As a Senior Executive, you are the confidant of your CEO, Board of Directors and stakeholders alike. You provide critical insights, sanction budgets, manage investments, and more. But deep inside, you must admit that you are only as good as your team. Your experience may have taught you to filter the numerous job candidates and select only the best financial talent. The question is how to retain them. This post covers 3 essential questions you must ask yourself to arrive at the answer.
1. What is your talent strategy?
While drafting investment and taxation strategies may seem like second nature to you, it is equally important to create a talent strategy. Cover points like:
- Portfolio of knowledge, skill and experience your business requires today and in the foreseeable future
- Type of training programs required to keep skills updated
- Metrics to check the effectiveness of training programs and overall performance
- Ways to distinguish your business from competition to attract superior talent and give them a reason to stay
2. Who is indispensible?
Since the demand for good financial talent is far more than its supply, it is natural for you to hoard all your resources. However, it is crucial that you identify those individuals who your business simply cannot do without. Check which subordinates possess the following abilities:
- Necessary skill set to play their own roles effectively and cover for when another member goes on leave or resigns until his position is filled
- Reliability, such that they may be entrusted with a growing number of significant tasks as per the changing needs of your business and that you may delegate to them with a measure of confidence
- Drive to excel and set their personal standards higher with each successfully completed task
- Ability to bring positive energy and motivation to the table instead of deflating morale
- Capability of working synergistically in a team
When you put each member of your financial team through this filter, you will be able to zero in on a few critical “wingmen”. Focus your energies on nurturing such talent to reap the benefits over the long term.
3. What are the main retention levers you can harness?
Consider what your company offers its employees that competition doesn’t. Also, analyze past attrition and retention trends to block the leak, so to say. If you can confidently offer retention levers like the ones mentioned below, you may expect a lowered attrition rate.
- Clear career progress path
- Fair measure of job security
- Increase in salary and incentives proportionate to performance
- Supervisors who possess integrity
- Management that reinvents the business in response to changes in the market to present them the best opportunities to learn and grow
Finally, if you can effectively instill in your team a sense of worth – that they are making positive contributions to the company’s progress and are appreciated for it – that will be the most successful talent retention factor of all. It will keep them committed and involved, making your business their business.
Also have a look at the video of the above post: