What are the real costs of replacing key employees? How do you ensure employee retention is high in an industry with fewer people entering the workforce? Read our infographic to get the answers to those questions, and more.
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With a projected 43% decline in people entering the accounting workforce by 2018, there will be a gradual reduction in new candidates. That means it’s crucial to implement the employment retention strategies outlined in the infographic. It’s a positive sign that business leaders and HR professionals already grasp the importance of retention and engagement, but it will take a persistent effort to keep top talent.
From recruiting to administrative work to training, hiring new staff essentially requires its own budget. The hiring and onboarding processes also take up time for numerous employees across various departments – employees that could be focusing on other important job duties. And if that’s not enough, it takes time for new hires to get up to speed and match the productivity of their predecessors, especially in a complex accounting environment.
If colleagues notice a gradual increase in turnover, they tend to question the security of their own positions, or worse – question the entire company. It’s easier for negative thoughts to develop in the minds of otherwise positive employees when those closest to them are moving on to supposedly greener pastures.
Keeping the majority of your staff long-term is possible, and even probable, with the right approach. You cannot focus on a single strategy provided in the infographic; you must take a holistic approach. That means matching new hires to the right positions, paying intelligently, creating opportunities, maintaining employee engagement, and more – across every employee in every department. Make these strategies part of your culture, integrate them from the top down, and make sure they affect each individual.
Go a step further. Request a free copy of our 2015 Salary Guide in which we explore a multidimensional approach to identifying and attracting the best talent. You’ll be equipped with the detailed job descriptions, salary ranges and industry insights you need to recruit and retain premier accounting and finance talent.