Staff retention: making sure your finance team stick around

Growth and recruitment are always forefront in managers minds, but employee retention should also be something you keep as a priority. The overall staff turnover rate across the UK as of 2023 was approximately 34%. Whilst the finance industry tends to have a lower turnover rate compared to other sectors, retaining talent across accountancy and finance is critical; the costs of replacing staff can be a lot higher.

For employees in mid-level roles with salaries between £30,000 and £50,000, it can cost up to 20% of their annual salary, and this figure can get even higher for more senior roles. Trends currently show that younger employees in finance are showing a tendency to switch roles more frequently, with nearly 25% of staff between the ages of 25 to 34 moving roles every 1-2 years.

This really highlights the need for organisations to foster their current employees, and develop retention strategies and ensure they’re offering competitive packages, mentorship and development opportunities.

We’ve pulled together the top things you can focus on to bolster your staff retention.

Start with your Hiring Process

You should be thinking about talent management and retention before you even start the hiring process. Making sure your staff stick around starts with providing a clear and realistic job description; the last thing you want is for new hires to feel disappointed by a mismatch between the role they applied for and the reality of the job.

Keep the application process streamlined, making sure candidates find it straightforward to follow  – this way you can focus on nurturing the budding relationship. Making sure the package is competitive and still one you can afford long-term is vital, but transparency throughout the process and alignment of expectations are just as important.

Look after your team’s mental health

Employee wellbeing is a hot-button issue, and paying attention to it is vital when it comes to developing your retention strategy. Our views on work-life balance has changed, and companies who pay attention to mental health, flexibility and offer an open culture where employees can discuss are viewed more favourably. When employees feel supported mentally and emotionally, they are far more likely to remain engaged and stay with your company long-term.

Supporting mental health helps employees feel valued and reduces the chance of burnout, which is a major contributor to turnover. Offering regular check-ins, promoting a balanced workload, and ensuring there’s ample time off can go a long way in creating a sustainable work environment. This is especially crucial in high-pressure industries like accounting and finance, where stress can often lead to employees seeking opportunities elsewhere.

 

 

Mentors make onboarding easier

Have you ever started a job where you’ve just been left to get on with it from day one? Your ‘onboarding’ is being handed a laptop and that’s it? Not feeling supported in the first few months is one of the major reasons why an employee can leave a business quickly. Matching up your new hire with a mentor who can guide them through their early days ensures they have someone to turn to when they need it; they can answer questions, provide advice and offer the reassurance new employees need to feel like they’re part of the team from day one.

Encouraging engagement is key

According to Gallup’s ‘State of the Global Workplace’ 2023 Report, nearly 90% of UK employees are disengaged from their job. 85% of these responses were due to things like culture, wellbeing and work/life balance. Employee wishlists of things that they believe will help them be more engaged in the office include;

• being recognised for their contributions
• being granted more autonomy
• having managers who are more approachable
• everyone having a fair chance of promotion
• clearer goals and stronger guidance.

Bring in reinforcements

If your HR team are focusing on hiring, they’re not focusing on retention. Free up your HR team to focus on retaining your existing employees by outsourcing your finance recruitment to a specialist accounting and finance recruitment agency. A professional recruitment partner can help you source better candidates more quickly, ensuring that you bring in the right people from the start. This strategic approach not only improves hiring efficiency but also increases the likelihood of new hires fitting seamlessly into your team.

Sewell Wallis: we’re the finance recruitment specialists you need

We’re here to support you in attracting and retaining top talent in the accounting and finance sectors. With offices in Sheffield and Leeds, if you’re in Yorkshire, North Nottingham, Derbyshire or Manchester, we’re right here to help. Whatever level of finance you’re looking to recruit, we’ve got a specialist who will work with you to find the right fit. Get in touch with our team today.

Email enquiries@sewellwallis.co.uk, call or Sheffield office on 0114 268 3313, or give the Leeds team a call on 0113 242 1200.