It’s all about the people.
The job market is quiet now, but with inflation forecast to come down later this year/early 2025 (probably through additional interest rate hikes), we can predict many people will move jobs.
As a senior finance recruiter, I have never seen so many people open to new opportunities – a clear sign of company stagnation. Many high performers feel "stale," and a well-crafted chance for growth could easily pull them away.
Don't let this become your reality. Here's how you, as a hiring manager, can weather this storm and keep your high performers engaged:
Invest in Meaningful One-on-Ones:
Go beyond annual reviews. Schedule consistent, focused meetings with your top talent. Use a framework like SMART goals to discuss aspirations and growth. Are they challenged and supported? What are their long-term career goals?
Prioritise Growth and Development:
Growth is crucial for employee satisfaction. Don't just offer training – personalise it! Provide opportunities for your high performers to develop new skills relevant to their goals. This could include conferences, internal mentorship programs, or tuition reimbursement for relevant certifications.
Foster a Culture of Recognition:
A simple "thank you" goes a long way, but consider more. Publicly recognise achievements and celebrate milestones. Think beyond plaques – offer additional paid time off, personalised gifts, or team lunches to show genuine appreciation for their contributions.
Open Communication is Key:
Don't shy away from career discussions. Be transparent about promotion opportunities and clearly outline the steps needed for advancement. This fosters a sense of control and purpose for your high performers.
Re-evaluate Compensation and Benefits:
Market your company as a top employer. Conduct regular compensation reviews to ensure your team feels valued. Offer competitive salaries and benefits packages, including those highly sought-after in today's market, like flexible work arrangements or remote work options.
The Cost of Turnover is High:
Studies show that replacing a lost employee can cost up to 25% of their annual salary. Retaining your top talent keeps your team strong and saves your company significant resources.
A Cautionary Tale:
I've seen many high performers leave due to a lack of growth opportunities or feeling unrecognised. One talented finance manager left for a competitor because their current role offered no path for advancement, despite their repeated inquiries. Invest in your people before it's too late.
Free Resources to Help You Get Started:
Download our free one-on-one meeting template to guide your discussions with your team. We also offer a complimentary consultation to assess your company's current talent retention strategy and identify areas for improvement.
By taking these proactive steps, you can create a work environment that fosters engagement, growth, and loyalty.
This will position you to retain your top talent during this potential talent exodus and build a strong, resilient team for the future.
Your high performers are your most valuable assets. Investing in their development and well-being is an investment in your company's future success.
Architecting Success in Sydney's Finance Landscape, Richard Holmes is Co-Founder and Director of HPR Consulting. Since 2006, he's been pivotal in connecting hundreds of top-tier finance professionals with leading ASX-listed, private, and multinational companies.
Richard's deep understanding of the Sydney market is unmatched. He leverages his expertise to deliver exceptional executive search and selection services.
Are you an organisation seeking the best accounting and finance talent? Are you a seasoned professional ready for your next career leap? Richard's dedication to fostering connections ensures success for both sides of the equation.
Contact Richard today on
0403 513 720
