The cost to a firm of losing professional accountants can be up to twice their annual salary.
As business sentiment enjoys a nine year high and employment levels continue to rise, we note firms are increasingly citing the scarcity of good financial talent as a growing threat.
Confidence in the wider Irish economy continues to grow and demand for high calibre finance professionals is rising in line with this.
With a vast array of salary survey’s being produced by various parties, many in conflict with each other, it is often hard to get a true and accurate read on market forces for professionals.
“Understanding why employees leave and why they stay is fundamental to the development of an effective retention plan.”
We know salaries are rising, but while compensation remains an important criteria for financial professionals from NQ to CFO, it is too often the only consideration when planning to how to retain talent.
As the recruiting salary of a candidate is often on par or ahead of an incumbent, along with the considerable on-boarding costs of a new start, it makes sense to focus on the other aspects to your employment value proposition to help retain your financial talent.
Understanding why employees leave and why they stay is of course fundamental to the development of an effective retention plan. Commentators argue, that as these factors are often less tangible, less attention is paid to them by some leaders in Finance roles.
However, several studies have put the overall cost to a business at up to twice the annual salary for highly educated executive roles when all expenses; recruiting, up-skilling, lost productivity, cultural impact, loss of organisation memory and knock on impact to other leadership roles are fully calculated.
HRM’s guides to retaining key employees, identifies the key factors for professionals in nine disciplines that most influence their decision to join and then to perform and stay with an organisation.
In this essential guide we report on the retention factors rated by 2,031 qualified accountants in Ireland, from NQ to CFO career levels, highlighting the elements that will keep them at your organisation.
The cost to a firm of losing a professional employee can be up to twice their annual salary.
The guide answers some key questions concerning how to retain your accountants:
Download our full Accountancy guide document here.