Attract and retain the best finance team – 8 key factors
Here are eight key strategies to help you attract and retain the best finance team and create a thriving work environment that fosters growth and success. By implementing these strategies, you can ensure that your finance team is equipped with the tools, support, and incentives they need to excel in their roles and contribute to the overall success of your organisation.
1: Employee benefits
Employee benefits are often hailed as the ‘secret weapon in the talent war’, but how impactful are they really in attracting and retaining top talent?
In a workforce where Millennials made up 35% of UK employees in 2023, offering unique and innovative job perks can set you apart from your competitors. It’s crucial that your perks align with your company’s values and industry. A recent survey among finance professionals revealed the following preferences:
- 71% would like flexible working hours
- 55% would like work-from-home options
By utilising Jedox, finance teams are able to work from anywhere, at any time.
2: Employee value proposition
Your Employee Value Proposition (EVP) serves as the cornerstone of your organisation’s identity, embodying its core values, vision, and mission. By effectively highlighting and advocating for your EVP, you not only attract top talent with aligned values and traits but also create a compelling magnet for both passive and active candidates who resonate with your company’s ethos.
A well-defined EVP goes beyond just attracting talent; it plays a pivotal role in retaining current employees by reinforcing a sense of belonging and purpose within the organization. It acts as a guiding light, outlining the reciprocal rewards and perks offered to employees in exchange for their dedicated contributions. This mutual agreement fosters a culture of appreciation, recognition, and growth, cultivating a workforce that is not just engaged but deeply committed to the success and growth of the organisation.
In a competitive landscape where talent acquisition and retention are critical, a strong EVP sets your organisation apart, showcasing its uniqueness, values, and competitive edge. It serves as a compelling narrative that resonates with individuals who seek more than just a job; they seek a meaningful and fulfilling career where their talents are valued and their contributions recognised. By effectively articulating your EVP, you create a powerful attraction tool that not only draws top talent but also aligns them with the ethos and culture of your organisation, ensuring a harmonious and productive work environment.
3: Culture and corporate social responsibility
Approximately 80% of Millennials examine culture fit with potential employers before applying to and accepting jobs. Your company culture is one of the many aspects that brings the best out of your employees. An employee with a strong cultural fit will thrive in the environment that suits them best, become more engaged, and add more value to the business.
In terms of attracting candidates, you must promote your company culture. It’s one of the key characteristics that define your company and, if promoted correctly, will attract not only a great deal of candidates, but also those candidates that share similar ethics. Your CSR activities are also an important attraction tool for candidates. Not only will candidates recognise your positive social and environmental impact, but you will also create a sense of satisfaction and social well-being for current employees.
4: Business review sites
Employer review websites have become an indispensable tool for job seekers looking to assess potential employers. These platforms have transformed into trusted repositories of firsthand accounts, offering invaluable insights for individuals in the process of selecting a new workplace.
In today’s fiercely competitive job market, where the alignment of company culture and branding is paramount in attracting top-tier talent, these review sites serve as a treasure trove of information on the work environment and ethos of your organisation. Furthermore, social media platforms play a pivotal role in providing prospective candidates with a window into your company’s daily operations, latest developments, and candid reviews from current and former employees. In this digital age, where transparency and authenticity are highly valued, leveraging these online resources can significantly influence a candidate’s perception of your company and ultimately impact their decision to join your team.
5: Company website
Your company’s website serves as the initial impression that candidates receive about your business before applying for a position.
In this digital age, first impressions are crucial. A well-crafted website that is both visually appealing and user-friendly, providing all the necessary information that candidates seek, can give you a competitive edge from the start.
When recruiting for various positions, it’s essential to include detailed descriptions for each vacancy to avoid any confusion. A dedicated ‘careers’ or ‘join our team’ page should showcase background information about your company, including benefits, success stories, and employee events, ensuring that job openings are easily accessible and stand out amidst other content on your website.
6: Employee success stories
What could be more enticing for a potential candidate than witnessing the inspiring journey, growth, and triumphs of current employees?
Apart from enticing compensation and perks, there’s nothing quite like showcasing employee success stories to capture the interest of candidates. While outlining the potential career progression within your organisation is essential, highlighting the unique journeys and achievements of individuals within your team adds another layer of appeal and authenticity.
7: Keep an eye on the competition
n today’s candidate-driven market, competing businesses are always on the lookout for candidates, including
your employees. Gaining competitive intelligence by monitoring rival businesses is an excellent way to help you understand and plan your attraction strategies. Keeping up-to-date with your competitors’ behaviour will give you the upper hand, allowing you to anticipate what they will be likely to do next.
You might also choose to analyse not only how they’re selling their business. Salaries are not always the largest incentive to join a business, in fact, employee benefits have a higher value/cost yield to employees than salaries.
8: Invest in a cutting-edge financial planning and analysis solution endorsed by Gartner – Jedox.
What better way to attract and retain top talent than by equipping your team with cutting-edge cloud financial planning and analysis tools? Say goodbye to Excel nightmares with Jedox and empower your team to actively plan and manage your business from anywhere. Easy to use and accessible, this FP&A software enables you and your team to drive results and analysis efficiently.
- Address financial obstacles swiftly
- Increase efficiency and achieve outcomes
- Gain deeper insights rapidly
- Confidently strategise across your organisation
- Generate impressive reports in moments
- Experience real-time financial consolidation
About Kybos
Kybos is a dedicated UK Jedox gold partner. We build planning and analysis solutions that deliver value fast using accountancy qualified consultants. Whether you want a fully customised application or to build upon an existing solution, Kybos consultants are here to help.