Building a strong financial team is a crucial factor in the overall success of a company. But, with such a low unemployment rate in the industry, what is the best way to recruit, retain, motivate, and develop a talented group of employees to ensure your organization’s success? On March 8, The New Jersey CFO Leadership Council addressed this issue with a program on Attracting And Retaining Top Talent.
Our speakers were:
Here are some of the valuable tips that they offered us:
Be Realistic About The Current Job Market
Because today’s employees have an abundance of career options, qualified financial professionals are scarce within the hiring market. Thus, as you evaluate candidates for your company, you must consider the industry’s strong employee demand and limited talent pool. Continuously nurture a strong relationship with your HR department to establish clear guidelines on your recruiting needs and always encourage referrals from your team. As for advice on securing the best candidates: Focus on quality over quantity and be prepared to make fast hiring offers when you find winning talent.
Continuously Motivate Your Staff To Build Upon Your Internal Resources
Hiring talented individuals is the first step in developing your team. But once you have key players on board, what’s next? Utilizing your talent from within is a major factor in company success and you can achieve this goal by keeping your staff feeling motivated with an innovative work place. Here’s what our panelists recommended to create a supportive environment with fresh talent and ideas:
- Always be a coach and mentor.
- Offer frequent professional development and training programs.
- Help your employees to build new skill sets and identify underlying talents by cross training them in different areas of your organization.
- Be aware of employee underperformance and, if needed, address this issue quickly by working with your management team to develop an effective solution.
- Create many team building activities to ensure cohesiveness.
- Never hesitate to make changes in senior management, as needed.
Here Come The Millennials: Get Ready!
In discussing the evolution of today’s corporate environment, our panelists advised us to prepare for an emerging new generation of workers, the Millennials. Their influx into today’s job market has created an opportunity to engage fresh minds that challenge “old school” ideas and pave the way for new horizons. And, now, as companies think towards the future and move with the changing times, they are focusing on enticing this upcoming work population with environments that reflect a rapidly transforming corporate culture. Relaxed dress codes, remote working opportunities, and flexible hours are just a few of the perks offered in today’s “business casual” world. However, with such different needs and priorities among a multi-generational work force, many CFOs are now faced with the constant challenges of balancing an organizational environment that meets the needs of both Millennials and the older, more experienced workers. Drawing from their own experiences in creating balance within today’s multi-generational talent pool, here is some advice from our panelists:
- Stay current with the latest tools and technology.
- Put more emphasis on retention rather than recruiting.
- Create an innovative company culture.
- Encourage open communication and every day opportunities for interaction within your organization.
- Get to know all of your potential employees and new hires personally and explore their interests to be sure that they are appropriate fits for your work culture.
- Always be receptive to new ideas and suggestions, especially from your younger workers, and offer ample training and education on internal policies and procedures.
If you would like further details about our upcoming program topics in New Jersey, we encourage you to preview our listings. And, don’t miss out on our next event on April 12, Driving New Growth In Your Business. Space is filling fast, so register today.