Attracting new talent
To have enough good employees, you need to understand properly the current employee value proposition you are offering. According to an article at cfo.com, based on information from the Gartner advisory company, there are two key attributes which attract finance talent and reduce attrition rates:
- Career culture
- The perceived ability to progress and develop
Experience-based career culture
If the finance department is all about hierarchical job titles, prospects will most likely gain the impression that any progress or exposure to new challenges is not a reality at your company.
Gartner discovered that a strong employee value proposition can reduce the compensation premium offered to new hires. This is the premium that needs to be paid above their existing compensation in order to win them over. This premium may be decreased by half if the value proposition is strong.
Learning new things
The second thing you need to do is emphasise career experience rather than promotion. Ensure new career opportunities will be offered. It could be beneficial for you too if you manage to match the needs of the business with your employees' aspirations.
An experience-based attitude towards career can be attractive even for senior employees. They may typically expect only few opportunities for traditional promotions, so diverse career experiences might be of interest to them.
With the application of an experience-based work culture, financial managers should be ready to identify opportunities for their employees to gain new experience and develop by building new skills.
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