily apparent or become so over time. Institute a tracking process that is regularly analyzed, revealing disruptions associated with resignation rates beyond the norm. Doing so can uncover problems that warrant further investigation:

  • Management flaws such as unclear guidance, interpersonal tension, and limited appreciation.
  • Opportunities and benefits that have not kept pace within the sector.

Institute an Action Plan

Act on findings that warrant resolution.

  • Share these with your leadership team.
  • Identify primary areas for improvement.
  • Engage frontline staff in planning.
  • Implement changes and monitor progress.
  • Continue to address concerns with a goal of promoting employee engagement and retention.

If you are an employer, click here for Employee Retention Tips

 

interdepartmental collaboration

Keys to Interdepartmental Collaboration

Due to the ability to see the financial outcomes of good collaborative relationships within a business,  accounting managers are well-positioned to promote them. These departmental relationships can either increase or limit the bottom line. So, what are the keys to supporting good interdepartmental collaboration?

Mutual Understanding

Each department should already by familiar with its individual purpose, challenges, and expected outcomes. Linking this knowledge across all departments ensures that all staff is aware of the basic purposes that each department brings to the organization. Doing so helps to:

  • Break down work silos that limit communication and cross-fertilization of ideas.
  • Promote sensitivity about others’ work.
  • Create opportunities for cross-training that further supports collaboration.
  • Foster a sense of common purpose.

Shared Language

Shared vocabulary and messaging across an organization promotes collaboration. This is apparent in the mission, values statements, and marketing materials. Integrating shared language into conversations and communication across departments reduces confusion prompted by mixed messages.

Common Spaces

Intentionally designed common spaces offer opportunities to share resources and conversation. If strategically placed, common areas encourage employees to move outside their departments’ designated zones. This can lead to casual exchanges that lead to relational cooperation. These spaces may include:

  • Office machines
  • Impromptu meeting areas
  • Water cooler and snack items
  • Access to company-wide media

Can-do, Cooperative Language and Tone

In finance and accounting terms, cooperative language focuses on assets while lessening liabilities language. That shift fosters collaboration between people. When team managers are encouraged to adopt this positive, can-do approach, everyone benefits. This ultimately leads to interdepartmental cooperation as:

  • Employees compare notes with each other about the positive work atmosphere.
  • Stress and the tension created by competition lessen, leading to:
    • Increased exchange of ideas and creativity
    • A happier workplace with performance improvements
    • Reductions in absenteeism
  • Feedback focuses on strengths and how to apply these to further develop in other areas.

Celebrate Camaraderie and Interdepartmental Collaboration

Large and small celebrations across and within departments create a sense of good cheer and cooperation. Recruit frontline staff from various areas within the organization to plan memorable ways to encourage interdepartmental collaborative initiatives.

 

You may also enjoy, “How to Build a High Performing Team”

upskilling

The Value of Employee Upskilling

Take your organization to the next level by increasing your employees’ skills. The term ‘upskilling’ is now used to describe the sophisticated planning required to keep pace with current workplace demands. As it sounds, upskilling is more than your typical skills training. It involves both upward and forward planning.

Upskilling Benefits

This is one approach to organizational advancement that benefits your business as well as employees. Consider that:

  • Providing opportunities to learn and advance improve employee engagement and performance. These, in turn, have a positive effect on retention and positive business outcomes.
  • Employee retention benefits the bottom line by limiting the costs associated with recruitment and hiring. At the same time internal capacity and succession increases.
  • Today’s employees want, and expect, opportunities that add to their knowledge and experience. They seek out employers who offer learning benefits and perks.

Vision Your Future—Upskill Today

As your team forecasts your business future, you’re surveying the critical elements required to get there. That includes assuring that employee abilities keep pace with emerging technologies and processes.

  • Provide opportunities for online or in-person learning bursts such as:
    • YouTube sessions that have your approval.
    • Take a break to share tips by offering staff an extra break or two during the week when they exchange helpful hints with each other.
  • Support employees who perform well and aspire to advance with your company by:
    • Providing lunch and learn sessions that focus on credentials for finance and accounting professionals.
    • Offering invitational workshops focused on select skills such as strategic thinking, software upgrades for data analysis, and portfolio development.
    • Establishing a fund that supports continuing education for employees working toward an undergraduate or graduate degree.

Track Outcomes of Your Upskilling Programs

Track outcomes of your upskill strategies and return on investment. Along with assuring that the upskilling methods your team selects are fiscally astute, learn to make needed changes.

  • Survey those who participate in the upskill selections you offer.
  • Remember that anecdotal feedback is worth noting.

 

You may also find the “Pros of Professional Development” helpful.

 

 

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.

Click here for more management tips.

 

finance experts growth

Grow Your Business with Finance Experts

Change and growth is part of every healthy business.  There is no rule dictating when you should hire new finance experts.  However, if you are not confident that your company is running at maximum efficiency, it could be time to expand your finance team by hiring a new finance expert.

Below is a selection of finance experts to compliment your business needs now, and in the years ahead.

Bookkeeper

If you are not sure what a bookkeeper does, then you’re probably wondering if you need one. Bookkeepers can either be entry level or full charge. Entry level bookkeepers generally perform basic tasks such as data entry of financial transactions and maintaining the chart of accounts.  Full charge bookkeepers have more responsibilities, however, even though they perform more complex tasks, their responsibilities are not usually as advanced as the responsibilities of an accountant. The bookkeeper will:

  • Maintain and track financial records.
  • Manage payroll, invoicing, basic finance reporting requirements.
  • Track sales and cash flow, monitor revenue and expense projections, and prepare budget reports.
  • Prepare business financial records for review and certification by accountants who work with the IRS as needed.

Accountant

It’s time to hire an accountant when finance tracking and reporting requirements exceed the bookkeeper role. The accountant you hire can oversee and expand the financial capacity of your business. The accountant provides you with:

  • Ledger, reconciliation, and periodic statement management.
  • Skills for managing international accounts as those develop.
  • The ability to identify tax break options and ways to contain costs.

Your accountant will maintain your financial systems through growth until it’s time to consider the need for a controller.

Controller

Prepare to hire a controller when your business requires complex financial systems and procedures to manage growth and financial regulations. The controller:

  • Works with the accounting manager on financial functions.
  • Provides long-term forecasting and financial planning.
  • Brokers credit lines and terms.

Chief Financial Officer (CFO)

This role serves your business by:

  • Managing all financial processes and procedures.
  • Guiding business development or necessary reorganization.
  • Identifying financial and business trends, forecasting potential growth targets.

An Accounting & Finance Staffing Firm Can Help.

An accounting and finance staffing agency like Beacon Resources knows the ins-and-outs of the financial candidate market.  Beacon Resources has a huge database of finance job seekers, including candidates who you won’t have access to by just checking the job boards.

Read our 2019 DLC Group Salary Guide to find out how much you can expect to pay finance experts, such as a bookkeeper, accounting manager, controller or CFO.