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Finance

Employee Retention Strategies for Intelligent Team Building

Michael Mance

Michael Mance

Vice President of Financial at Dialysis Care Center

Michael Mance, Dialysis Care Center

In the month of July 2021, nearly 4 million Americans left their jobs, resulting in a record-breaking 10.9 million job openings at the end of that summer.  

Is this a red flag for employers’ current retention models, or can it be seen as a unique area of opportunity to attract new talent?  

The answer is probably both.  

With resignations, notably highest among mid-level employees in both tech and healthcare industries, employers need to identify the verticals that are driving this Great Resignation and quantify key metrics to essentially stop the bleeding. 

…employers need to identify the verticals that are driving this Great Resignation and quantify key metrics to essentially stop the bleeding.

Michael Mance, Vice President of Financial Operations at Dialysis Care Center

Financial Talent and Teams for the Future

Finance executives must make it a priority to build successful financial teams for the future. It is essential to hire the right people with the right skills in order to take full advantage of new trends and changes in the industry.  

Future talent will play an important role in organizing plans, promoting personnel strategies, and supporting the management of the entire enterprise. By doing so, your leadership will be able to successfully combine the intelligence of new technologies with the emotional intelligence, interpersonal skills, and professional knowledge throughout any department, as well as your finance team. 

Recruiting and Hiring Tips 

Networking events are a great way to attract and connect with top talent. 

Envision your next networking event as a recruiting opportunity. One way to do this is by utilizing your existing social and executive network. You can also explore your team’s network and the connections of your incoming talent. Take advantage of executive events you plan to attend and view them as recruiting opportunities as well.

Seek out traditional methods such as recruiting opportunities at college campuses. When you need a helping hand, look to external recruiters for support.

Take a holistic view of your recruiting and hiring process and follow these five steps for success: 

  1. Promote: Promote your open listings on social platforms: LinkedIn, Indeed, Zip Recruiter, yes – even Instagram 
  2. Prospect: Research networking and events audiences: virtual LinkedIn courses, competitor social pages, executive summit attendees 
  3. Incentivize: Utilize and incentivize current employees for referrals from their personal network 
  4. Simplify: Simplify your application process: Quick apply is better than lengthy resumes and company website applications 
  5. Streamline: Keep tedious job descriptions and requirements thorough but concise 

Be an Effective Recruiting Leader 

It’s important to evaluate your efforts and consider ways to turn The Great Resignation era into a recruiting opportunity. Where some may see red flags, find ways to uncover hidden opportunities.  

Being proactive versus reactive is always helpful when attracting top talent. Nobody wants to endure multiple tedious interviews so be cognizant of this in your own process.  

Think outside the box to secure rising talent. Promote your companies Diversity, Equity and Inclusion programs. Explore new metrics to attract top talent. Members of Gen Z, for example, are attracted to sustainable companies that are measured by Environmental, Social and Governance factors.  

Being proactive versus reactive is always helpful when attracting top talent.

Michael Mance, Vice President of Financial Operations at Dialysis Care Center

Intelligent Team Building Strategy

Learn what empowers your new hires and give them the tools to be successful team members. 

When building out your teams, set up a plan to examine who is the right person for the job. Explore tools to pinpoint personalities, skillsets, and areas of opportunity. Then make a commitment to help or shift an employee to a different department to avoid turnover. 

Finally, expand your view and revisit traditional meeting models to offer consistent peer-to-peer connection through one-on-one meetings that can be especially effective for remote employees.  

Invest & Retain Key Talent 

Once team members are settled into their new roles, stay on top of engagement strategies to help employees avoid burnout.  

With the right company culture, you can reverse the effects of burnout by offering a workplace that employees are eager to join.

Michael Mance, Vice President of Financial Operations at Dialysis Care Center

Be aware of red flags that can lead to burnout, such as long hours and ambiguous responsibilities. Office politics and hierarchical pressure are proven deterrents for top talent. Employees that have little or no control over workplace activities may seek employment elsewhere.

Other red flags to keep an eye out for include:

  • Lack of job security or high turnover 
  • Lack of acknowledgements or rewards and pressure for results 
  • Non-transparent company culture  
  • Lack of leadership and communication 

With the right company culture, you can reverse the effects of burnout by offering a workplace that employees are eager to join. 

Find ways to uncover hidden opportunities to invest in and retain your talent.

Michael Mance, Vice President of Financial Operations at Dialysis Care Center

Create a positive work culture to reduce employee turnover. It will also result in improved employee attitude and behavior. Invest in digital solutions that can automate repetitive tasks and enlist other beneficial tools to enhance employee efficiency.

Find ways to uncover hidden opportunities to invest in and retain your talent. Companies must spend money to attract and retain new talent and it’s worth the investment.  

Offer Engaging Incentives to Motivate

There are several ways to incentivize new hires and retain your existing talent. Many corporations traditionally offer tuition reimbursement and opportunities for Continuing Professional Education credit so team members can maintain or update their credentials. Take it further by offering access to LinkedIn Learning tools, seminars, and executive summits.

Prioritize employee recognition efforts and offer unique awards to top performers or to recognize individual achievements.

Examine your benefits package and explore ways to invest in health awareness through your local insurance carrier.

Promote the seasonal activities you offer that foster a sense of community, such as Halloween trunk or treat events where children are welcome. Spread the word about different group activities, such as trips to sporting events or other get-togethers.

Finally, enlist strategies to keep your employees motivated with traditional SMART Goals. SMART Goals stand for Specific, Measurable, Achievable, Relevant, and Timely. Those goals can be tracked to help your employees stay motivated or achieve a promotion.  

Ultimately, by creating the right recruiting and hiring process for your business you are making a strong commitment to investing in and retaining key talent.  

For more industry best practices and insights from leading Finance executives like Michael, join Quartz Network.